News Non-Life16 Jul 2018

China:80% of those aged 26-45 have bought non-life cover

| 16 Jul 2018

The main group of non-life insurance customers in China is formed by those aged 26-45, with 79.9% of those in this age bracket having purchased insurance cover, according to a report issued by Insurance Association of China and iResearch Consulting Group.

The "2018 China Internet Property Insurance User Research Report", based on online survey responses from 5,000 respondents, show that the proportion of insurance users with cars, housing, children and a love for travelling, is 8.6, 6.5, 5.7 and 6.8, percentage points higher than that for the overall number of insured. At the same time, the more risk factors are faced by customers, the higher the insurance coverage rate, indicating that users have a clear understanding of insurance.

In addition, the proportion of insurance users with social security is higher by 4.5 percentage points over that for the overall number of insured. This indicates that they understand that social security cannot fully meet their needs and they choose to supplement social insurance with commercial insurance.

Insurance companies should thus actively explore the potential all-round needs of users, such as education, property safety, medical care, etc, to plan insurance plans covering the entire family life cycle.

Timing of insurance purchases

The report also says that the highest proportion of those who buy insurance choose to do so in the period just before and after the expiry of an existing insurance policy. The proportion of users during this period has reached 36%.

Thus, insurance companies must not only remind users to renew their insurance before the expiration date, but also develop advanced technology, online unified policy management, and big data to personalise the insurance purchase timing of different users, and conduct targeted insurance product recommendation.

Most popular

The most popular online non-life insurance products are accident and health, motor, and capital protection policies.

The report notes that among the insurance companies from which customers had bought cover in the past year, the top three insurers dominated, accounting for 70% of all purchases. The ratio rose to 98% for the top 10 insurance companies. The reasons for these could be that large insurers benefit from a wider range of insurance sales channels, rich product design experience and a sound claims process.

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