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Asian insurance market is almost catching up on North America

This market has a huge potential. Foreign insurers have already begun to buy shares of Chinese companies. It is interesting that China, a developing country, is in the second place after the US largest insurance market in the world. According to forecasts, in the coming years, the Asian market will continue to grow rapidly, and the state system will play a major role in this process.
Asian insurance market is almost catching up on North America

The Asian insurance market growth rate is much higher than the North American ones. According to the results of the year 2017, the North American insurance market dropped by 0.1% compared with 2016, while the Asian market grew by 14.7%.

For example, in 2017, China ranked second in the list of the largest insurance markets in the world, a year earlier it was Japan. Last year, the life insurance market in this country grew by 21%, although over the past decade it had been increasing by 14% in average mainly due to life and health insurance. China accounts for more than half of all life insurance premiums in emerging markets, which is 11% of the total global volume. Swiss Re, a large international insurer, predicts that due to the high growth rate in China, global life insurance premiums will increase.

Now there are more than 150 insurance companies in the country, including foreign ones. More than half of the market is occupied by two insurance companies: China Life Insurance and Ping An Insurance. They are in top ten of the world largest insurers according to Forbes.

There are five types of compulsory insurance in China:

1. Basic retirement insurance;

2. Basic medical insurance;

3. Industrial injuries insurance;

4. Unemployment insurance;

5. Insurance for a child delivery.

Meanwhile, the Japanese insurance market, which is based on life insurance, follows in tracks China. The reason is a high probability of earthquakes in the country therefore this risk is not included in the standard insurance contract and issued as a separate policy.

In Israel, each resident is insured at the health insurance scheme; this is an insurance company the residents conclude a collective agreement with. The insurance covers doctor appointments, medical tests, medicine basket, surgeries and hospitalization. There are 4 main sickness funds in Israel; the residents get to choose any of them. The clients make monthly insurance contributions, the percentage of the salary, retirement or disability benefits.

The health insurance companies offer customers additional insurance that covers alternative medicine, the opportunity to consult a private doctor, the choice of a surgeon, and a 50% discount on drugs that are not in the paid basket. The Israeli can insure their health in a private company.

Health insurance through private companies includes surgeries in Israel and abroad, treatment of serious illnesses, medicaments not indicated in the basket and organ transplantation.

In the United Arab Emirates, not only local residents, but also visitors must have medical insurance; this decision was made by the government in 2002. As a result, there are more foreigners among the insured than local residents. Residents of the United Arab Emirates insure housing, liability to third parties, cars, health, life, and business.

In 2017, the Dubai Health Department announced its intention to develop health insurance programs in order to improve the quality of services and reduce morbidity. One of the measures was to include three types of cancer: breast, intestine and cervix in the compulsory insurance policy treatment.

Source: https://vc.ru/finance/56844-obzor-strahovogo-rynka-azii-kitay-prodolzhaet-lidirovat

Photos: sem40.co.il, russian.news.cn

The Asian insurance market growth rate is much higher than the North American ones. According to the results of the year 2017, the North American insurance market dropped by 0.1% compared with 2016, while the Asian market grew by 14.7%.

For example, in 2017, China ranked second in the list of the largest insurance markets in the world, a year earlier it was Japan. Last year, the life insurance market in this country grew by 21%, although over the past decade it had been increasing by 14% in average mainly due to life and health insurance. China accounts for more than half of all life insurance premiums in emerging markets, which is 11% of the total global volume. Swiss Re, a large international insurer, predicts that due to the high growth rate in China, global life insurance premiums will increase.

Now there are more than 150 insurance companies in the country, including foreign ones. More than half of the market is occupied by two insurance companies: China Life Insurance and Ping An Insurance. They are in top ten of the world largest insurers according to Forbes.

There are five types of compulsory insurance in China:

1. Basic retirement insurance;

2. Basic medical insurance;

3. Industrial injuries insurance;

4. Unemployment insurance;

5. Insurance for a child delivery.

Meanwhile, the Japanese insurance market, which is based on life insurance, follows in tracks China. The reason is a high probability of earthquakes in the country therefore this risk is not included in the standard insurance contract and issued as a separate policy.

In Israel, each resident is insured at the health insurance scheme; this is an insurance company the residents conclude a collective agreement with. The insurance covers doctor appointments, medical tests, medicine basket, surgeries and hospitalization. There are 4 main sickness funds in Israel; the residents get to choose any of them. The clients make monthly insurance contributions, the percentage of the salary, retirement or disability benefits.

The health insurance companies offer customers additional insurance that covers alternative medicine, the opportunity to consult a private doctor, the choice of a surgeon, and a 50% discount on drugs that are not in the paid basket. The Israeli can insure their health in a private company.

Health insurance through private companies includes surgeries in Israel and abroad, treatment of serious illnesses, medicaments not indicated in the basket and organ transplantation.

In the United Arab Emirates, not only local residents, but also visitors must have medical insurance; this decision was made by the government in 2002. As a result, there are more foreigners among the insured than local residents. Residents of the United Arab Emirates insure housing, liability to third parties, cars, health, life, and business.

In 2017, the Dubai Health Department announced its intention to develop health insurance programs in order to improve the quality of services and reduce morbidity. One of the measures was to include three types of cancer: breast, intestine and cervix in the compulsory insurance policy treatment.

Source: https://vc.ru/finance/56844-obzor-strahovogo-rynka-azii-kitay-prodolzhaet-lidirovat

Photos: sem40.co.il, russian.news.cn

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