Group 1 - The core viewpoint of the report indicates that the global insurance industry is expected to experience strong growth in 2024, with a projected growth rate of approximately 8.6%, surpassing the previous year's rate of 8.2% [1] - The Chinese insurance market is anticipated to achieve a remarkable growth rate of 11.2% in 2024, with total premium income reaching €754 billion, accounting for over half of the total premium income in the Asia region [1][2] - China's life insurance market is projected to grow by 15.4% in 2024, significantly exceeding the average growth rate of 7.8% in Asia, highlighting the strong demand for life insurance products among Chinese households [1] Group 2 - In the property insurance sector, China is the largest market in the Asia-Pacific region, contributing nearly half of the total premium income, with a growth rate of 4.9% in 2024, higher than the regional average of 4.0% [2] - The average per capita expenditure on property insurance in China is over double that of Asia, reaching €142, solidifying its leading position in the Asia-Pacific region [2] - The Allianz Economic Research Center forecasts an overall growth rate of 7.5% for the Chinese insurance market over the next decade, with life insurance expected to grow at 7.8% and property insurance at 6.4% [2]

Core Insights - The report indicates that the online insurance purchase rate has reached parity with offline channels for the first time, marking a significant shift in the Chinese insurance market [1][2] - The insurance market is expected to grow robustly, with online insurance projected to become a key growth engine, driven by increasing consumer awareness and a shift towards more sophisticated insurance configurations [1][2] Market Trends - In the first seven months of 2024, the cumulative premium for online insurance reached 366.3 billion yuan, reflecting a 15% increase compared to the same period in 2023 [2] - The report forecasts an annual growth rate of 15%-20% for online insurance over the next five years, with total premiums expected to exceed 1 trillion yuan [2] Consumer Behavior - The online purchase rate for insurance increased from 73% in 2023 to 78% in 2024, while the offline purchase rate decreased from 85% to 79% [2][3] - The online insurance intermediary channel saw a significant rise, with its purchase rate increasing from 24% in 2023 to 44% in 2024, making it the second-largest online purchase channel [3] Technological Impact - AI technology is reshaping consumer insurance purchasing experiences, with nearly 10% of consumers using AI tools for information gathering, 40% using personalized recommendation tools, and 36% utilizing smart claims tools [4] - The overall claims satisfaction rate has surpassed 95% for the first time in 2024, indicating improved consumer experiences [4] Wealth Management Role - Approximately 57% of consumers are using insurance for wealth management, positioning it as the second-largest wealth management method after bank wealth management [6] - The trend shows a shift from basic protection to refined insurance configurations, with 60% of consumers opting to upgrade their existing insurance products [6] Policy and Regulatory Environment - The regulatory framework for online property insurance is being strengthened, with new guidelines issued to ensure orderly market development [2][7] - The government emphasizes the importance of insurance in meeting the growing demand for protection and wealth management, highlighting its role in family security and wealth transfer [7]