China a ‘priority’ market: AIA
Life insurance group AIA has identified the Chinese market as "a key priority", citing a growing life insurance protection gap within the country.
AIA Group chief executive Mark Tucker outlined in a YouTube video that, as the organisation moves forward, growth in life insurance along with other services will be a key priority for China.
"It is very significant that China’s state council has identified the life insurance industry as a key player in the landscape going forward, in a policy document known as the 10-point guidelines," he said.
"One way of majoring the enormous potential around life insurance is by assessing the mortality protection gap; the gap between what the population has in the way of protection against premature death of the breadwinner and the actual level of insurance in place.
"It’s been estimated that the protection gap in China could be approaching $32 trillion to $33 trillion."
Mr Tucker added that, given household income will rise as urbanisation and economic growth continues, the protection gap will only get bigger.
"It is critical for us as a life insurance company to help address this, by providing the citizens of China with the protection insurance cover they need," he said.
"AIA is confident in, and will continue to invest in, the long term future of China."
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