China's insurance industry has evolved rapidly since 2005, nowhere more so than in the motor insurance category. Large profits and considerable growth have followed the introduction of compulsory motor third-party liability insurance (MTPL), and an exponential rise in new car sales. This favorable situation has attracted many domestic and international companies to enter the Chinese motor insurance market.
During 2011, the Chinese motor insurance industry represented 71.8% of the country's non-life insurance market. Market growth, coupled with the motor insurance category’s dominance of the non-life segment are attributable to the introduction of compulsory MTPL as of July 1, 2006, and the significant increase in car ownership that recently saw China overtake the US as the largest new vehicle market in the world. During the review period (2007–2011), rising levels of personal wealth led to an average annual increase of 25% in the number of privately owned vehicles and a situation whereby the Chinese motor insurance industry grew at a CAGR of 25.65% during the review period.
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Published: February 2012
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