China Pacific Insurance Co. (CPIC) and multinational professional services network PricewaterhouseCoopers jointly released a white paper on September 13 to unveil Chinese people's buying habits concerning insurance products.
The white paper was based on a sample of over 123 million Chinese customers of CPIC. According to the data, insurance product consumers had 2.89 policies per capita last year; married people are more willing to buy insurance products than singles; and consumers still intend to insure just themselves.
The white paper discloses people's insurance habits concerning the panoramic insurance system for medical, accident, critical illness, life insurance, pension, education, wealth, auto insurance, and family finance; and presents basic consumer characteristics on insurance coverage, combinations, levels, cost, gender, areal distribution, individual and family characteristics.
According to the white paper, men are the main consumers, accounting for 60.8 percent; and females 39.2 percent; whilst women's insurance awareness has improved in the past seven years, and the proportion of women among consumers has increased by 2.4 percent, which is still lower than that of men at 21.6 points.
In addition, consumers mainly purchase individual insurance products and services, accounting for 76.1 percent; and women are more willing to purchase insurance for their children compared with men.
Among Chinese insurance consumers, those who are married with children are the majority, accounting for 78 percent; followed by singles (13 percent). In addition, married people with children are generally more risk-aware, especially those aged between 30 and 40 who have strong insurance awareness and are more inclined to pay for it.
With the development of the economy, the overall per capita insurance expenditure has also increased, especially expenses in education, which reflects that parents are more willing to make economic investments in their children.
Moreover, accident insurance is the first choice of consumers of all ages; young people and the elderly choose medical insurance as a priority; and middle-aged people prefer life insurance. In terms of insurance premiums, education premiums occupy the highest share, followed by pensions, and wealth management.
Seen from the perspective of insurance density, China's insurance demand as a whole is on the rise, and it has not been completely and effectively released when compared with other developed countries.
To be more specific, the number of insurance consumers, per capita premiums, and the number of policies per capita have shown significant regional differences. People's insurance awareness in economically developed areas, such as coastal areas, is relatively high; the proportion of consumers in east China accounts for nearly 40 percent. Though the western region has weak foundations, it has developed rapidly in recent years.
The white paper predicts that the proportion of female customers will increase year by year, and is expected to reach 40.29 percent in 2020. People in their 30s-40s will dominate the proportion of the insured, and is expected to reach 26.16 percent in 2020.
With the continuous improvement of the level of consumers, the average insurance premium will also increase year by year, especially for the investment of education guarantees. It is estimated that the per capita premium will reach 30,380 yuan in 2020; the per capita policy will exceed three, and the proportion of consumers with two or more policies is expected to exceed 70 percent.
(Source: Zqrb.cn/ Translated and edited by Women of China)
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