News eDaily08 Jun 2016

China:330 mln people are Internet insurance buyers

08 Jun 2016

China has around 330 million people who buy insurance policies over the Internet, according to a report titled "2016 Analysis of Internet Insurance Consumer Conduct" released by the Ant Financial Services Group and CBNdata.

The number comprises those who buy insurance online specifically for the cover, such as auto insurance, as well as those who buy insurance cover that is incidental to other purchases over the Internet, such as flight insurance when buying plane tickets or goods-return insurance when purchasing a consumer product online.

The provinces with the most number of Internet insurance buyers are the economic powerhouses of Guangdong, Jiangsu and Zhejiang, according to the data.

The analysis also shows that among the 330 million Internet insurance consumers, 47% were born in the 1980s while 33% were born after the 1990s. One reason is that Gen Y and millennials are avid online shoppers. Among them, the most active Internet insurance consumers are those with young families.

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