The Chinese general insurance’s main target demographics are adults aged 26 to 45, with 80% of those in the age bracket buying insurance.
This was revealed by the 2018 China Internet Property Insurance User Research Report conducted by the Insurance Association of China and iResearch Consulting Group. The study was based on online survey responses of 5,000 respondents.
According to the research, individuals with cars, housing, children, and a love for travelling are more likely to be insured. Also, individuals exposed to more risk factors typically have higher insurance coverage rates, suggesting that many people understand the nature of insurance.
The study indicated that consumers believe that China’s social security system is inadequate for their needs, as the proportion of insurance users with social security was higher by 4.5 percentage points than that of the overall number of insured.
Accident and health, motor, and capital protection insurance policies are the most popular in the market. Furthermore, the study highlighted that China’s largest insurers have an overwhelming share of the market, as 70% of consumers purchased insurance from the three largest insurance companies, and 98% of sales went to the top 10 insurance firms. This was seen as being due to the larger insurers having wider distribution networks, more experience designing products, and what consumers perceived as better claims processes.
