China’s Internet Insurance Revenue Reached ¥234.7 billion in 2016
In recent years, China’s Internet insurance industry has developed rapidly. By 2016, there has been a total of 117 insurance agencies operating insurance business, which means 75.97% of the insurance companies develop the Internet insurance business by self-build website, cooperation with the third party platform and other different business model. In 2016, Internet insurance revenue reached ¥234.7 billion, ¥11.3 billion more than 2015, an increase of 5% yoy.
Internet insurance is divided into Internet property insurance and Internet life insurance according the product structure. In 2016, Internet property insurance and Internet life insurance respectively realized premiums of ¥40.302 billion and ¥194.495 billion, respectively accounting for 17.17 % and 82.83 % of the total Internet insurance income. Therefore, the life insurance income is much higher than Internet property insurance income.
There has not been a very mature Internet insurance model either at home or abroad. But China’s innovation model of Internet insurance may overtake other countries. In the future, China’s Internet insurance will come a long way with the innovation and exploration of the Internet insurance model.