China Insurance TPA Market

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China Insurance TPA Market by Type (Health Insurance, Disease Insurance, Medical Insurance, Senior Citizens, Adults, Minors, Property and Casualty Insurance, Workers' Compensation Insurance, Disability Insurance, Travel Insurance, and Others) by Services (Claims Management and Risk Control Management) and by End-User (Healthcare, Construction, Real Estate and Hospitality, Transportation, Staffing, and Other End-User) – Opportunity Analysis and Industry Forecast, 2024 – 2030

Industry: BFSI | Publish Date: 24-Oct-2024 | No of Pages: 115 | No. of Tables: 82 | No. of Figures: 47 | Format: PDF | Report Code : BF2726

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China Insurance TPA Market Overview

China Insurance TPA Market size was valued at USD 37.02 billion in 2023, and is predicted to reach USD 69.61 billion by 2030, at a CAGR of 8.3% from 2024 to 2030.

The insurance third-party administrator (TPA) market focuses on the provision of administrative services for insurance companies, including claims processing, customer support, and policy management. TPAs act as intermediaries between insurers and policyholders, handling a range of tasks such as processing claims, managing customer inquiries, and ensuring compliance with regulatory requirements. 

The primary advantage of the insurance TPA is to streamline insurance operations, reduce operational costs, and enhance service efficiency for insurance companies. By outsourcing administrative functions to specialized TPAs, insurers focus on their core business activities while benefiting from the expertise and technology that TPAs offer. 

As the insurance industry continues to evolve, driven by increasing customer expectations and regulatory changes, the insurance TPA market plays a crucial role in optimizing operational performance and improving overall customer experience.

Increasing Aging Population Drives the Growth in China's Insurance TPA Market

The insurance market in China is growing, owing to the growth in the aging population. This contributes to increasing health insurance policies as old aged people are more prone to diseases, and health insurance cover medical expenses and treatment of critical illnesses. 

In addition, the population of China is aware of health risks after COVID-19, and rising healthcare costs provide ample growth opportunities for insurance companies in China. This, in turn, is expected to boost the insurance TPA market that offers claims processing and settlements efficiently.

 

Government Initiatives Towards Electric Vehicles Boost Insurance TPA Market in China

Increase in the sales of electric and hybrid vehicles, owing to various government initiatives to promote increased purchases of electric vehicles (EVs), is further expected to boost the motor insurance segment. 

For instance, in September 2022, the Government of China announced to extend the exemption of tax levied on electric vehicle purchases to the end of 2023. The tax exemption aimed to bolster the use of battery-powered cars on mainland Chinese roads. This contributes to the increasing number of insurance policies, owing to the rise in the purchase of EVs. This is further expected to boost the China insurance TPA market expansion.

 

Stringent and Frequently Changing Regulations Restrains Insurance TPA Market in China

Stringent and frequently changing regulations in the insurance and healthcare sectors create significant operational challenges and increase compliance costs for Third Party Administrators (TPAs). These regulatory complexities make it more expensive to operate, complicating the implementation of services and ultimately hindering market expansion by reducing efficiency and flexibility.

The Advancements in Technologies Creates Future Growth Opportunities in the Market

Insurance companies reach more individuals and guarantee data-backed underwriting by utilizing technology. Technological advancements such as wearable technologies, blockchain, and artificial intelligence (AI) are further expected to boost the China insurance TPA market growth. 

Wearable technologies such as fitness bands and other gadgets provide insurers access to real-time health information on policyholders. This enables policyholders to track and monitor a person's physical and health-related activities. The provision of customized insurance products is aided by wearable technology.

 

Competitive Landscape

The promising key players operating in China insurance TPA industry includes Crawford & Co, Aon Plc, Genpact, Charles Taylor, AXA Partners, C3Medical, Mercer (Marsh & McLennan Companies), AP Companies Global Health Management, Henner, MSH China, and others.

China Insurance TPA Market Key Segments

By Type

  • Health Insurance

  • Disease Insurance

  • Medical Insurance

  • Senior Citizens

  • Adults

  • Minors

  • Property and Casualty Insurance

  • Workers' Compensation Insurance

  • Disability Insurance

  • Travel Insurance

  • Others

By Services

  • Claims Management

  • Risk Control Management

By End-User

  • Healthcare

  • Construction

  • Real Estate and Hospitality

  • Transportation

  • Staffing

  • Other End-User

Key Players

  • Crawford & Co

  • Aon Plc

  • Genpact

  • Charles Taylor

  • AXA Partners

  • C3Medical

  • Mercer (Marsh & McLennan Companies)

  • AP Companies Global Health Management

  • Henner

  • MSH China

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size Value in 2023

USD 37.02 Billion

Revenue Forecast in 2030

USD 69.61 Billion

Value Growth Rate

CAGR of 8.3% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Billion (USD)

Growth Factors

  • Increasing aging population drives the growth in China’s insurance TPA market
  • Government initiatives towards electric vehicles boost insurance TPA market in China

Companies Profiled

10

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

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Frequently Asked Questions

As per Next Move Strategy Consulting (NMSC), China insurance TPA industry was valued at USD 37.02 billion in 2023.

The key players in China insurance TPA market include Crawford & Co, Aon Plc, Genpact, Charles Taylor, AXA Partners, and others.

Stringent and frequently changing regulations restrains insurance TPA market in China.

The advancements in technologies creates future growth opportunities in the market.

As per NMSC, China insurance TPA market is expected to grow at a CAGR of 8.3% to reach USD 69.61 billion by 2030.

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