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Youth favor foreign life insurers

By Song Hongmei (chinadaily.com.cn)
Updated: 2006-12-11 14:33

Related publication: Related readings: More foreign insurers encouraged to operate in China Foreign insurers urge CIRC to simplify procedures Higher threshold for foreign insurers to enter China Foreign insurers no threat to market

One third of foreign-funded life insurance company customers are under the age of 30 while that number is 12 percent for Chinese companies, according to a survey conducted by K&D Consulting Co and theChina Insurance Regulatory Commission(CIRC).

Forty-five percent of foreign insurers' customers have a monthly family income of more than 6,000 yuan (US$766.77), while those with monthly family incomes of 6,000 yuan or higher registered with domestic companies make up 22 percent of the total. Some 64 percent of foreign insurers' customers are junior college graduates or above, while that number is 40 percent for domestic insurers.

However, foreign life insurers scored lower in customer satisfaction than domestic insurers, according to the survey.

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The full text is available in the December Issue ofChina Insurance.