Traditional insurance is the simplest type of insurance of all insurance, and its terms are usually relatively simple, that is, the customer pays a certain premium, and the insurance company pays according to the agreed amount of insurance when the insured event occurs, and there is no other financial exchange between the insurance company and the customer.
Traditional insurance industry classification.
Source**: Joint Research Industry Consulting (Joint Research Network).
The development process of the traditional insurance industry can be broadly divided into four stages: start-up, development, maturity and innovation. Market demand is the fundamental reason for product evolution. From the simple life insurance that protected the needs of the financial management in 1982 to the dividend insurance for financial needs in 2001, and then to the universal insurance and investment-linked insurance that protected the dual needs of financial management in 2017, traditional insurance has been advancing with the times in the torrent of the times.
The development of traditional insurance.
Source**: Joint Research Industry Consulting (Joint Research Network).
With the increase of residents' income and consumption, as well as the rise of the elderly population, this kind of traditional insurance, which can meet people's basic survival functions and has a guarantee function, has attracted more and more attention from families. The size of the traditional insurance market increased from 57 in 2017$7.7 billion to $112 in 20227 billion yuan, ** by 2027 the market size will reach 2199.1 billion yuan, with a compound annual growth rate of 1431%。
2017-2027 China's traditional insurance market size** and growth rate.
Source**: Joint Research Industry Consulting (Joint Research Network).
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