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Survey Indicates Expanding Insurance Market
A recent survey in 22 major cities shows that China will witness a more active insurance market in 2001, with remarkable growth expected for unit-linked, family property and medical insurance policies.
The survey carried out by the China Mainland Marketing Research Co. and 21 other investigation services nationwide in late 2000 indicates that 20.8 percent of those polled planed to buy commercial insurance in 2001.
Six point nine percent of those polled said they will buy medical insurance, 1.9 percent will buy family property insurance and 1.1 percent will buy unit-linked insurance.
The three figures represent a 43.8 percent, 58.3 percent and 120 percent growth, respectively, over that of 2000.
The survey disclosed that 43 percent of citizens of the 22 cities have bought commercial insurance, with Guangzhou leading by 62.9 percent, followed by Shanghai, Wuhan, Shijiazhuang and Chengdu.
Pension, medical and life insurance had the highest penetration rates, at 17.4 percent, 15 percent and 14 percent, respectively.
Family property insurance reported a penetration rate of only three percent, indicating big potential for growth.
The survey also shows that the gap between high and low income groups in penetration rates has narrowed.
The rate was 44 percent for families with a monthly income of above 3,000 yuan, and 38 percent for those of a monthly income of less than 1,000 yuan.
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