Published by Tencent's insurance platform WeSure, together with Fudan University Department of Risk Management and Insurance and China Insurance and Social Security Research Centre, the new industry report revealed that, overall, the ratio of male-to-female policy holders on the WeSure platform decreased from 2:1 to 1:1 since the health crisis.
The report also identified that women are more likely to buy insurance for their family members, especially the elderly, than men are. And as far as age demographics go, customers in the 35 to 48 age bracket are the biggest consumers of insurance; although the report did note that the demand for health coverage among the middle-aged and the elderly population did see a spike during the pandemic.
And in terms of insurance demand among different geographical areas in China, it emerged that areas with a higher per capita GDP recorded greater demand for insurance products. In areas where the per capita GDP exceeds US$10,000 such as Beijing and Guangdong, significant premium growth was recorded.
So, what does this tell us? Well, on a base level, Covid-19 has clearly raised the awareness of risk among insurance consumers. In China, despite there still being fewer women in high-paid positions of power today, China’s United Nation’s gender equality ranking is very similar to the US, however, the traditional family structure here is still very much valued. Therefore, it is little surprise to learn that customers born in the 1980s, who often bear the responsibility of looking after their elderly parents while also raising their children, had an increased demand for insurance products during this period. The peace of mind that insurance would provide them is likely what drove this increased demand.
And as for those living in richer areas, it’s no surprise that customers would be looking to protect their wealth through insurance products.