Insurance giants slug it out in 3 main battlegrounds
Source: Asia Insurance Review | Oct 2019
Guangdong, Jiangsu and Zhejiang, which are among three of China’s most prosperous provinces, are also the major battlegrounds for the country’s giant insurance groups.
These provinces are listed as the top three markets for PICC P&C Insurance, Ping An Property Insurance and China Pacific Property Insurance, according to 1H2019 data analysed by Securities Daily.
One reason is that the three provinces are China’s top three insurance markets. Total property insurance premiums in Jiangsu, Guangdong, and Zhejiang in the first seven months of this year reached CNY154.6bn ($21.6bn), accounting for 23% of the country’s total property insurance premium income for the same period.
The insurance premium income of property insurance companies in the first seven months of this year in these provinces were:
• Guangdong – CNY59.6bn;
• Jiangsu – CNY54.8bn; and
• Zhejiang – CNY40.5bn.
1H2019 financial data released by the three insurers show that China Pacific generated 31% of its property insurance premiums from the three provinces, followed by Ping An with 29% and PICC with 26%.
The rankings of the three insurers in the three markets in 1H2019 were:
The importance of the three markets to the three insurance groups relative to the whole country in the first half of this year was:
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