The China Insurance Consumer Confidence Index (CICCI) in Q4 2024 was 72.5, representing a decrease of 0.4 from Q3 2024 and an increase of 7.2 over Q4 2023 and staying within the high confidence range ((65,85]). CICCI reached the highest level for this period in history.

Figure 1 Movement of CICCI since 2021

    Among the three primary indicators that make up the index, personal consumption confidence has increased both month-on-month and year-on-year, while macroeconomic environment confidence and industry environment confidence have shown year-on-year improvement. The overall insurance consumer confidence in 2024 shows a trend of recovery and improvement, with the index level in the second half of the year higher than that in the first half.

Table 1 CICCI Scores for Q4 2024

    In terms of insurance types, the life insurance consumer confidence index and the property insurance consumer confidence index in Q4 2024 were 73.6 and 71.4, respectively. The life insurance consumer confidence index has remained in the high confidence range for nine consecutive quarters, while the property insurance consumer confidence index has remained in the high confidence range for four consecutive quarters.

Figure 2 Changes in Life Insurance Consumer Confidence Index

    In Q4 2024, the life insurance consumer confidence index was 73.6, up 7.8 from Q4 2023, staying within the high confidence range and representing the highest level for this period in history. Year-on-year, all three primary indicators and six secondary indicators increased, reaching the highest levels for this period in history. Among the primary indicators, confidence in insurance industry saw the greatest increase, while among the secondary indicators, consumer trust willingness showed the largest growth.

Table 2 Life Insurance Consumer Confidence Index Scores for Q4 2024

    Since 2024, life insurance consumer confidence has continued to increase year-on-year, with the confidence index in Q3 and Q4 remaining at historical highs for this period. In Q4, the insurance service satisfaction and consumer trust willingness increased significantly compared to the previous year, reflecting that the industry’s continuous efforts to improve service quality and enhance the service capabilities of salespeople have been recognized by consumers. The insurance spending willingness and perceived industry policies have risen quarter by quarter, reaching their highest levels in history, indicating that the insurance industry’s continuous efforts to protect consumers’ legal rights and interests have gradually enhanced consumers’ sense of “acquisition,” which in turn increases their willingness to participate in insurance consumption.

Figure 3 Changes in Property Insurance Consumer Confidence Index

    In Q4 2024, the property insurance consumer confidence index was 71.4, up 6.5 from Q4 2023, staying within the high confidence range and representing the highest level for this period in history. Year-on-year, all three primary indicators and six secondary indicators have increased, with confidence in insurance industry seeing the most significant increase among the primary indicators, and consumer trust willingness seeing the most significant increase among the secondary indicators.

Table 3 Property Insurance Consumer Confidence Index Scores for Q4 2024

    Since 2024, property insurance consumer confidence index has shown signs of recovery and stabilization, with a reduction in the fluctuations of the index compared to previous years. In Q4, both insurance service satisfaction and consumer trust willingness showed significant year-on-year increases. Indicators such as consumer trust willingness and insurance spending willingness have risen quarter by quarter and are at historical highs, indicating that consumers’ insurance consumption concepts are becoming more rational, their recognition of the industry’s service capabilities is increasing, and their trust in the industry is strengthening, leading to a continuous rise in their willingness to participate in insurance consumption.

    Notes on the Compilation of CICCI:

    China Insurance Consumer Confidence Index (CICCI) survey covers 18 provinces, autonomous regions, and municipalities in Northeast, North, East, South, Central, Northwest, and Southwest China. These regions account for more than 90% of the national net premium written.

    This round of survey uses a combination of two-phase stratified sampling, probability proportional to size (PPS) sampling, and random telephone sampling to collect 1,071 valid responses for inclusion in the index, comprising 531 from the life insurance segment and 540 from the property insurance segment. The online survey is completed with a big data-driven sampling frame and an AI-powered call system without human intervention. After a consumer answers the phone call and confirms his/her willingness to participate, the system will automatically send him/her a text message containing a link to the online survey form. This implementation ensures both consumer privacy and first-hand access to feedback.

    CICCI gives a value from the [0, 100] range, 50 being the neutral result. A score higher than 50 indicates optimism, i.e., a larger proportion of insurance consumers is optimistic rather than pessimistic. The higher the score, the stronger the consumer confidence. Score ranges have the following meanings: (85, 100]: Very high confidence; (65, 85]: High confidence; (50, 65]: Average confidence; (35, 50]: Below-average confidence; (15, 35]: Low confidence; and (0, 15]: No confidence.