China ist für viele Unternehmen ein Schlüsselmarkt. Auch die Allianz engagiert sich stark im „Reich der Mitte“. Exklusiv für Versicherungsbote sprach Bettina Kretzschmar mit Uwe Michel, Head of Asia Business Division der Allianz über Zukunftschancen und Chinas Gesundheitsmarkt. Das Interview liegt in Englisch vor; eine Zusammenfassung steht unseren Lesern auch zur Verfügung.
Bettina Kretzschmar:
Das Gesundheitssystem in China wird reformiert. Ist das der richtige Zeitpunkt, um in China zu expandieren? The health system in China is being reformed. Is it the right time to expand in China?
Uwe Michel:
Allianz has a long business relationship with China that started in 1910, providing fire and marine insurance in the coastal cities of China. Today Allianz operates business across prosperous regions in China, which account for over 52% of China's GDP. Allianz now provides comprehensive financial solutions, ranging from life, pension, motor insurance, assistance to asset management products. In the next five years, we expect for China further progress in economic and social development, especially capital market reform, urbanization and health care reform. We have been offering various health products in China in the recent years. Establishing a health insurance joint venture company will help to capture the market potential. Recently, the State has further clarified the important role of commercial health insurance in the medical security system of China. The China Insurance Regulatory Commission has also launched a series of specific moves to promote the innovation and development of commercial health insurance. Private health insurance is set to play a more important role in the aging society.
Bettina Kretzschmar:
Wie sieht die Gemeinschaftsarbeit mit Chinas drittgrößtem Versicherer CPIC aus? What does our cooperation with CPIC in China look like?
Uwe Michel:
The cooperation will allow both parties to leverage on each other’s strengths. Allianz can leverage on CPIC’s domestic market position, local brand efforts, customer resources and distribution network. On the other CPIC can leverage on Allianz’ global expertise in this field and its branding in the commercial health insurance area. Please note that the establishment of the health insurance company is subject to regulatory approval.
Bettina Kretzschmar:
Welche Erfolge erhoffen Sie sich? What successes are you aiming for?
Uwe Michel:
For Allianz, China is a key strategic market and a must. Our target is to become one of the leading international insurers in China, with profitable and sustainable growth. In general Chinese consumers are looking for a solid an reliable partner which is underlined by our capital strength and strong results. In addition to this we have a long history of more than 120 years and so global expertise in various fields. This is being appreciated by our customers.
Bettina Kretzschmar:
Können überhaupt schon jetzt Prognosen getroffen werden? Are you at this stage able to give a forecast?
Uwe Michel:
The market potential in China is substantial. It is a population of 1.3 billion with growing affluence and urbanization, while impacted by low birth rates and rising expectancy. The affluent segment is projected to be increased from 25% to 40% of urban populations by the end of 2015. At the same time, despite the fact that China is relatively young now, it will be old within 1 generation. By 2050, its median age will rise to 49, nearly nine years more than America at that point. By 2035, those of the age of 60 years and over in China will be larger than the entire US population. The need for old-age provision will continue to fuel sales of pension and annuity products.
After all, the Insurance penetration in China, in terms of premiums per GDP, is only 3% what is very low compared to Japan with 11%. Over the past decade, China has led the world in insurance premium growth, with a compound annual growth rate of 26.5%. We anticipate the China insurance market will be the world’s 2nd largest in 2023.
Bettina Kretzschmar:
Auch Ergo wird ins China-Geschäft einsteigen. Könnte das wettbewerbstechnisch zum Problem für das eigene Geschäft werden? Ergo (subsidiary of Munich Re) will start operations in China as well. Could this lead to problems with regards to our business in the country?
Uwe Michel:
Over the past decade, we’ve seen new competition entering market. We are not surprised that other players see growth prospects for the China insurance market. This trend of new competitors underlines that our early mover strategy paid-off. We are well established in more than 8 regions and we are continuously expanding our footprint in this important growth market. Participating of foreign insurers speed innovation. Chinese consumers and society can enjoy the benefits of a robust and competitive insurance industry.
Bettina Kretzschmar:
Seit 14 Jahren verkauft die Allianz in China Lebensversicherungen. Inwiefern hat sich das bisher rentiert? Allianz is selling life insurances in China for 14 years. How did this pay out so far?
Uwe Michel:
Allianz China Life is the first European joint venture insurer in China offering all lines of life insurance products and services through agency teams, banks, and alternative business channels to meet the comprehensive needs of customers.
Over the course of its nationwide development in China, Allianz China Life has established 8 provincial-level branches to provide professional insurance products and services to more than 700,000 customers in more than 40 cities.
Bettina Kretzschmar:
Ist geplant mit weiteren Versicherungsarten in das Chinageschäft einzusteigen? Do you have future plans to enter the market in China with other insurances?
Uwe Michel:
Yes, we would like to enter further new insurance products. Allianz now provides comprehensive financial solutions, ranging from life, pension, motor insurance to asset management products in China. Allianz’ breadth and depth of expertise give us a differentiating advantage.
Our product offering will continue evolve to adapt to the market trend and customer needs.
Interviewee:
Uwe Michel, Executive Vice President of Allianz SE / Head of Asia Business Division