Insurance Brokers & Adjusters in China - Market Research Report (2014-2029)
Beijing, China
Last Updated: May 2024
7030Revenue
$66.9bn
Past 5-Year Growth
Profit
$XX.Xbn
Employees
6m
Businesses
2,586
Wages
$XX.Xbn
Insurance Brokers & Adjusters in China industry analysis
The development of China's Insurance Brokers and Adjusters industry is in line with its developing insurance sector. Over the five years through 2023, the industry grew at an annualized 4.9% to $66.9 billion. This trend includes a 4.5% increase in 2023.In 2022, the COVID-19 pandemic further aggravated the economy, resulting in real GDP growth slowing to 3.0%. Chinese residents' income growth has also slowed down, resulting in weakened insurance demand. Insurance premium income decreased by 1.0% in 2022, especially for life insurance products; its premium income dropped 2.0% year on year, mainly because residents were suggested to stay at home and limit traveling. Industry revenue increased by just 0.3% in 2022.In 2018, the China Banking and Insurance Regulatory Commission was established through the merger of the China Bank Regulatory Commission and the China Insurance Regulatory Commission. Regulations placed on insurance intermediaries has intensified through a successive series of supervision policies. This increased regulation led industry revenue growth to slow down.China's Insurance Brokers and Adjusters industry revenue us forecast to grow at an annualized 5.4% to $86.9 billion over the five years through 2028, primarily thanks to increasing residential income levels risk protection awareness. As government regulations further strengthen and competition intensifies, professional insurance intermediaries will become more competitive. Concurrent-business agency and individual agent numbers will likely drop in the future.
Trends and Insights
- Industry growth has decelerated. The real GDP growth slowdown and aggravation from the COVID-19 pandemic in 2022 resulted in slower industry growth.
- Individual agents generate the most revenue. The industry has a high proportion of independent insurance salespeople, who combined generate over 50% of industry revenue.
- Developed economies are driving industry demand. Regions with well-developed economies and higher income levels have significant insurance demand
- Industry concentration is very low. The top four insurance intermediaries represented just 5.7% of industry revenue in 2023.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 4.9 % over the past five years, to reach an estimated $66.9bn in 2024.
Trends and Insights
Industry growth decelerated in 2022 due to the COVID-19 pandemic and a slowdown of China's economy
- In 2022, the COVID-19 in China further aggravated and real GDP growth slowdown to 3.0%. The consumption level and confidence of Chinese residents both decreased, which have resulted in weaker demand for insurance products.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
China's economic recovery and increasing income levels will support industry growth
- The aggravated COVID-19 epidemic in 2022 has resulted in slower growth of China's economy, which was 3.0% in the year. Annual disposable income per capita of Chinese residents increased to $5,481.2 in 2022, up by just 0.7% from 2021.
Biggest companies in the Insurance Brokers & Adjusters in China
| Company | Market Share (%)
2023 | Revenue ($short_0)
2023 |
|---|
There are no companies that hold a large enough market share in the Insurance Brokers & Adjusters in China industry for IBISWorld to include in this product.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Agent services provided by insurance salespeople, Agent services provided by concurrent-business agencies and Agent services provided by professional agencies. Agent services provided by insurance salespeople is the largest segment of the Insurance Brokers & Adjusters in China.
Trends and Insights
Agent services provided by insurance salespeople represent the largest share
- An independent individual insurance agent is an insurance sales employee who directly signs an agency agreement with an insurance company and independently carries out insurance sales.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- Life Insurance Providers in China
- Property, Car & Other Non-Life Insurance in China
International industries
- Global Insurance Brokers & Agencies
- Insurance Brokers & Agencies in the US
- Third-Party Administrators & Insurance Claims Adjusters in the US
- Online Insurance Brokers in the US
- Medical Claims Processing Services in the US
Table of Contents
About this industry
Industry definition
Insurance brokers and adjusters in China provide insurance assessments, adjustments, supervision and consulting.
What's included in this industry?
Agent services provided by insurance salespeopleAgent services provided by concurrent-business agenciesAgent services provided by professional agenciesInsurance brokerage servicesInsurance adjusting and other servicesCompanies
Purchase this report to view all major companies in this industry.
Related Terms
LIFE INSURANCEPROPERTY INSURANCEACTUARY SERVICESPerformance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Industry growth has decelerated. The real GDP growth slowdown and aggravation from the COVID-19 pandemic in 2022 resulted in slower industry growth.
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Individual agents generate the most revenue. The industry has a high proportion of independent insurance salespeople, who combined generate over 50% of industry revenue.
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Developed economies are driving industry demand. Regions with well-developed economies and higher income levels have significant insurance demand
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Industry concentration is very low. The top four insurance intermediaries represented just 5.7% of industry revenue in 2023.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The industry is highly fragmented. The largest player, Ant Insurance, represents just 4.0% of industry revenue in 2023.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
Detailed analysis
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Government supervision is strengthening. The industry receives limited assistance and government supervision of industry operators has intensified in recent years.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Professional intermediary profit is small. Industry profit is mostly comprised of insurance salespeople’s and concurrent-business insurance agencies’ profit.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in China include:
- National Bureau of Statistics China
- General Administration of Customs
- People’s Bank of China
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Insurance Brokers & Adjusters industry in China in 2024?
The market size of the Insurance Brokers & Adjusters industry in China is $66.9bn in 2024.
How many businesses are there in the Insurance Brokers & Adjusters in China industry in 2024?
There are 2,586 businesses in the Insurance Brokers & Adjusters industry in China, which has declined at a CAGR of 0.6 % between 2019 and 2024.
Has the Insurance Brokers & Adjusters industry in China grown or declined over the past 5 years?
The market size of the Insurance Brokers & Adjusters industry in China has been growing at a CAGR of 4.9 % between 2019 and 2024.
What is the forecast growth of the Insurance Brokers & Adjusters industry in China over the next 5 years?
Over the next five years, the Insurance Brokers & Adjusters industry in China is expected to grow.
What does the Insurance Brokers & Adjusters in China include?
Agent services provided by insurance salespeople and Agent services provided by concurrent-business agencies are part of the Insurance Brokers & Adjusters industry.
How competitive is the Insurance Brokers & Adjusters industry in China?
The level of competition is high and increasing in the Insurance Brokers & Adjusters industry in China.
