The online life insurance market posted steady expansion last year, with premiums soaring by 55.7% year on year, according to a report from the Insurance Association of China.
Online life insurance premiums totaled CNY185.77bn ($26.54bn) last year, compared with CNY119.32bn in 2018, reported Xinhua News Agency.
With easy access to the Internet, more and more Chinese consumers like to use online channels to research and buy life and pensions products. The development of Internet channels has also allowed companies to reach new customers and markets without the need for a physical presence and with low variable costs.
However, the industry will likely see fierce competition and price wars because most insurers offer homogeneous products, according to the report.