China’s online insurance industry gains momentum

With the boom of internet finance and the popularity of online shopping, China’s online insurance industry has some golden opportunities up for grabs. Low penetration rate and the country’s huge population combine to form potent market opportunities.

The country’s online insurance industry took in RMB 234.7 billion  (in Chinese) in premiums last year, compared with RMB 3.20 billion in 2011. Moreover, the insurance penetration rate rose from 0.22% in 2011 to 7.58% last year.

As many as 13 Chinese online insurance startups have raised more than RMB 1 billion (in Chinese) in total financing since last February, according to a report recently released by Chuancai Securities. Online vehicle insurance and wealth management insurance remained the two major forms, while life insurance has a relatively small share in online insurance.

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