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Reinsurance Market in China (Life and Non-life) by Premium Category (Treaty Reinsurance and Facultative Reinsurance): Industry Perspective, Comprehensive Analysis and Forecast 2013 - 2018

Published: Oct-2015 | Format: PDF | Zion | Number of pages: 93 | Code: MRS - 35587


The report provides insights into market size, forecast and analysis for the reinsurance market over a China. Reinsurance market is estimated in terms of revenue (USD million), for the period from 2013 to 2018, whereas study provides significant information related to market. The study also offers important market dynamics such as market drivers and restraints for the reinsurance market along with their expected impact as they have on the demand over the forecast period. Additionally, the report includes the study of opportunities, which are available in the reinsurance market across china.
 
This report provides decisive view on the reinsurance market to readers. Furthermore, some additional parameters such as attractiveness analysis, wherein insurance segments are benchmarked based on their market size, growth rate and general attractiveness, in which different insurance segments are benchmarked related to their market size, growth rate and general attractiveness. Also it describes in detail how reinsurance offers major growth opportunities in Chinese market.

The research provides comprehensive view of reinsurance market segment mainly classified into facultative and treaty reinsurance. However, it discusses a comprehensive analysis of the key categories in China's reinsurance segment, along with market forecasts from 2013 to 2018.  
The report covers detailed competitive scenario including the market share and company overviews, financial revenues of the key participants actively present in market for both domestic and foreign reinsurers including Swiss Re, Munich Re, Lloyd’s Insurance Company (China) Ltd, China Life Reinsurance Company Ltd, and Taiping Reinsurance Company Ltd.

 

  • Chapter 1 Preface
    • 1.1. Report description and scope
    • 1.2. Research methodology
  • Chapter 2 Executive Summary
    • 2.1. Chinese Reinsurance – Key Facts, 2013
    • 2.2. Key Events in the Chinese Reinsurance Segment
    • 2.3. Executive Summary
  • Chapter 3 Reinsurance Market – China Industry Analysis
    • 3.1. Introduction
    • 3.2. Market Drivers
      • 3.2.1. Reinsurance Drivers
        • 3.2.1.1. Frequent occurrence of natural disasters keeps reinsurance demand afloat
        • 3.2.1.2. Development of innovative products
      • 3.2.2. Life Insurance Drivers
        • 3.2.2.1. Removal of interest rate cap on life insurance products
        • 3.2.2.2. Implementation of tax-deferred pension plan
        • 3.2.2.3. Scarce life insurance penetration
        • 3.2.2.4. Rising elderly population
      • 3.2.3. Non-Life Insurance Drivers
        • 3.2.3.1. Less taxing merger and acquisition rule to expand competition in the industry
        • 3.2.3.2. Opening up of motor insurance for foreign insurers
        • 3.2.3.3. Rising automobile industry
      • 3.2.4. Personal Accident and Health Insurance Drivers
        • 3.2.4.1. Changing lifestyle and increased healthcare expenditure
        • 3.2.4.2. Increased private sector participation
        • 3.2.4.3. Relaxed visa norms to propel travel insurance
        • 3.2.4.4. Rising elderly population
    • 3.3. Market Attractiveness Analysis
  • Chapter 4 China Insurance Market – Premium Segment Analysis
    • 4.1. Insurance Industry Size, 2009–2018
  • Chapter 5 China Reinsurance Industry – Market Dynamics and Challenges
    • 5.1. Reinsurance Market Dynamics and Challenges
    • 5.2. Reinsurance Segment Size, 2009–2018
    • 5.3. Reinsurance Segment Size by Premium Ceded, 2009–2018
  • Chapter 6 Company Profiles
    • 6.1. Competitive Landscape
    • 6.2. China Reinsurance (Group) Corporation – Company Overview
      • 6.2.1. China Reinsurance (Group) Corporation – key facts
    • 6.3. Swiss Reinsurance Company Ltd – Company Overview
      • 6.3.1. Swiss Reinsurance Company Ltd – key facts
    • 6.4. Munich Reinsurance Company – Company Overview
      • 6.4.1. Munich Reinsurance Company – key facts
    • 6.5. Lloyd’s Insurance Company (China) Ltd – Company Overview
      • 6.5.1. Lloyd’s Insurance Company (China) Ltd – key facts
    • 6.6. China Property and Casualty Reinsurance Company Ltd – Company Overview
      • 6.6.1. China Property & Casualty Reinsurance Company Ltd – key facts
    • 6.7. China Life Reinsurance Company Ltd – Company Overview
      • 6.7.1. China Life Reinsurance Company Ltd – key facts
    • 6.8. Taiping Reinsurance Company Ltd – Company Overview
      • 6.8.1. Taiping Reinsurance Company Ltd – key facts
  • Chapter 7 China: Economic Indicators and Business Environment Analysis
    • 7.1. Business Confidence
      • 7.1.1. Market capitalization trend – Shanghai Stock Exchange, China
    • 7.2. Economic Performance
      • 7.2.1. GDP at constant prices (US$)
      • 7.2.2. GDP per capita at constant prices (US$)
      • 7.2.3. GDP at current prices (US$)
      • 7.2.4. GDP per capita at current prices (US$)
      • 7.2.5. GDP by key segments
      • 7.2.6. Agriculture, hunting, forestry and fishing net output at current prices (US$)
      • 7.2.7. Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
      • 7.2.8. Manufacturing net output at current prices (US$)
      • 7.2.9. Manufacturing net output at current prices as a percentage of GDP
      • 7.2.10. Mining, manufacturing and utilities at current prices (US$)
      • 7.2.11. Mining, manufacturing and utilities at current prices as percentage of GDP
      • 7.2.12. Construction net output at current prices (US$)
      • 7.2.13. Construction net output at current prices as a percentage of GDP
      • 7.2.14. Inflation rate
      • 7.2.15. Exports as a percentage of GDP
      • 7.2.16. Imports as a percentage of GDP
      • 7.2.17. Annual average exchange rate US$-CNY
    • 7.3. Infrastructure
      • 7.3.1. Commercial vehicle exports – total value
      • 7.3.2. Commercial vehicle imports – total value
      • 7.3.3. Automotive exports – total value
      • 7.3.4. Automotive imports – total value
      • 7.3.5. Total internet subscribers
    • 7.4. Labor Force
      • 7.4.1. Labor force
      • 7.4.2. Unemployment rate
      • 7.4.3. Total population
      • 7.4.4. Urban and rural populations
      • 7.4.5. Age distribution of the total population

