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China has become the world's second-largest insurance market

as the outcome of the development of the first annual motor insurance market in China, according to the report, in 2014, China become the world's second-largest insurance market, insurance premiums reached 551.6 billion yuan, an increase of 16.84%; in the property insurance business accounted for 73.12%; auto insurance total claims expenditure of 302.674 billion yuan, an increase of 11.24%.

according to the report, by the end of 2013, the industry total 120 million vehicles insured, increased car insurance rates from 64.4% in 2007 to 87.34%; cover 147 million motor vehicles, motor vehicle insurance rates increased from 38.7% in 2007 to 58.62%.   With the steady expansion of business scale, risk protection capacity to gradually increase, claims service levels continue to improve, auto insurance in dispersing traffic accident risk, financial compensation, maintenance of road traffic safety, service has played an important role in the socio-economic development.

Meanwhile, China's insurance market remains on the institutional mechanism, leading to insurance products, services and the public's growing demand for insurance is not suitable, needs to further deepen reform, especially reform.

from 2014 business situation view, China auto insurance market while by external regulatory and internal profit of double pressure drive, especially Qian years bearing insurance losses of pressure, auto insurance of bearing insurance profit main concentrated in large insurance company, small insurance company almost all losses, industry should more to concern specification business, concern profit target achieved, gradually out bearing insurance losses of dilemma; on the, in on commercial auto insurance reform of "errors read", some company still take relative radical of market strategy,   Poor results in local market, affecting the overall improvement in operating results.

in this regard, said Association Secretary-General Assistant in red, China's sustainable and healthy development of motor vehicle insurance, the most important industry is the basis of rational capacities, strengthen theoretical study and the rule change, development and business model innovation is the key.

 

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