The Insurance Association of China has reportedly said that small and medium-sized insurance firms dominate the Chinese growing online life insurance market.
Small and medium-sized insurers now account for 82% of total online life insurance sales in China, according to Asia First.
These insurance companies are said to have collected a total of CNY29bn ($4.7bn) online life premiums, or about 82% of the total CNY35.3bn online life insurance premiums.
The Insurance Association of China reportedly said Sun Life Everbright Life leads China’s online life insurance market, with a 16% share of the sector, while ICBC-AXA Life Insurance has a 12% market share.
Foreign-owned life insurers reportedly control only around 5% of China’s online life insurance market.