Life insurance industry in China - The McKinsey Quarterly - life insurance industry - Financial Services

China must find a way to finance a staggering amount of new infrastructure if it is to keep its growth on track. It must also address pressing issues of social harmony and stability.
The life insurance industry could play a key role in addressing these infrastructure and social needs if the Chinese government stimulated its growth through further reforms.
The government should educate consumers about life insurance and encourage its providers to serve the country's poor and rural populations more effectively.
It should also strengthen the regulations promoting good market conduct and make life insurance more attractive by providing tax incentives and loosening the rules on the products in which insurers and consumers can invest.

Exhibit 1: China's basic pension plan covers less than half of all city dwellers.
Exhibit 2: Domestic consumption in China is weak and shrinking.
Exhibit 3: The life insurance industry in China has grown dramatically.
Exhibit 4: Life insurance is an affordable but not a chosen investment.

It’s hard for brand managers to keep pace with the shifting attitudes of Chinese consumers. But some trends can be discerned amid the noise.

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