Noida, India (PressExposure) November 20, 2009 -- According to a recent report âChina Insurance Sector Forecast to 2013â by RNCOS, Chinaâs insurance industry is one of the fastest growing insurance industries worldwide. In 2008, when the world was reeling under the pressure of financial crisis, Chinaâs insurance industry grew at its fastest pace since 2002, reflecting strong scope for future developments. In terms of gross premium, the market is expected to grow at a rate of 28-30% during 2009-2013. Personal insurance products, including life, health and accidents, are expected to continue accounting for the majority of the insurance premium written in China.
Although life insurance products dominate the market, the non-life (property) insurance products are also growing at rapid pace. The market is mainly concentrated into two segments: motor insurance and commercial property insurance. However, there are many other emerging non-life insurance products, like product liability, credit, marine insurance, etc., which will decide the long-term viability of non-life insurance market. Our report analyzes all these insurance products individually in detail and infers the opportunities lying in each of the respective segments.
Moreover, the report analyzes the comparative position of Chinaâs insurance sector in the world. Our research indicates that the market is largely untapped and is in the initial stages of development. In terms of insurance penetration, the country stands much below the global average. Our report separately discusses the role of foreign players and the pace of their expansion in China.
âChina Insurance Sector Forecast to 2013â is an upshot of extensive research and in-depth study of Chinaâs insurance market. It guides the clients to the direction in which the market is likely to move in the coming years. Additionally, the report also studies the pattern of macroeconomic variables and their impact on the insurance market of the country. It also covers emerging industry trends, which will decide the future of Chinaâs insurance market.
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