Top three P&C insurers command two thirds of market in 1H
Source: Asia Insurance Review | Sep 2019
In the first half of the year, the combined premium income of the three giants of property insurance was CNY434.4bn ($61.6bn), with an average growth rate of 12.9%, which was 1.58 percentage points higher than the industry average.
The combined market share of the three companies reached 64.66%, and the share increased by about 0.6 percentage points compared with last year, reported Securities Times.
The three top insurers are PICC, Ping An and China Pacific.
Among them, PICC P&C’s insurance premium income was CNY235.3bn, with a growth rate of 14.92%; Ping An Property Insurance’s premium income was CNY130.5bn, with a growth rate of 9.75%; and China Pacific P&C Insurance’s premium income was CNY68.60bn, an increase of 12.28%.
In the view of property and casualty industry players, vicious competition in commercial auto insurance, as is seen in the increase in handling fees, has intensified, and market supervision is becoming stricter. In a strict regulatory environment, the growth of premiums of large insurance companies is expected to be more stable, which will keep market concentration stable. A
These news stories are taken from Asia Insurance Review’s unique eWeekly China newsletter.
eWeekly China focuses on the world’s fourth largest insurance market – in English – providing the most up-to-date news to give readers insights and overviews of the Chinese market.