 


List of Tables

1.    Insurance Industry Definitions    
2.    Chinese Insurance Industry – Gross Written Premium by Segment (CNY Billion), 2009–2013    
3.    Chinese Insurance Industry – Gross Written Premium by Segment (CNY Billion), 2013–2018    
4.    Chinese Insurance Industry – Gross Written Premium by Segment (US$ Billion), 2013-2018    
5.    Chinese Insurance Industry – Gross Written Premium by Segment (Percentage Share), 2009–2018    
6.    Chinese Insurance Industry – Direct Written Premium by Segment (CNY Billion), 2009–2013    
7.    Chinese Insurance Industry – Direct Written Premium by Segment (US$ Billion), 2009–2013    
8.    Chinese Insurance Industry – Direct Written Premium by Segment (CNY Billion), 2013-2018    
9.    Chinese Insurance Industry – Direct Written Premium by Segment (US$ Billion), 2013-2018    
10.    Chinese Insurance Industry – Direct Written Premium by Segment (Percentage Share), 2009–2018    
11.    Chinese Reinsurance – Premium Accepted by Category (LCU Billion), 2009–2013    
12.    Chinese Reinsurance – Premium Accepted by Category (US$ Billion), 2009–2013    
13.    Chinese Reinsurance – Premium Accepted by Category (LCU Billion), 2013-2018    
14.    Chinese Reinsurance – Premium Accepted by Category (US$ Billion), 2013-2018    
15.    Chinese Reinsurance – Premium Ceded by Type of Insurance (LCU Billion), 2009–2013    
16.    Chinese Reinsurance – Premium Ceded by Type of Insurance (US$ Billion), 2009–2013    
17.    Chinese Reinsurance – Premium Ceded by Type of Insurance (LCU Billion), 2013–2018    
18.    Chinese Reinsurance – Premium Ceded by Type of Insurance (US$ Billion), 2013–2018    
19.    Chinese Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013    50
20.    Chinese Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018    51
21.    Chinese Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013    
22.    Chinese Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018    
23.    Chinese Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013    
24.    Chinese Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018    
25.    China Reinsurance (Group) Corporation, Key Facts    
26.    Swiss Reinsurance Company Ltd, Key Facts    
27.    Munich Reinsurance Company, Key Facts    
28.    Lloyd’s Insurance Company (China) Ltd, Key Facts    
29.    China Property & Casualty Reinsurance Company Ltd, Key Facts    
30.    China Life Reinsurance Company Ltd, Key Facts    
31.    Taiping Reinsurance Company Ltd, Key Facts


