ZA ONLINE(HK:06060) Ge Long Hui·2026-01-04 11:32Core Insights - The increasing popularity of sports as a lifestyle has led to the growth of the sports industry, which is becoming a significant force in the fashion sector [1] - A recent report indicates that nearly 60% of respondents have experienced sports injuries in the past three years, highlighting the risks associated with sports participation [3][6] - Despite the high awareness of the importance of sports insurance, actual spending on it remains low, with annual premium income below 1.5 billion yuan, indicating a mismatch between the growth of the sports industry and the insurance market [4][9] Market Overview - The sports insurance market in China is currently valued at only 1.419 billion yuan, representing just 0.3% of the overall insurance market, which is significantly lower than in mature markets like Europe and the U.S. [9] - The potential market size for sports insurance could reach nearly 50 billion yuan if the majority of the 300 million individuals at risk were to purchase insurance at an average premium of 300 yuan [7][9] Consumer Behavior - While 72% of respondents express a desire for insurance products that include professional guidance, and 68% want coverage for emerging sports risks, actual spending on sports insurance remains low [17] - A significant portion of consumers (54%) is only willing to pay an annual premium of 300 yuan or less, with 24% accepting only 100 yuan or less [7] Supply-Side Challenges - The current sports insurance offerings are primarily focused on professional events and do not adequately cover everyday sports activities or emerging sports, leading to a gap in the market [10][22] - Traditional sports insurance products are often limited to post-incident compensation and lack comprehensive services that include prevention and rehabilitation [10][22] Future Growth Potential - With the projected increase in GDP per capita in China, the demand for sports insurance is expected to grow significantly, as higher income levels correlate with increased awareness and need for insurance [15][16] - The sports insurance market is anticipated to benefit from the normalization of sports participation and the awakening of risk awareness among consumers [20] Strategic Recommendations - Companies should focus on understanding the specific risks associated with various sports activities and tailor their products accordingly to meet the actual needs of consumers [22] - There is a need for innovative insurance products that cover both professional and everyday sports activities, as well as preventive and rehabilitative services [10][18]