Development status of insurance industry

-Forecast the panorama of China insurance industry in 2023:2023 (with market scale, competition pattern, development prospect, etc.). )

Major listed companies in the industry: China PICC (601319); Peace in China (601318); China Pacific Insurance (601601); China life insurance (601628); Xinhua life insurance (60 1336), etc.

Current situation of industry development

1, China's original insurance premium income continued to rise.

Since the 20th century, the insurance industry in China has entered a stage of rapid development. According to the data released by the State Administration of Finance, from 20 10 to 2022, China's original insurance premium income showed a continuous upward trend. In 2022, China's original insurance premium income was 4.7 trillion yuan, a year-on-year increase of 4.68%.

2. The total assets of the insurance industry in China continued to expand.

From 20 1 1 to 2022, the total assets of China insurance industry will continue to expand, from 5.98 trillion yuan to 27. 15 trillion yuan, with an average compound annual growth rate of 14.7%. In terms of growth rate, the growth rate of total assets of China insurance industry has obviously slowed down to about 10% since 20 17 years.

3. The overall insurance density in China is on the rise.

Insurance density refers to the per capita insurance premium calculated according to the local population, which reflects the degree of national insurance participation and the development level of a country's national economy and insurance industry. 2011-In 2022, the overall insurance density in China is on the rise. In 2022, the insurance density in China will be 3,326 yuan/person. At present, the participation of China residents is increasing year by year, and the insurance industry is developing well.

Note: Insurance density = original insurance premium income in China (data from the State Administration of Financial Supervision)/total population at the end of China (data from the National Bureau of Statistics).

4. The insurance depth in China has declined for two consecutive years.

Insurance depth refers to the ratio of premium income to gross domestic product (GDP) in a certain place, which reflects the position of insurance industry in the whole national economy. The depth of insurance depends on a country's overall economic development level and the development speed of insurance industry. The insurance depth in China rose steadily from 20 12 to 20 17, but fluctuated in China after 20 18. In 20021and 2022, China's insurance depth declined for two consecutive years, and the insurance depth in 2022 was 3.88%.

For more research and analysis on this industry, please refer to the Analysis Report on Market Foresight and Investment Planning of China Insurance Industry by Forward-looking Industry Research Institute.