The personal accident and health insurance market in China is one of the fastest-growing markets in the Asia-Pacific region, and is highly competitive with the presence of both domestic and foreign companies, according to new report by UK-based research firm BRICdata.
The market in China is expected to witness strong competition among domestic and foreign insurance companies over the next four years, the report added.
During the review period 2006-2010, the market registered strong growth which can be attributed to key growth drivers such as the country’s ageing population, robust economic growth, rising disposable income and increased awareness of the need for insurance, especially among younger people.
According to the report, the market is dominated by domestic Chinese public health insurance companies.
During the forecast period 2011-2015, the increasing penetration of major insurance companies and banks selling insurance policies in rural China will lead to an increase in accident and health insurance policy volumes in the country.
The report lists increasing healthcare expenditure, economic growth, changing demographics and Chinese government initiatives to provide universal health insurance to its population, as factors for the growth in China’s personal accident and health insurance market.
The full report ‘Personal Accident and Health Insurance in China, Key Trends and Opportunities till 2015’ is available from BRICdata. Click here for more details.