China Insurance Overview 2018H1
As we enter the second half of 2018, the insurance data for the first half of 2018 has been revealed. In this post, we will share some key data of Chinese insurance industry in the first 6 months of this year.
Total premium income — 2.2369 trillion RMB
The total premium income of Chinese insurance industry from January to June this year is 2.2369 trillion RMB (326.92 billion USD), 3.33% lower than last year. Premium income of P&C insurers is 602.418 billion RMB (88.04 billion USD), 14.18% higher than last year. Premium income of life & health insurers is 1.6345 trillion RMB (238.88 billion USD), 8.5% lower than last year.
Premium income of P&C products is 544.182 billion RMB (79.531 billion USD). Premium income of life products is 1.3361 trillion RMB (195.27 billion USD).
Digital Insurers’ performance
According to revealed solvency report, Answern Property Insurance has managed a 580 million RMB (84.77 million USD) premium income and a 168 million RMB loss (24.55 million USD).
TaiKang online has managed a 1.14 billion RMB (166.61 million USD) premium income and a 114 million RMB loss (16.66 million USD).
Yi An Insurance, 950 million RMB (138.8 million USD) income and 164 million RMB (23.96 million USD) loss.
Zhong An hasn’t disclosed its data yet. But according to public data, the estimation is 5.132 billion RMB income (749.79 million USD).
Data for four public insurers in China
There are four major insurers listed in Chinese stock market. They are China Life, China Ping An, CPIC and New China Insurance. They have managed a total of 1.027 trillion RMB premium income, which is 12.7% higher than last year.
Here is the chart of their respective premium income.
Newly established insurers
There are six brand new insurers approved for operation in 2018H1. Now there are 180 insurers in China, 90 of them are L&H and 90 of them are P&C.
Newly approved brokers
There are 16 brokers were given brokerage licenses in 2018H1. The backing shareholders include industry giants like Meituan, Geely Group and Inner Mongolia Electricity etc.
Data for InsurTech funding
There are 21 InsurTech startups/projects funded in 2018H1 with a total funding over 5 billion RMB.