China Insurance, China Life Insurance Policies

By: EconomyWatch   Date: 25 May 2010

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The China Life Insurance Company Limited is based in China, providing policies specific to life insurance coverage.  This company has a solid reputation and provides a list of different insurance products.  For instance, people can purchase individual life insurance, group life insurance, health insurance, and accident insurance.  However, the China Life Insurance Company also sells short-term health and accident insurance coverage to both individuals, as well as groups.

Today, this company operates in three different sectors of the business world.  For instance, the China Life Insurance Company has the sector for individual life insurance, accident and health insurance, and group life insurance.  Just one year ago, the company was holding more than 100 million insurance policies for individuals and groups, as well as policies for long-term health and annuity contracts.

Interestingly, the China Life Insurance Company currently controls approximately 50% of the country’s life insurance market.  With a great reputation, numerous policy options, and affordable rates, it is easy to see why.  To keep the customers happy and continue to bring in new business, this particular life insurance company employees 640,000 agents.  These agents work throughout China at the 15,000 locations.

In addition to the vast number of agents working for the China Life Insurance Company, the company also has a strong sales force for direct selling.  This group of professionals is responsible for marking the various group policies.  Keep in mind that while the China Life Insurance Company is a powerhouse, it does have competitors.  For instance, Ping An Insurance, China Pacific Insurance, and PICC Property are also vying for customer’s business in insurance.

For instance, Ping An Insurance is the second largest life insurance company in China, which also sells different policy types.  This company has insurance for marine cargo, accident, fire, marine, and home.  Along with providing excellent insurance coverage, this China insurance company also provides services for stock trading, property leasing, asset management, equity investment funds and bonds, and more.

Another competitor of the China Life Insurance Company is the China Pacific Insurance Group.  This company is both an insurance and investment holding company that has over 5,000 branches all over China to serve customers.  In addition to the large number of locations in China, the China Pacific Insurance Group also works out of the United States, Hong Kong, and London.

Finally, PICC Property is another respected company in China selling insurance.  The area of expertise for this China insurance company is property and casualty.  The company has been in existence for more than 60 years and today, it boasts around 10,000 branches.  Although auto insurance accounts for the majority of sales, this insurance company also provides coverage for homeowner’s, accident, commercial property, and liability insurance.

Any of these four insurance companies would be excellent to consider.  Again, you could look at options with the largest company being the China Life Insurance Company or consider what the other companies have to offer.  Of course, along with the four respected companies mentioned, many other insurance companies exist throughout China.

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