China’s young affluent class ‘focus more on wealth than life insurance’
The study by insurance firm AIA China and ‘Forbes China’ magazine also predicts number of mainlanders with assets of more than 10 million yuan will reach 1.12 million by the end of 2015
China’s young affluent class places less importance on insurance than it does on wealth creation, with only half having life insurance cover, a new survey shows.
The survey on the life insurance needs of the mainland’s high-net-worth individuals (HNWIs), jointly conducted by insurance firm AIA China and Forbes China – the Chinese-language edition of the American business magazine, Forbes – showed that an average of 65.4 per cent of respondents were covered by life insurance products, but the percentage among those aged less than 30 was relatively low at 51.4 per cent.
The life insurance coverage of respondents aged over 60 was also lower than the average at 44.7 per cent.
The study, carried out between March and June this year using questionnaires, surveyed 812 affluent mainlanders with investable assets that are worth more than 10 million yuan (HK$12.6 million).
These assets include cash, stocks, bonds, funds, insurances and wealth management products but not real estates.
“For the age group of below 30, as they are in the early stage of career development and have just started wealth accumulation, they tend to pay more attention to wealth creation,” the study said, explaining the relatively low life insurance coverage among young HNWIs.
