DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/ch44nv/bancassurance) has announced the addition of the "China Bancassurance Market Report 2014 - Market to Grow at a CAGR of 15% to 2018" report to their offering.
The analysts forecast the Bancassurance market in China to grow at a CAGR of 15% to 2018
The Bancassurance market in China is expected to witness rapid growth during the forecast period due to certain emerging trends that are expected to negate the effect of the challenges to some extent. The expansion of foreign insurance players in China is one such trend is the market. The regulatory body in this country is encouraging the participation of foreign private insurance players to increase the expansion of the market in the country.
The expansion in the banks' product portfolios is one of the major drivers in the market. Banks have been continuously striving to increase their profitability by expanding their product portfolios, increasing their outreach, and introducing new and attractive schemes. This has resulted in the positioning of banks as a one-stop financial solution. The increasing number of regulations is another major driver in the market that is encouraging the private insurance players to increase their integration with banks.
Further, the report states that one of the main challenges in this market is the stringent regulatory norms that require banks to have dedicated staff for bancassurance. This restricts the business volume of the bancassurance model. The positioning of banks is another major challenge for the market. Banks have traditionally been positioned only for banking services; therefore, promoting banks as insurance providers is difficult and will entail huge marketing efforts and costs.
Key vendors dominating this space are
- China Taiping Insurance Holdings Company Limited
- China Life Insurance Company Limited
- Ping An Insurance (Group) Company of China Ltd.
Other vendors mentioned in the report are
- PICC Property & Casualty Co. Ltd.
- Agricultural Bank of China
- China Merchants Bank
- Bank of Beijing.
For more information visit http://www.researchandmarkets.com/research/ch44nv/bancassurance
