Among Chinese households which have bought insurance policies, each person holds an average of 1.17 insurance policies while each household owns an average of 3.62 insurance policies, according to a consumer survey report released yesterday by Dajia Insurance Group, the first published by the group since its establishment last year.
The document, titled “2020 China Household Insurance Demand Survey Report”, contains findings from a poll conducted in November-December 2019. Respondents were aged 25-60, and were from 19 provinces, autonomous regions and municipalities across the country. The purpose of the survey is to identify the insurance needs of consumers to help the shape a customer-centric service strategy.

The survey found that respondents bought insurance to protect themselves from the financial losses arising from accidents or untoward events and to cover medical costs that might be incurred due to major illnesses.

Asked for their plans for retirement life, 14.8% of respondents said that they would want their children or relatives to take care of them; while 15.3% said that they would spend time in holiday destinations, hopping from one idyllic location to another as they please. Nearly 70% of the respondents said that they were willing to purchase commercial pension services.

The respondents also said that they valued simple insurance procedures, quick responses, and concise and clear insurance terms.


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