Small Chinese Insurers Top Online Life Market

sunlife-everbright-lifeThe Insurance Association of China revealed that small and medium-sized insurance firms in the country currently dominate the burgeoning online life insurance market, accounting for 82% of total sales.

These insurance companies collected a total of Rmb29bn (USD4.68bn) online life premiums, or about 82% of the total Rmb35.3bn (USD5.7bn) online life insurance premiums.

The association said nine of the top 10 online life insurers in China are small and medium-sized insurance firms, led by Life Everbright Life with a 16% share of the market and ICBC-AXA Life Insurance, which takes up 12% market share.

Foreign-owned life insurers are also afforded more prominence in the Chinese market through online channels although their share of the total life insurance market in China is only around 5%.

Of the 73 companies operating in China’s life insurance market, 52 used the Internet as a distribution channel in 2014.

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