文档介绍：22 March 2004
Asia Pacific/China
Multi Line Insurance
Equity Research
Geographical location of the selected cities Research team
Thomas Deng, CFA
852 2101 6792
@
h Luh
852 2101 6393
◎Shenyang
@
◎Beijing
◎Dalian Bill Stacey
852 2101 7096
Qinghai @
◎Xian
◎Suzhou Raymond Ho, CA
852 2101 6407
◎Shanghai
◎Wuhan @
◎ChengduChongqing

◎ 1st tier ◎Shenzhen
◎Guangzhou
◎ 2nd tier
◎ 3rd tier
Source: CSFB Research.
China Insurance Market Survey

A statistical survey of usage and
attitudes towards insurance in ten cities
Proprietary survey – In order to better understand the China insurance market, CSFB
undertook a statistical and proprietary survey in ten cities in China. In our survey, we
contacted 28,117 residents and conducted effective interviews with 2,300 respondents.
Key market drivers – 49% of households are current policyholders; 17% intend to buy
insurance and 34% rejected the notion of buying in the next year. Most consumers hold a
positive attitude towards insurance and consider making provisions for illness, retirement and
accidents the three most important functions of insurance. pany’s credibility is the
most important purchase consideration. pany sales outlets and insurance
agents are the most important purchase channels for those intending to buy insurance.
Investment implications – Companies with strong brand awareness and distribution
networks offering the right risk products should do well. China Life (2628, HK$, U,
TP HK$) could benefit from its strong brand awareness and e attractive in the long
term at the right valuation. China Insurance Intl (CIIH, 966, HK$, N, TP HK$) could
benefit from Taiping Life’s rapidly improving brand awareness and market share gains.
’s (2328, HK$, U, TP HK$) market position is weak.
FOR IMPORTANT DISCLOSURE INFORMATION relating to analyst certification, the