China

Details

  • Service: Advisory, Risk Consulting, Actuarial and Financial Risk Management, Actuarial Services
  • Industry: Financial Services, Insurance
  • Type: Business and industry issue, Survey report
  • Date: 7/18/2012

A Collision in the Motor Insurance Industry 

How the combined effects of CMI price de-tariffication and CTPL liberalisation will change the industry over the next five years

 

During the first half of 2012, two potentially water-shed insurance regulations were published by CIRC and the State Council (cabinet of China). The de-tariffication of CMI will introduce price competition and more advanced underwriting, claim servicing, marketing practices to the motor insurance market. The opening-up of compulsory third-party liability insurance market to foreign-owned insurers will give them a much better chance to grow motor insurance business and achieve necessary economies of scale. This article summarizes the current state of China motor insurance market, the recent regulation changes, and the likely far-reaching impact on the market in the next five years. It also contains the results of a recent KPMG survey on China non-life insurers with regard to their perspective on recent motor insurance reforms.

A Collision in the Motor Insurance Insurance
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China in focus

Sector Studies - These studies feature the industry insights and latest developments of specific sectors in China.