In a survey conducted in China in 2021, offline outlets and agents continued to be the most popular sources of buying insurance, with more than 60 percent of respondents confirming this. More than 40 percent of respondents from high-income and higher-middle income groups said they bought insurance through online channels of conventional insurance providers. Meanwhile, over 30 percent of respondents from high-income and higher-middle income clusters said they bought insurance from digital insurance providers.
Consumers' insurance buying channels in China as of August 2021, by income
Characteristic
High income
Higher-middle income
Lower-middle income
Low income
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multiple-choice question; among residents from Tier-1 to Tier-5 cities
Method of interview
Questionnaire
Supplementary notes
High income: monthly household's after-tax income of 26,000 yuan and above. Higher-middle income: monthly household's after-tax income of 14,000 to 25,999 yuan. Lower-middle income: monthly household's after-tax income of 7,000 to 13,999 yuan. Low income: monthly household's after-tax income of 6,999 yuan and below.
One yuan equals 0.15 U.S. dollars and 0.14 euros (as of May 2022).
Among all respondents, high-income households accounted for 26 percent, higher-middle income occupying 48 percent, lower-middle income occupying 21 percent and low income representing five percent.
Purchasing channels: based on consumer’s perception of insurance buying channels in interviews.
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199IT. (November 24, 2021). Consumers' insurance buying channels in China as of August 2021, by income [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/1306398/china-insurance-purchasing-channels-by-income/
199IT. "Consumers' insurance buying channels in China as of August 2021, by income." Chart. November 24, 2021. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/1306398/china-insurance-purchasing-channels-by-income/
199IT. (2021). Consumers' insurance buying channels in China as of August 2021, by income. Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/1306398/china-insurance-purchasing-channels-by-income/
199IT. "Consumers' Insurance Buying Channels in China as of August 2021, by Income." Statista, Statista Inc., 24 Nov 2021, https://www.statista.com/statistics/1306398/china-insurance-purchasing-channels-by-income/
199IT, Consumers' insurance buying channels in China as of August 2021, by income Statista, https://www.statista.com/statistics/1306398/china-insurance-purchasing-channels-by-income/ (last visited September 01, 2024)
Consumers' insurance buying channels in China as of August 2021, by income [Graph], 199IT, November 24, 2021. [Online]. Available: https://www.statista.com/statistics/1306398/china-insurance-purchasing-channels-by-income/