Overview of China P&C Insurance Market WBN Global Conference, Shanghai, October 18, 2012 Eric Zheng, Chartis Insurance Company China Ltd.

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1 Overview of China P&C Insurance Market WBN Global Conference, Shanghai, October 18, 2012 Eric Zheng, Chartis Insurance Company China Ltd. Page 1

2 Outline 1. Macro trends in China 2. P&C Insurance in China 3. AIG in China 4. Q&A Page 2

3 1. Macro Trends in China Page 3

4 China: Power Transition Hu Jintao CPC Secretary General PRC President ( ) Bo Xilai Saga Xi Jinping CPC Secretary General PRC President ( ) November 2012: Once-in-a-decade transition of power in China Page 4

5 Rise of China Source: The World Bank Page 5

6 Drivers of Growth in China CARE 17.6% Page 6

7 Urbanization in China In 2011, China s urban population exceeded its rural population for the first time in its history, with urban residents accounting for 51.3% of China s billion people. Population (in hundred million) Percentage of urban population (%) Source: 1980~2020 China Economics Prospect Analysis; Xinhua, October 9, 2012 Page 7

8 Growing Consumer Market: Real Estate CAGR: 30% Page 8

9 Growing Consumer Market: Travel CAGR: 10.9% CAGR: 14.8% Page 9

10 Growing Consumer Market: Auto Spectacular growth in auto sales in recent years, overtaking the US as the largest auto market in the world Growth of auto sales tapered off in 2011 with 18.5 million sold (up 2.45% ) and 18.4million manufactured (up 0.84%) Auto sales in 2012 likely to exceed 20 million Auto sales expected to maintain double-digit growth in the coming 10 years Page 10

11 China Venturing Out China s outbound direct investment has seen significant growth in recent years. China s ODI stock totaled US$384 billion at the end of The government is targeting a total of $560 billion in ODI in the next five years. CAGR = 26.9% Source: China Statistical Yearbooks and Chinese media reports Note: After 2007, ODI figures included financial ODI. In 2011, non-financial ODI totaled $68.6 billion; financial ODI amounted to $6.1 billion. Page 11

12 Is China slowing down? 47.8 Source: HSBC Note: The HSBC Flash PMI is an indicator of China s industrial activity focused on private and export-oriented firms and is based on surveys of about 420 companies. On a 100-point scale, a number below 50 indicates contraction. Page 12

13 Is the China miracle over? GDP Growth ( ) Source: World Bank Note: Growth figures for 2012 and 2013 are forecast. Page 13

14 2. P&C Insurance in China Page 14

15 China P&C Insurance Market: Growth Trend Non-life Premium Growth ( ) Source: Swiss Re, Sigma No 3/2012 World Insurance in 2011 Page 15

16 China P&C Market: Early Stage of Development China s P&C insurance density rate (premiums per capita) is still very low compared with those in more mature markets with much potential for growth China s P&C insurance penetration rate (total premiums as a percentage of GDP) remains very low compared with those in more mature markets with much potential for growth Source: Swiss Re,Sigma, No 3/2012: World Insurance in Page 16

17 Lack of Insurance in China: A Tragic Example Sichuan million houses damaged; 69,227 dead; 18,222 missing; 374,638 injured RMB2.5 bn (US$366m) insured loss; RMB850 bn (US$125 bn) total damage Sources: Swiss Re. Sigma Page 17

18 China P&C Insurance: Product Breakdown Source: 2011 Yearbook of China s Insurance Page 18

19 China P&C Insurance: Domestic vs. Foreign Companies Chartis China is the largest foreign P&C insurer in China with total premiums accounting for about 20% of all 21 foreign P&C insurers operating in China. Top-10 Chinese P&C Insurers vs. Top-3 Foreign P&C Insurers in China by direct premium 2011 Total Premiums (US$ in million) Foreign P&C insurers have about 1% market shares due to their limited geographic coverage and exclusion from auto mandatory TPL insurance. Domestic insurers dominate the marketplace because of their extensive market presence and auto insurance business, which accounts for about 75% of total P&C premiums. Source: CIRC website Page 19

20 China P&C Insurance: Distribution Intermediary market is new and evolving in China. In 2010, agencies, brokers and direct sales contributed 73%, 2% and 25% to total insurance premiums in China respectively. Intermediary Market Participants Insurance Professionals Numbers (2009) Numbers (2010) Growth (2010 vs. 2009) Brokers % Agencies 1,903 1,853-3% Sales People 2.9 million 3.3 million 14% Source: CIRC reports Page 20

21 3. AIG in China Page 21

22 AIG in China: Birthplace American Asiatic Underwriters 美 亚 Shanghai, New York 1992 Return to China WOFE Page 22

23 AIG in China: Growth Path C.V. Starr founded American Asiatic Underwriters (AAU) Establish AIU Shanghai Branch 1995 Establish AIU Guangzhou Branch Establish Jiangsu Branch Establish AIU Shenzhen * WOFE Wholly Owned Foreign Enterprise Form WOFE* in China Establish Beijing Branch Page 23

24 AIG China Products: Commercial Insurance Trade Credit Surety Bond M&A D&O PI Financial Cargo Marine liability Marine Liabilities Energy Public Liability Product Liability Employee Liability PAR/BI/MB Property Terrorism cover CAR Utility Chemical Page 24

25 AIG China Products: Consumer Insurance Dynamic Product Suits Global & Local Network Support Medical Accident Travel Personal Auto (To be launched) Diverse Distribution Claims Service Page 25

26 AIG China: Multinational Account Service Chartis China maintains a MAS Desk to ensure that all of our global account customers receive world-class service no matter where their risks are located within the Chartis network of companies. The MAS Desk is responsible for: Local Underlyers Issued within Service Level Agreement guidelines on admitted paper; Regulatory Changes - Monitored and updated by worldwide MAS Desk coordinators; Global Account Information - Updated into OMEGA, Chartis China s multinational account booking system; Global Claims Servicing & Payments - Assists global producing office in seamless coordination. Compliant with local legal requirements and insurance regulations Page 26

27 4. Q&A Page 27

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