Insurance in China includes life insurance and property insurance, and life insurance includes life insurance, health insurance and personal accident insurance. Life insurance is the main type of insurance in China, accounting for more than half. In 20 19, China's life insurance premium income accounted for 53% of the original insurance premium income, which was about twice the proportion of property insurance premium income.
As the main type of insurance in China, life insurance has always occupied a leading position in terms of its premium income scale, and has shown a continuous growth trend. From 20 15 to 20 19, the growth rate of life insurance premium income in China showed a fluctuating upward trend. From 20 15 to 20 19, China's life insurance premium income increased from1324.2 billion yuan to 2,275.4 billion yuan, an increase of 72%. In 20 19, China's life insurance premium income reached 2,275.4 billion yuan, an increase of about 9.8% compared with 20 18.
Life insurance premium income in Guangdong and Jiangsu is far ahead, exceeding 200 billion.
From the perspective of the regional distribution of life insurance premium income, the national life insurance premium income TOP 10 includes Guangdong, Jiangsu, Shandong, Henan, Sichuan, Beijing, Zhejiang, Hebei, Hubei and Shanghai. Among them, life insurance premium income in Guangdong and Jiangsu is far ahead, exceeding 200 billion for the first time. Guangdong still ranks first, reaching 230.3 billion yuan, accounting for more than 10% of the national total. Followed by Jiangsu Province, life insurance premium income reached 2.2/kloc-0.50 billion yuan, accounting for 9.73%. In 20 19, Shanghai rushed into the top ten of life insurance premium income.
From the perspective of regional distribution, China's life insurance market is mainly distributed in East China, and life insurance premium income is much higher than other regions. In 20 19, life insurance premium income in East China reached 778.9 billion yuan, accounting for 34.23%, about twice that in North China. China's life insurance premium income TOP 10 has four seats in East China and two seats in TOP3, and its position is relatively stable.
The regional concentration of life insurance development has been strengthened, and the TOP 10 concentration has exceeded 60%.
The regional concentration of 20 19 life insurance market was strengthened, and the industrial concentration of life insurance premium income in Guangdong, Jiangsu and Shandong provinces was 26.50%, which was higher than 25.94% in 20 18. The concentration of the top ten industries exceeds 60%.
Historical experience shows that the prosperity of life insurance industry needs the support of a certain economic foundation, and economic conditions are the basis for the development of life insurance industry. The prosperity of life insurance industry is related to various social factors. China has a vast territory, complex social structure and different characteristics of regional development. With the development of regional economy in China, the developed areas of life insurance market economy in China will continue to deepen in 2020, and the potential of the central and western regions will continue to be tapped.
—— The above data comes from the Analysis Report on Market Foresight and Investment Strategic Planning of China Life Insurance Industry by Forward-looking Industry Research Institute.