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March 20, 2015updated 05 Apr 2017 8:42am

Small insurers dominate China’s online life insurance market

The Insurance Association of China has reportedly said that small and medium-sized insurance firms dominate the Chinese growing online life insurance market.

By Ronan Mccaughey

The Insurance Association of China has reportedly said that small and medium-sized insurance firms dominate the Chinese growing online life insurance market.

Small and medium-sized insurers now account for 82% of total online life insurance sales in China, according to Asia First. These insurance companies are said to have collected a total of CNY29bn ($4.7bn) online life premiums, or about 82% of the total CNY35.3bn online life insurance premiums.

The Insurance Association of China reportedly said Sun Life Everbright Life leads China’s online life insurance market, with a 16% share of the sector, while ICBC-AXA Life Insurance has a 12% market share.

Foreign-owned life insurers reportedly control only around 5% of China’s online life insurance market.

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