The 2019 China Insurance Consumer Confidence Index Report released recently shows that trust in insurance has increased marginally to 72.1 compared to 71.9 last year.
The Index, published by the China Insurance Protection Fund, polled individual insurance consumers who purchased commercial insurance products in 23 provinces across the country, Nearly 10,000 valid responses were received.
The Index score for the past five years from 2015 to 2019 was: 69.2, 71.2, 73.7, 71.9, and 72.1, respectively.
The parameters used in arriving at the index score covered the insurance environment, consumer trust factors, consumer trust in the insurance industry, and willingness to be insured.
Insurance consumers’ confidence in the insurance environment in 2019 was 72.0, which was the same as the previous year, indicating that consumers are optimistic about the overall environment of the insurance industry.
Consumer trust factors include trust in third parties and in self. The consumer trust level remained stable in 2019, with a score of 73.9. The survey found that 71.5% of the respondents said that most people around them were trustworthy. 78.2% of the respondents indicated that they were able to obtain information on their own before purchasing a policy and that they were able to make their own choices when buying. 80% of the respondents were confident of their spending power.
Consumer trust in the insurance industry had a score of 70.4 in 2019. This was composed of three secondary indicators: ability perception, integrity perception and friendliness perception
Willingness to be insured declined in 2019, with a score of 69.7, which was lower than in the previous two years. This is composed of four secondary indicators: consumer willingness to surrender a policy, renew a policy, increase the amount of insurance and recommend insurance.