AWARENESS of endowment insurance and coverage for diseases and health protection among Chinese will be the new business opportunities that insurers could tap, according to a survey.

The survey, conducted by TNS Corp, on behalf of American International Assurance Co Ltd, revealed that insurance for dreaded diseases and endowment-type insurance will be a major focus among Chinese mainland consumers, as well as providing new business opportunities for insurers.

Although investment-oriented insurance soared in the first half of this year, the survey also indicated that the protection function of insurance has received growing attention in an era of rising medical costs, with people living longer and health becoming one of their biggest concerns.

Insurance to cover major diseases and for endowment purposes are forecast to become more vital in China, the survey showed, adding that around 65 percent of consumers said the major reason for buying health insurance was to ensure access to medical services when they are old.

The research uncovered that 60 percent of respondents relied on their social security money and personal savings after retirement while the same proportion of surveyed consumers said they were not confident about having enough money to maintain their lifestyle after they retired.

The survey also found nearly 50 percent of respondents thought they may not have sufficient money to maintain their life for 10 years if a major sickness should hit them while only 15 percent of those surveyed had insurance protection for major diseases.

"Although consumers are clearly aware of major (health) risks they may face, they still lack proper (insurance) planning, which provides a huge market potential for insurance firms," AIA said.

The average spending on treatment for major diseases was over 150,000 yuan (US$21,919) but those who are covered for such protection were insured for only 75,000 yuan.

The survey covered more than 5,200 people in seven domestic cities.