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China Insur Tech Market Analysis by Component {Software, and Services (Consulting, Support & Maintenance, and Managed Services)}; by Product (Auto, Business, Health, Home, Life, Travel, and Others); by Technology (Blockchain, Cloud Computing, IoT, Big Data & Machine Learning, Robo Advisory, and Others); and by End-Use Industry (Automotive, BFSI, Government, Healthcare, Manufacturing, Retail, Transportation, and Others) –Supply & Demand Analysis & Opportunity Outlook 2021-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • August 22, 2022: Ping An Insurance (Group) Company of China, Ltd. reported the successful launch of PingAn-3, also known as Taijing-1 01, Ping An's first earth observation optical remote sensing satellite. PingAn-3, which was launched at the Jiuquan Satellite Launch Center, will work with Internet of Things (IoT) satellites PingAn-1 and PingAn-2 to assist the growth of inclusive finance and the supply chain financial services provided by Ping An Bank.
  • December 18, 2020: Pintec Technology Holdings Ltd., a leading independent provider of fintech solutions, announced a collaboration with China Mobile Communications Corp. ("CMCC") subsidiary Aspire Holdings Ltd. to collaboratively develop advanced fintech solutions that use Pintec's big data analytics and AI technology capabilities.

China InsurTech Market Size, Forecast, and Trend Highlights Over 2021 - 2031

Base Year

2021

Forecast Year

2022-2031

CAGR

36.88%

Base Year Market Size (2021)

USD 211.7 Billion

Forecast Year Market Size (2031)

USD 4760.0 Billion

The China insurtech market is estimated to garner a revenue of USD 4,760.0 Billion by the end of 2031 by growing at a CAGR of 36.88% over the forecast period, i.e., 2022-2031. Further, the market generated a revenue of USD 211.7 Billion in the year 2021. The growth of the market can be attributed to growing insurtech awareness and rising adoption of digitalization among insurance company. For instance, China's insurance sector has adopted some of the digital transformation strategies used by overseas businesses like Allianz in order to accomplish the aim of becoming "fully digital."

China-Insur-Tech-Market-Analysis-Overview

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Digital technology is used to understand customer wants, which is then used to improve offers based on shifting customer needs. Moreover, innovative InsurTech businesses is expected to boost the market growth over the forecast period. For instance, Dowsure is the first domestic online insurance platform created specifically for international e-commerce. This six-year-old startup introduced a number of inclusive financial products, including TrustSure, LogiSure, CreditSure, BondSure, SellSure, and BuySure, with the goal of better insulating and protecting sellers from risks and losses. These products were made possible by leveraging the startup's expertise in big data, machine learning, and blockchain.

China InsurTech Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Use of Smartphones

It is estimated that more than 160 million 5G devices were sold in 2020, making up roughly over 50% of all smartphone shipments.

Smartphone apps could assist insurance businesses in gathering information that was previously out of reach, such as usage and behaviour data. They could then use this information to enhance their risk assessments and develop new insurance product lines. Even with traditional insurance products, going digital will aid an insurance company's growth and competitiveness.

  • High Investments in Digital Transformation

In order to expedite the development of everything from 5G wireless networks to artificial intelligence, the Chinese government, led by President Xi Jinping, announces it would invest an estimated USD 1 trillion over the course of six years into the local digital economy (AI).

  • Rapid Growth in Internet User

It was estimated that China would have 989 million internet users by the end of 2020, according to statistics provided by the government's China Internet Network Information Center (CNNIC).

  • Growing Traditional & Online Insurers

Online health insurance premium growth in China increased to approximate 18% in 2021 from the year before.

  • Lower Insurance Premium Rates Which Leading a Rise in Policymaker

In comparison to the previous two years, China's average premium has reduced, according to the 2018 edition of Pacific Prime's Cost of Health Insurance report. From 2016 with approximate USD 10,880 and 2017 with about USD 10,690 to an about USD 9,63o, we have observed a little decrease in the premium in China.

Challenges

  • Security Concerns
  • Lack of Skilled Professionals in Insurance Companies
  • Regulatory Restrictions

The quick development of insurtech also creates new open ports for cyber-attacks on businesses and users'/personal policyholders' data on financial transactions, banking, and policy specifics. Hence this factor is expected to restrain the growth of the market.

