China Reinsurance Market expected to show steady growth by 2020
Zion Research has published a new report titled “Reinsurance Market in China (Life and Non-life) by Premium Category (Treaty Reinsurance and Facultative Reinsurance): Industry Perspective, Comprehensive Analysis and Forecast 2013 – 2018.” According to the report, the China reinsurance market was valued at around USD 35.0 billion in 2013 and is expected to reach at approximately USD 198 billion by 2020, growing at CAGR of slightly above 40% from 2014 to 2018.
Reinsurance is process, wherein multiple companies purchase insurance policies from other insurers to protect the insurance company from losses. Reinsurance provides assurance that insurance company can remain financially feasible, if any type of disaster happens like major hurricane. Furthermore, profits may be earned by purchasing policy and companies can avoid the losses by sharing risk. China is the highest populated country in the world, owing to this its reinsurance market is estimated to propel with high growth rate. Insurance infiltration in China is severely low. However, region is susceptible to range of natural catastrophe, comprising earthquakes, flooding and others. This all factors hampered economical development and sustainability when disasters occur.
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Domestic and foreign reinsurers are concern about to diminish the risks caused by natural disasters. Reinsurance premiums will increase at an around 10 to 15% over the next few years. Also some key factors such as primary market improvement, awareness of risk and demand of solvency increases are contributing to increase rate of market across global. China was the third highest insurance industry in 2013 across the world. China ranked third in the world and second in Asia in 2013. In terms of gross premium, China reinsurance market valued at USD around 35 billion in 2013.
Reinsurance market mainly classified into facultative and treaty reinsurance. Some other reinsurance products available in market including life insurance, non life insurance, personal accident and health insurance. New parameter is estimated to expand a competitive market by developing new products, which are suitable to consumers. The government is devoted to enlarge its private insurance segment to enhancement public health insurance.
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The China reinsurance market competitive segments include both domestic and foreign reinsurers. There are some leading reinsurance companies such as Swiss Re, Munich Re, Lloyd’s Insurance Company (China) Ltd, China Life Reinsurance Company Ltd, and Taiping Reinsurance Company Ltd.
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