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INSURANCE | Staff Reporter, China

ZhongAn Online premiums hit $1.68b in 2018

The company is China’s first online-only insurer to break the $1.49b premium mark.

Insurtech firm ZhongAn Online saw its gross written premiums (GWP) surge 89% YoY to $1.68b (RMB11.3b) in 2018 to mark the first time that a web-only Chinese insurance firm broke the $1.49b (RMB10b) premium mark. 

The firm’s headline figures pushes it up to 12th place in the country’s property and casualty sector, up six notches from a year earlier. ZhongAn Online’s market share of the online non-auto P&C insurance also hit 31%, making it the top player in online non-auto P&C insurance category in China.

Also read: China to eclipse US as world's largest insurance market by 2030s

Premium revenue from health, consumer finance and auto ecosystems rose 225.3% YoY to $1.12b (RMB7.5b) and accounting for 66% of total GWP.

GWP from the consumer finance ecosystem rose 240.5% YoY to $521.68m (RMB3.5b) whilst premiums from the auto ecosystem rose from $11.76m (RMB78.9m) to $163.96m (RMB1.1b).

As of 31 December 2018, ZhongAn claims to have provided services for over 400 million users, with premium contribution per capita at approximately $4.17 (RMB28.0), representing a year-on-year increase of 103%. The number of insurance policies per capita also rose 25% to 15.8.

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