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| Insurance (Photo credit: Christopher S. Penn) |
Sally Yim of Moody’s said, “For now, the sector is experiencing the constraints from its previous focus on short-term and savings-type products, as well as a significant reliance on the bancassurance channel.”
Some of Moody’s assumptions are:
- Premium growth will lag behind China’s GDP growth
- Profitability will remain a challenge due to rising expenditures
- Insurance companies are exposed to the volatility of equity markets
- New businesses will be limited due to low premium growth
- In 2012, premiums were at 4.5%. Growth in household incomes will generate premium growths of 7.5% to 8.5% in 2013 and 7.0% to 8.0% in 2014.
- Narrow platform for insurance companies
- Wealth products sold by banks as alternative to insurance products
- Increase in competition as more Chinese banks distribute their own insurance products
- Chinese insurance companies are moving toward risk-based liberalization of investments and products. This include moving away from low-margin savings-type products and focus on protection-type products.
http://pinoyfiq.com/pinoyfiq/financial-education/state-of-life-insurance-companies-of-china
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