China News Service, Beijing, August 14 (Reporter Wang Enbo) China Insurance Association announced on the 14th the "Analysis Report on the Operation of the Internet Life Insurance Market in the First Half of 2020". In the first half of the year, a total of 59 companies operated Internet life insurance business, achieving a total of 139.44 billion yuan in scale premiums (RMB, the same below), an increase of 12.2% over the same period in 2019. 36 companies achieved positive growth in scale insurance premiums to varying degrees. Internet life insurance business Maintain steady growth.
In the first half of the year, the scale premium market shares of the top three, top five, and top ten companies in the Internet life insurance market were 48.6%, 65.9%, and 84.6%, respectively. Compared with the same period last year, the top three market shares increased slightly. 5. The top ten market shares have all declined, but the market concentration is still high. Compared with the same period last year, the ranking and market share of the top ten companies have changed to some extent. China Post Life has replaced Guohua Life in the first place, and Taiping Life and PICC Life have replaced Hongkang Life and Hezhong Life in the top ten.
In the first half of the year, the Internet life insurance business model was still mainly based on cooperation with third-party platforms (channels), supplemented by insurance companies' self-operated platforms (official websites). Among them, the accumulated scale insurance premiums realized through third-party platforms was 123.55 billion yuan, an increase of 10.8% over the same period in 2019, accounting for 88.6%; the accumulated scale insurance premiums realized through self-operated platforms was 15.89 billion yuan, an increase of 24.9% over the same period last year, accounting for 11.4%, self-operated platforms have maintained steady growth for 5 consecutive years.
In the first half of the year, the structure of Internet life insurance products continued to be adjusted, and the proportion of various insurance types also changed to some extent. Among them, life insurance achieved scale premiums of 89.16 billion yuan, a decrease of 2.9% compared with the same period last year, accounting for 63.9%, which is still the main insurance category; annuity insurance achieved scale premiums of 28.32 billion yuan, a year-on-year increase of 58.6%, accounting for 20.3%, becoming The second largest type of insurance; health insurance achieved scale premiums of 18.51 billion yuan, a year-on-year increase of 60.1%, accounting for 13.3%; accident insurance achieved scale premiums of 3.45 billion yuan, a year-on-year increase of 13.5%, accounting for 2.5%.
The report pointed out that in the first half of the year, the sudden new crown pneumonia epidemic brought a considerable impact on the life insurance industry. Compared with the limited marketing of traditional offline channels, Internet life insurance played out the unique advantages of its online channels and was better satisfied. In response to consumers’ demand for “non-face-to-face” insurance services, the epidemic has forced the online transformation of traditional life insurance channels, sparking competition in online operational service capabilities, promoting the rapid development of the “Internet + medical + insurance” model, and providing health protection for Internet insurance products Product transformation provides the soil. In the future, how to use Internet tools to achieve cooperation, so that users are more willing to actively embrace and try online channels, and bring more opportunities to Internet insurance from the demand side, will become a new proposition in the industry. (Finish)