The China insurtech market is segmented and analysed for demand and supply by technology into blockchain, cloud computing, IoT, big data &machine learning, robo advisory, and others. Out of which, the big data & machine learning segment is anticipated to garner the largest revenue of USD 1,373.3 Billion by the end of 2031, up from a revenue of USD 65.9 Billion in the year 2021. However, the blockchain segment is anticipated to grow at a highest CAGR of 39.82% over the forecast period, backed by increasing adoption of blockchain technology in the region. In both the public and private sectors, blockchain-based solutions are proliferating. Further initiatives by Chinese government is expected to boost the demand for blockchain technology, further boosting the market for insurtech. For instance, the blockchain-based cross-border finance infrastructure put in place by the State Administration of Foreign Exchange ("SAFE") in March 2019 is one of the major initiatives started by the Chinese government.

Market Segmentation

Our in-depth analysis of the China insurtech market includes the following segments:

By Component

  • Software
  • Service
    • Consulting
    • Support & Maintenance
    • Managed Services

By Product

  • Auto
  • Business
  • Health
  • Home
  • Life
  • Travel
  • Others

By Technology

  • Blockchain
  • Cloud Computing
  • IoT
  • Big Data & Machine Learning
  • Robo Advisory
  • Others

By End-Use Industry

  • Automotive
  • BFSI
  • Government
  • Healthcare
  • Manufacturing
  • Retail
  • Transportation
  • Others

Key Companies Dominating the China InsurTechMarket

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the China insurtech market that are included in our report are China Pacific Insurance Co., Ping An Insurance (Group) Company of China, Ltd., People’s Insurance Company of China, Zhongan Insurance, Yi’an Property Insurance Co., Ltd., Pintec Technology Holdings Ltd.,China Continent Insurance, New China Life Insurance Co., Ltd., Huize Insurance Network All, and China Taiping Insurance (HK) Company Limited.

FREQUENTLY ASKED QUESTIONS

  1. Market Definition
  2. Assumptions and Acronyms
  3. Research Methodology
    1. Research Process
    2. Primary Research
    3. Secondary Research
    4. Market Size Estimation
  4. Executive Summary – China InsurTech Market
  5. Market Dynamics
    1. Market Drivers
    2. Market Opportunities
    3. Market Trends
  6. Major Roadblocks for the Market Growth
  7. Regulatory and Standards Landscape
  8. Impact of COVID-19 on the China InsurTech Market
    1. Impact on the Service Providers
    2. Impact on the Demand
    3. Impact on the End-Users
    4. Impact on the Business Strategy
    5. Impact on the New Entrants in the Market
  9. Industry Risk Analysis
  10. End-Use Industry Analysis
  11. Competitive Positioning
  12. Competitive Landscape
    1. Market Share Analysis, 2021
    2. Competitive Benchmarking
      1. China Pacific Insurance Co.
      2. Ping An Insurance (Group) Company of China, Ltd.
      3. People’s Insurance Company of China
      4. Zhongan Insurance
      5. Yi’an Property Insurance Co., Ltd.
      6. Pintec Technology Holdings Ltd.
      7. China Continent Insurance
      8. New China Life Insurance Co., Ltd.
      9. Huize Insurance Network All
      10. China Taiping Insurance (HK) Company Limited
  13. China InsurTech Market, 2021-2031
    1. Market Overview
    2. By Value (USD billion)
  14. China InsurTech Market – Segmentation Analysis, 2021-2031
    1. Component
      1. Software, 2021-2031F (USD billion)
      2. Services, 2021-2031F (USD billion)
        1. Consulting, 2021-2031F (USD billion)
        2. Support & Maintenance, 2021-2031F (USD billion)
        3. Managed Services, 2021-2031F (USD billion)
    2. Product
      1. Auto, 2021-2031F (USD billion)
      2. Business, 2021-2031F (USD billion)
      3. Health, 2021-2031F (USD billion)
      4. Home, 2021-2031F (USD billion)
      5. Life, 2021-2031F (USD billion)
      6. Travel, 2021-2031F (USD billion)
      7. Others, 2021-2031F (USD billion)
    3. Technology
      1. Blockchain, 2021-2031F (USD billion)
      2. Cloud Computing, 2021-2031F (USD billion)
      3. IoT, 2021-2031F (USD billion)
      4. Big Data & Machine Learning, 2021-2031F (USD billion)
      5. Robo Advisory, 2021-2031F (USD billion)
      6. Others, 2021-2031F (USD billion)
    4. End-use Industry
      1. Automotive, 2021-2031F (USD billion)
      2. BFSI, 2021-2031F (USD billion)
      3. Government, 2021-2031F (USD billion)
      4. Healthcare, 2021-2031F (USD billion)
      5. Manufacturing, 2021-2031F (USD billion)
      6. Retail, 2021-2031F (USD billion)
      7. Transportation, 2021-2031F (USD billion)

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