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Asia, Business Trends, Life, Research

Insights on China’s Middle Market for Life Insurance

As part of the SOA’s broader work in support of the global actuarial profession, the SOA has released a study that examines the China middle market in terms of life insurance opportunities. The SOA’s International Section, Marketing and Distribution Section, and Research Expanding Boundaries Pool all supported this SOA-commissioned research project.

The report looks at Chinese consumers’ knowledge about life insurance, and how they maintain a sense of skepticism toward certain ways of how life insurance products are sold. The report focuses on three consumer segments — individuals uninterested in life products, life protectors and life investors.

Seventy percent of the surveyed consumers noted that purchasing death benefit life insurance is more important now than in the past. Additionally, 61 percent said purchasing coverage will be more important for their children, indicating a market transition for life insurance.

The report also helps establish an important connection to SOA members throughout the world, acknowledging major differences and nuances for international life insurance markets.

Download the report to learn more about the findings from China. There is also a U.S. middle market report available to download.

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