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Bancassurance in China: Life, Non-Life and Creditor Insurance
Publication Date Feb 2012
Product Type Report
Single User License help $ 1550.00
 

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Bancassurance in China: Life, Non-Life and Creditor Insurance is a study and related PartnerBASE™ dataset examining the provision of life, non-life and creditor insurance by banks and other lending institutions in China.

Drawing on the results of a survey of 110 banking entities in China, the study verifies the percentage of organisations investigated that distribute each of the following 13 types of insurance: accident insurance, creditor insurance related to consumer finance, creditor insurance related to credit cards, creditor insurance related to mortgages, critical illness insurance, health / hospital cash plans, household insurance, income protection insurance, investment-related life insurance, medical expenses insurance, personal motor insurance, retirement savings, and risk life insurance.

For those banking entities that are active in one or more of these fields, the reports ascertain the operating models that they use to source the type of insurance in question (e.g. external, joint venture or captive underwriters) and the identity of the specific providers used. This information is then displayed in terms of the weighted share of partnerships of these providers, which takes into account the number of retail customers of the partner banking entities, thus highlighting those insurance companies that hold the distribution relationships that offer the most potential.

You may be able to use this report and the PartnerBASE™ dataset that accompanies it in one or more of the following ways:

- gain access to a source of information that provides a comprehensive overview of the provision of personal insurance products by all significant banking entities in China;

- identify partnership opportunities for the same personal insurance products that may arise either because a banking institution is not currently active or because there is scope for replacing an existing initiative;

- understand which underwriters and other product providers have been successful in establishing distribution relationships with the most important banking entities in China;

- assess how the evolving regulatory environment may open up or block opportunities for your organisation to sell through the bank distribution channel;

- appreciate the magnitude of the opportunity to sell personal insurance products through banks and other lending institutions in China.

0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION 

What is this report about? 

Distribution partnerships with banks and other lending institutions constitute the focus of this report 

Rationale 

Bancassurance sales in China have soared during the last decade 

Methodology 

Survey of banks and other lending institutions 

Nationwide and local / regional bancassurance partnerships 

Market data 

Definitions 

Investment-related life insurance 

Retirement savings 

Risk life insurance 

Critical illness insurance 

Income protection insurance 

Accident insurance 

Health / hospital cash plans 

Medical expenses insurance 

Personal motor insurance 

Household insurance 

Creditor insurance 

Mortgages, consumer finance and credit cards 

Weighted provider share of partnerships 

Operating models 

Abbreviations and exchange rates 

Finaccord 

 

2.0 MARKET ANALYSIS

Banks and other lending institutions covered 

Introduction to the banking sector 

Agricultural Bank of China lays claim to the highest number of retail customers in China… 

…while ICBC is the largest bank by assets 

The joint-stock commercial banks provide a full range of banking services… 

…while many city commercial banks have expanded into other regions 

The rural commercial banks were created to improve access to credit for China’s village-dwellers 

Foreign banks in China suffer from a lack of funding from retail deposits 

Doubts about the level of bad loans that may be lurking in the economy hang over the banking sector 

Introduction to bancassurance 

Bancassurance in China has grown extremely rapidly in recent years... 

…but new regulations introduced in 2010 seem to have disrupted the expansion… 

…while further regulatory notices issued in 2011 are meant to cut down on bribery and mis-selling 

Relationships between banks and insurers have often been weak and sometimes short-lived… 

…as joint ventures between banks and insurers appeared late and remain relatively rare… 

…although there are signs that large financial conglomerates may develop in the foreseeable future 

Investment-related life insurance and retirement savings 

Insurance market size and growth 

The rapid expansion in the market for investment-related life insurance came to a halt in 2011 

The popularity of unit-linked insurance products has fluctuated greatly in recent years 

There is a market gap for the provision of pension products for Chinese citizens with higher incomes 

Variable annuities have been launched in China but are currently not sold through banks 

Distribution share of banks 

Bancassurance sales for life insurance have soared but new rules have restrained further growth 

Bancassurance provision rates, operating models and partnerships 

Investment-related life insurance 

A high proportion of Chinese banks still work with multiple insurance partners 

China Life is the leading provider by weighted share of partnerships…

…while Taikang can also count on a large number of national agreements 

Ping An works with both Agricultural Bank of China and China Construction Bank… 

…while Allianz China Life and Sino-US United MetLife also have important deals with large banks 

New China Life’s reliance on its bancassurance business has made it vulnerable to regulatory changes 

AIA’ s geographical expansion has been relatively slow due to regulatory hurdles 

CPIC has a large number of partnerships with smaller banks in China… 

…while Sun Life Everbright has struck agreements with four medium-sized lenders 

While agents provide the main channel for CITIC Prudential, its sales through banks have also grown 

China Post Life can sell its policies through the Postal Savings Bank of China and the postal network 

Heng An Standard Life was slated for sale to Bank of China in 2010 but the deal broke down 

China Construction Bank’s partnerships tend to be mostly determined at the local or provincial level 

Some recent bancassurance ties seem not to have taken off or are not well marketed by the branches 

Retirement savings 

More than a quarter of the Chinese banks surveyed offer retirement products 

Ping An co-operates with two of the ‘big four’ state-owned banks and two rural commercial banks… 

...while Taikang’s long list of partners includes six city commercial banks 

Aviva-Cofco has teamed up for retirement savings with Bank of Communications 

Performance of key bancassurance underwriters 

HSBC Life’s income from bancassurance sales accounts for 85% of its entire business… 

…while ING-BoB Life signed its first agreement with Bank of Beijing in Tianjin in June 2011 

Protection-related life insurance 

Insurance market size and growth 

Protection-related life insurance grew by a compound average rate of 16.4% between 2007 and 2011 

The market for term life insurance is traditionally limited but now being boosted by micro-insurance schemes 

Critical illness insurance is an important product in China and often helps to meet medical expenses 

Distribution share of banks 

Bancassurance provision rates, operating models and partnerships 

Risk life insurance 

More than a third of Chinese banks promote some form of risk life insurance... 

... and the major partnerships are broadly similar to those for investment-related life insurance 

Allianz China Life is collaborating with two of the ‘big four’ banks and three foreign lenders… 

The Shanghai branches of Bank of China collaborate with Manulife-Sinochem Life 

Critical illness insurance 

Bancassurance agreements for critical illness insurance normally involve a single external underwriter 

Taiping gains access to rural citizens through its alliance with the Postal Savings Bank of China

Income protection insurance 

Chinese banks are not involved in the marketing of income protection insurance 

Performance of key bancassurance underwriters

Accident and health insurance 

Insurance market size and growth 

The markets for accident and health insurance are growing at a similar pace 

The various types of accident insurance sometimes overlap in their cover 

Strong underwriting profitability has been achieved from Chinese accident insurance 

Despite reforms there is still a funding gap when it comes to covering medical expenses in China 

While private medical insurance has great potential the market is hampered by underwriting risks 

Bancassurance is only just establishing itself as a distribution channel for medical expenses insurance 

Distribution share of banks 

Bancassurance provision rates, operating models and partnerships 

Accident insurance 

Most banks offering accident insurance do so in conjunction with a single external underwriter 

Taikang benefits from partnerships with three of the four largest banks in the country 

Heng An Standard Life offers accident insurance in partnership with China Bohai Bank 

China Continent, the partner Hua Xia Bank, is a subsidiary of China’s main reinsurance company 

Medical expenses insurance 

Very few banks have established nationwide partnerships for medical expenses insurance... 

…although Agricultural Bank of China makes the product available on a regional basis 

Health / hospital cash plans 

Health / hospital cash plans are offe

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