China: Online life market led by small insurers

Small and medium-sized insurance firms currently vie for top spots on China’s growing online life insurance market, stated the Insurance Association of China.

Small and medium-sized insurers now account for 82 percent of total online life insurance sales in China. These insurance companies collected a total of CNY29 billion (USD4.68 billion) online life premiums.

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