- to assess a range of potential business opportunities: from selecting targets for acquisition to niche product development and ideas for distribution partnerships;
- to understand the competitive landscape in China through its market concentration, the importance of international brokers, and brokers' distribution strategies;
- to identify the leading brokers in China, with coverage of competitors such as Aon-COFCO, Jiang Tai, Tai Ping, Willis and Yingda Changan.
0.0 EXECUTIVE SUMMARY1.0 INTRODUCTION What is this report about? The focus is uniquely on commercial non-life insurance, excluding other types of business... ...and on brokerage, even where intermediaries can act as both agents and brokers. RationaleMethodologyResearch programMarket data analysisDefinitionsPremiumsAbbreviationsBrokerBASEFinaccord 2.0 MARKET ANALYSIS Introduction Regulatory information Foreign brokers have been allowed to establish wholly-owned subsidiaries since December 2006... ...although they cannot yet benefit from business opportunities in the fast-growing SME sector The CIRC issued significant new regulations for insurance brokers in June 2012 Commercial non-life insurance market Commercial non-life premiums grew at a real compound annual rate of 16.9% between 2008 and 2012... ...with motor and liability insurance outperforming other segments Commercial non-life insurance brokers Overview of brokers' presence in the distribution of commercial non-life insurance Brokers have established a notable presence in several commercial product segments Commercial non-life insurance is the biggest source of income for most of the larger brokers... ... although the revenue mix for several also includes personal lines, group benefits or reinsurance Competitor trends and specialisms The top ten brokers account for less than 50% of commercial non-life insurance broking revenues The largest shareholder in the leading broker is China's state-owned electricity company Aon-COFCO is the largest broker among those with foreign participation Jiang Tai Insurance Brokers is about to be listed on the stock market