List of Figures

1.    Chinese Reinsurance – Key Facts, 2013    
2.    The following figure displays the industry’s gross written premium value by segment, 2009–2018    
3.    Chinese Insurance Industry – Gross Written Premium Dynamics by Segment (2009–2018)    
4.    Chinese Insurance Industry – Direct Written Premium by Segment (CNY Billion), 2009–2018    
5.    Chinese Insurance Industry – Direct Written Premium Dynamics by Segment (2009–2018)    
6.    Chinese Reinsurance – Premium Accepted by Category (LCU Billion), 2009–2018    
7.    Chinese Reinsurance – Premium Accepted by Category (% Share), 2013 and 2018    
8.    Chinese Reinsurance – Premium Accepted Dynamics by Category, 2009–2018    
9.    Chinese Reinsurance – Premium Ceded by Type of Insurance (LCU Billion), 2009–2018    
10.    Chinese Reinsurance – Premium Ceded Dynamics by Type of Insurance, 2009–2018    
11.    Chinese Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013    
12.    Chinese Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013    
13.    Chinese Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013    
14.    Chinese Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018    
15.    Chinese Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013    
16.    Chinese Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018    
17.    Shanghai Stock Exchange, China Market Capitalization (US$ Billion), 2009–2013    
18.    Chinese GDP at Constant Prices (US$ Billion), 2009–2013    
19.    Chinese GDP Per Capita at Constant Prices (US$), 2009–2013    
20.    Chinese GDP at Current Prices (US$ Billion), 2009–2013    
21.    Chinese GDP Per Capita at Current Prices (US$), 2009–2013    
22.    Chinese GDP by Key Segments (%), 2009 and 2013    
23.    Chinese Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices (US$ Billion), 2009–2013    
24.    Chinese Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP (%), 2009–2013    
25.    Chinese Manufacturing Net Output at Current Prices (US$ Billion), 2009–2013    
26.    Chinese Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2009–2013    
27.    Chinese Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2009–2013    
28.    Chinese Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2009–2013    
29.    Chinese Construction Net Output at Current Prices (US$ Billion), 2009–2013    
30.    Chinese Construction Output at Current Prices as a Percentage of GDP (%), 2009–2013    
31.    Chinese Inflation Rate (%), 2009–2013    
32.    Chinese Exports as a Percentage of GDP (%), 2009–2013    
33.    Chinese Imports as a Percentage of GDP (%), 2009–2013    
34.    Chinese Annual Average Exchange Rate US$–CNY, 2009–2013    
35.    Chinese Commercial Vehicles Exports – Total Value (US$ Billion), 2009–2013    
36.    Chinese Commercial Vehicles Imports – Total Value (US$ Million), 2009–2013    
37.    Chinese Automotive Exports – Total Value (US$ Billion), 2009–2013
38.    Chinese Automotive Imports – Total Value (US$ Billion), 2009–2013    
39.    Chinese Internet Subscriptions (Million), 2009–2013    
40.    Chinese Size of Labor Force (Million), 2009–2013    
41.    Chinese Unemployment Rate (%), 2009–2013    
42.    Chinese Total Population (Million), 2009–2013    
43.    Chinese Population Distribution by Age (%), 2008–2012

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Zion Research uses the synergy of combination of both primary research and secondary research for its research reports. For this study, we have conducted extensive primary research, wherein we have conducted in-depth interviews of the key opinion leader of this industry. Primary research make up for the biggest chunk of our data sources in addition to secondary research.

We referred to product literature of leading industry participants, annual reports, press releases, government publications, and other relevant sources for data collection and analysis thereof. Secondary research also includes a search of recent trade journals, technical writing, internet sources, and statistical data from government websites, trade associations and agencies.  

Zion Research has collected key data related to the Reinsurance Market and analyzed these data using a variety of methods. The market dynamics have been ascertained following a detailed study of the micro, meso, and macroeconomic indicators of the market.

This report is based on in-depth qualitative and quantitative analyses of the ChinaReinsurance Market. The quantitative analysis involved the application of various projection and sampling techniques. The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions.

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

Participants who typically partake in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals


Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases and market reports

News articles, press releases and webcasts specific to companies operating in the market

Based on the research results and technical insights thus gathered, Zion research analysts have provided a comprehensive analysis of the varied aspects of the market. The impact of global economic conditions and other macroeconomic indicators was also considered when assessing the market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

 

Reinsurance helps to protect the insurance company against their exposure and losses, which occurs by natural disasters. By the means of reinsurance process a company share part of its risk with other companies. Reinsurance provides assurance that insurance company can remain financially feasible, if any type of catastrophe happens like major hurricane. Furthermore, profits may be earned by purchasing policy and companies can avoid the fatalities by passing risk. China is the highest populated country in the world, owing to this its reinsurance market is expected to witness rapid growth during the forecast period.

Insurance infiltration in China is severely low. However, region is susceptible to range of natural catastrophe including earthquake, hurricane and others. These all factors hamper economical development and sustainability in case of natural hazards. New parameters are established to expand a competitive market by developing new products, which are suitable to consumers. The government is supporting towards growth of private sector in insurance industry for the enhancement public health insurance.

Reinsurance market

Reinsurance is segmented into two methods, namely, facultative reinsurance and treaty reinsurance. Treaty reinsurance further divided into proportional and non proportional types. Reinsurance premiums will increase at a annual growth rate of approximately 12% over the next few years. According to the Ministry of Health of China, public expenditure on healthcare rise around 20% from the previous year. The non-life segment's share is estimated to shows healthy growth from slightly over 34% to 40%.

The China reinsurance market competitive segments include both domestic and foreign reinsurers. There are some leading global reinsurance companies such as Swiss Re, Munich Re, Lloyd’s Insurance Company (China) Ltd, China Life Reinsurance Company Ltd, and Taiping Reinsurance Company Ltd. The China Re and Central Huijin Investment Corporation accounted for around 84% share of China reinsurance industry in 2013.


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