On-line Insurance China

Small and medium-sized insurance firms currently dominate China’s growing online life insurance market, the Insurance Association of China revealed. Small and medium-sized insurers now account for 82% of total online life insurance sales in China. These insurance companies collected a total of Rmb29bn (USD4.68bn) online life premiums, or about 82% of the total Rmb35.3bn (USD5.7bn) online life insurance premiums.

The association said nine of the top 10 online life insurers in China are small and medium-sized insurance firms, led by Sun Life Everbright Life with a 16% share of the market and ICBC-AXA Life Insurance, which takes up 12% market share. Foreign-owned life insurers are also afforded more prominence in the Chinese market through online channels although their share of the total life insurance market in China is only around 5%.