Impact of China in Insurance – Thematic Research
The Chinese insurance industry has seen extremely sharp growth in recent years, with consistent double-digit annual gross written premium growth. COVID-19 will slow this to some extent, although the industry is still expected to see strong growth even in the pandemic-hit 2020. Its sharp recovery from the pandemic makes it an extremely attractive proposition for foreign insurers, which have started to move into the country. The Chinese market has been strong for innovation in insurance in recent years. Its three giant tech companies – Alibaba, Tencent, and Baidu – all now play an influential role in the marketing and distribution of insurance.
Scope
Ping An is one of the leading insurers in the world, and ranked number one in our Thematic Research: Insurance Sector Scorecard. The insurer has responded particularly well to the COVID-19 pandemic.
Zhong An is the best funded insurtech in the world, having raised around £660m since it was launched in 2013. It became China’s first digital insurer and has gone from strength to strength since then, selling insurance policies that are often simple and cheap to millions of customers.
Foreign insurers have often looked enviously towards the Chinese insurance market. It has consistently shown sharp growth but has always been notoriously difficult to enter. The current climate – with the world heading towards recession following the pandemic – combined with the Chinese economy and insurance industry recovering quicker than most of the rest of the world will surely see the interest of foreign insurers increase further.
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