Report Highlights
In 2008, dramatic changes took place in the international and domestic economic environments. In the first half year international crude oil price topped 147 USD, while in the second half year it plummeted below 47 USD. Meanwhile, in China, due to imported inflation, CPI hit 8.5% in the first half year, yet prices started to fall in the second half year, and by the end of the year, China faced the risk of deflation. Deposit reserve ratio kept rising in the first half year, which obviously released the central bank's tight macro regulation policy; in the second half year, as both deposit reserve ratio and benchmark interest rate fell, and the Chinese Government introduced a huge investment plan, tight macro control policy became moderately loose. In 2008, there was explosive growth in premium income. As macro environment worsens, what situation will China's insurance industry face in 2009?
The report elaborates on recent changes in macro environment and countermeasures, and projects the trend of macroeconomic regulation policy, especially monetary policy.
Meanwhile, it expounds the characteristics and growth of the industry over the recent few years, and growth of industry segments. It also looks into the market shares taken up by Chinese and foreign enterprise in life insurance and property insurance. On such basis, we forecast the industry's growth rate in 2009, and probes main opportunities and challenges in 2009, focusing on the pressure faced by bancassurance channel.
Table of Contents
Main Conclusions
Key Findings
I. Overview of China's Macroeconomic Situation
(I) Main Problems in China's Economy
(II) Interpretation of Key Economic Indicators
1. GDP
2. CPI&PPI
3. Residents' Income Index
(1) Urban Residents' Income Index
(2) Rural Residents' Income Index
4. Insurance Depth & Density in Major Areas
(III) Policy
1. Monetary Policy
2. Fiscal Policy
II. Development of China's Insurance Industry, 2002-2008
(I) Life Insurance
1. Premium Income
2. Compensation Expense
(II) Property Insurance
1. Premium Income
2. Compensation Expense
III. Profile of China's Insurance Industry in 2008
(I) Life Insurance
1. Premium Income
2. Compensation Expense
(II) Property Insurance
1. Premium Income
2. Compensation Expense
IV. Development of China's Insurance Enterprises
(I) China's Life Insurance Market
1. Chinese Enterprises
(1) Listed Enterprises
1) China Life
2) China Ping An
3) CPIC
(2) Non-listed Enterprises
1) Taikang Life
2) New China Life
2. Foreign Enterprises
(1) AIA
(2) Aviva-COFCO Life
(3) CiTic-Prudential
(II) China's Property Insurance Market
1. Chinese Enterprises
(1) PICCP&C
(2) Continent Property & Casualty Insurance
(3) SINOSURE
2. Foreign Enterprises
(1) Samsung Fire & Marine Insurance
(2) AIU Insurance
(3) Tokio Marine & Nichido Fire
V. Forecast of China's Insurance Industry, 2009-2011
(I) Life Insurance
(II) Property Insurance
List of Tables
Table 1 Interest Rate Adjustment on November 27, 2008
Table 2 Main Monetary Policies Introduced in 2008
Table 3 Data Growth Rates, 2000-2007
Table 4 Data Growth Rates, 2000-2009...
List of Figures
Figure 1 YOY Growth Rate of GDP, Q1-Q4 2008
Figure 2 YOY Growth Rate of CPI & PPI, January-October 2008
Figure 3 YOY Growth Rate of Premium Income, January-September 2008
Figure 4 YOY Growth Rate of Property Insurance & Life Insurance Premium Income, January-September 2008
Figure 5 YOY Growth Rate of Life Insurance Premium Income, January-September 2008
Figure 6 Percentage of Q4 Income from Life Insurance in the Total of the First Three Quarters, 1999-2007
Figure 7 YOY Growth Rate of Premium Income, 2000-2008 (Q1-Q3)
Figure 8 YOY Growth Rate of Compensation Expense, 2000-2008 (Q1-Q3)
Figure 9 YOY Growth Rate of Balance of Premium Income & Compensation Expense, 2000-2008 (Q1-Q3)
Figure 10 Percentage of Life Insurance Property Insurance in Total Premium Income, 1999-2008
Figure 11 Percentage of Life Insurance Property Insurance in Total Compensation Expense, 1999-2008
Figure 12 YOY Growth Rate of Life Insurance Property Insurance, 2000-2008
Figure 13 YOY Growth Rate of Life Accident Insurance. Health Insurance & Life Insurance, 2000-2008
Figure 14 Premium Income of Life Insurance & Property Insurance, 1999-2008
Figure 15 Number of Insurance Companies, 2004-2008
Figure 16 Number of Life Insurance Companies, 2004-2008
Figure 17 Market Shares of Chinese & Foreign Life Insurance Enterprises, 2005-September 2008
Figure 18 Market Shares of Listed Life Insurance Companies, 2005-September 2008
Figure 19 Market Shares of Listed Life Insurance Companies, January-September 2008
Figure 20 Number of Property Insurance Companies, 2004-2008
Figure 21 Market Shares of the Top 3 Property Insurance Companies, 2005-September 2008
Figure 22 Market Shares of the Top 3 Property Insurance Companies, January-September 2008
Figure 23 Settlement Interest Rate of Universal Insurance of Major Insurance Companies, January-November 2008
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