Consumers seek accident, health insurance
Updated: 2012-02-20 19:30
By Hu Yuanyuan (chinadaily.com.cn)
BEIJING - Insurers in China can expect to benefit from rising demand for healthcare and long-term savings products, the accounting firm KPMG said on Monday.
KPMG interviewed 1,220 Chinese consumers on their insurance purchasing patterns. It found that customers are primarily interested in purchasing insurance coverage to protect themselves in the event of an accident or illness and to secure access to healthcare services.
The most popular products identified by respondents were accident insurance (66 percent) and critical illness coverage (55 percent).
"Respondents identified long-term protection for themselves and their families as the most important factor when selecting a product," said Sam Evans, Insurance Partner, KPMG China.
"The Government is also keen to promote long-term products and retirement solutions. We believe legislation to develop the pension sector is an important catalyst to jump start further market reform and create significant momentum in the future."