Are You Ready for the Challenges and Opportunities of China’s Motor Insurance Reforms?

Are You Ready for the Challenges and Opportunitie...

2013 KPMG insurance industry survey and market trends analysis report

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Are You Ready for the Challenges and Opportunities of China’s Motor Insurance Reforms?

The China non-life insurance market continues to evolve rapidly as the liberalisation of commercial motor pricing and opening of compulsory motor liability insurance to foreign insurers taking their shapes. Non-life premium growth has stabilized, direct distribution and cross-selling are gaining momentum, foreign insurers' market participation are growing, while underwriting profitability appears to have entered a downward cycle.

KPMG’s recent comprehensive industry survey (with input from 90% of the non-life market) has revealed that the industry is investing more in risk segmentation, new distribution, product innovation, and customer services. Insurers remain optimistic about the market growth and overall industry development trend. They are also paying more attention to developing niche market that offers higher margin and is better aligned with their own strength.

As a trusted advisor to the insurance sector, KPMG believes sustained growth of the China non-life insurance market will be achieved in the next few years. We also believe that, in order to become future market leaders, companies must continue to invest in channel development and transformation, data analysis and risk segmentation, product innovation, customer-centric transformation, claims modelling and leakage management, expense control and budget management, risk and capital management , as well as reserve management.

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