In 2021, "labor pains and transformation", "health, old-age security and services", "disaster prevention and reduction", "comprehensive reform of auto insurance" and "digital transformation" have become the key words of the insurance industry.
According to the data of China Banking and Insurance Regulatory Commission, from January to October 2021, the insurance industry achieved a total premium income of 3.91 trillion yuan, a year-on-year increase of 3.2%; The amount of insurance provided was 9411.43 trillion yuan, a year-on-year increase of 29.26%; All compensation and payment expenses were 1.27 trillion yuan, a year-on-year increase of 16.52%.
It is worth mentioning that the year-on-year growth rate of the amount of insurance provided is nearly 10 times that of the premium income, and the year-on-year growth rate of various compensation expenses is more than 5 times that of the premium income.
In addition, the assessment results of sarmra in 2021 show that the risk management awareness of insurance companies has been continuously enhanced, the risk management structure and system have been gradually improved, and the risk management ability has been effectively improved.
The transformation will change the original business model of insurance based on channel influence
Transformation is the key word of the current development of insurance industry. China's economy has shifted from a high-speed growth stage to a high-quality development stage, moving towards high-quality development, which has become a consensus among regulators, insurance industry and insurance companies.
Guotai Junan Securities Co.Ltd(601211) Liu Xinqi, chief analyst of non bank financial industry, takes the life insurance industry as an example. The mismatch between supply and demand in the life insurance industry has been recognized by the industry, and the transformation based on customer demand is on the way. The mismatch between supply and demand caused by the accelerated improvement of customer cognition is the main reason for the difficulties faced by this round of industry growth. At present, it has been recognized by the industry, and the mainstream insurance companies have started a comprehensive transformation based on customer demand. This round of transformation will change the original business model of insurance based on channel influence, focus on meeting the service needs of customers such as medical care Corning, match the insurance + services that meet the needs, and create a channel that can match the product supply and customer demand. At present, the industry is in the throes of transformation.
In this regard, Shenwan Hongyuan Group Co.Ltd(000166) insurance industry analyst Ge Yuxiang agreed. Ge Yuxiang expects the industry to achieve Nirvana and rebirth through inward self-reform, optimize the supply side from the customer-centered perspective through the improvement of business efficiency, and realize value reengineering.
From January to November 2021, Ping An Life Insurance, China Life Insurance Company Limited(601628) , PICC Life Insurance, CPIC life insurance, New China Life Insurance Company Ltd(601336) realized premium income of original insurance of 416.68 billion yuan, 593.4 billion yuan, 92.362 billion yuan, 2012.96 billion yuan and 155.113 billion yuan respectively, with year-on-year growth rates of - 3.95%, 1.23%, 2.19%, - 0.64% and 1.67% respectively.
Over the same period, PICC Property Insurance, Ping An Property Insurance and CPIC property insurance realized premium income of 405.228 billion yuan, 243.32 billion yuan and 140.063 billion yuan respectively, with year-on-year growth rates of 1.58%, - 7.29% and 2.97% respectively.
At the "16th 21st century Asian Financial Annual Conference - Insurance forum", Shang Jingguo, Secretary General of China Insurance Industry Association, pointed out that the development of the industry should look outward, not inward. The outside is closely related to the development of the industry. The main themes of the times such as digitization and ESG should be closely combined with the industry in the future. We should be prepared. Although the transition period is very painful, we believe that China's insurance industry will usher in a golden age.
The accumulated premium income of exclusive commercial endowment insurance is about 200 million
Health and pension are important directions and trends in the development of insurance security and services.
In the field of health insurance, the new definition and incidence table of major disease insurance were officially implemented, and the product guarantee responsibility of major disease insurance was further upgraded.
Notice on printing and distributing the administrative measures for serious illness insurance business of insurance companies for urban and rural residents, notice on standardizing the participation of insurance companies in the pilot service of long-term care insurance system, notice on standardizing the urban customized commercial medical insurance business of insurance companies A number of normative documents such as the notice on doing a good job in customer service of short-term health insurance business have been issued successively.
From January to October 2021, the health insurance compensation and payment expenditure was 339.719 billion yuan, a year-on-year increase of 54.25%. Among them, 74.836 billion yuan was paid for disease insurance and 175.425 billion yuan was paid for medical expense insurance.
So far, there are 1.143 billion commercial health insurance policies in force, covering 748 million people. Among them, there are 636 million valid disease insurance policies, covering 391 million people; The number of effective medical insurance policies is 652 million, covering 660 million people.
In the field of old-age insurance, since June 1 this year, the pilot of exclusive commercial old-age insurance has been launched in Zhejiang Province (including Ningbo) and Chongqing, and the pilot insurance companies are encouraged to develop exclusive commercial old-age insurance products for Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , new business employees and various flexible employees.
By the end of October, the accumulated premium income of exclusive commercial endowment insurance was about 200 million yuan, with more than 17000 insured people, including about 5600 online car drivers.
In addition, the pilot of tax deferred pension insurance has been advancing steadily. By the end of October, 23 insurance companies had participated in the pilot, with a cumulative premium income of nearly 600 million yuan and more than 50000 participants. Promote relevant institutions to actively participate in the management of enterprise annuity, occupational annuity and basic old-age insurance funds, and the entrusted assets of enterprise annuity are nearly 1.5 trillion yuan.
Zhou Jin, management consulting partner of PWC China's financial industry, said that with the intensification of the aging trend of the population, China's pension financial market is huge. In order to occupy a larger market share and play a more important role in the market, insurance institutions need to give full play to their professional characteristics and start with their own capacity-building and improvement, including characteristic product design, long-term customer operation, operation service provision, large asset allocation, and elderly ecological links, so as to win differentiated competitive advantages.
Henan 7.20 heavy rainfall insurance industry paid 9.704 billion in compensation
In recent years, with the epidemic, climate change and the profound impact of human activities, natural disasters have shown a trend of multiple, frequent and high incidence. In this context, the role of insurance as a "social stabilizer" is further revealed.
Since this year, the CBRC has actively organized the insurance industry to deal with major disasters and accidents such as the earthquake in Yunnan and Qinghai, heavy rainfall in Henan, gas explosion in Shiyan, Hubei, capsizing of Fuhe River in Guizhou, flood disaster in Shanxi and falling of commuter buses in Hebei.
As of December 1, 2021, the insurance industry of Henan 7.20 heavy rainfall event had received 528800 reports, paid 501000 compensation cases, paid 9.704 billion yuan of compensation, and the overall number of cases had reached 94.7%.
From January to October 2021, agricultural insurance achieved a total premium income of 87.907 billion yuan, providing risk protection for agricultural production of 4.07 trillion yuan. By the end of October, the earthquake insurance community had provided 619.576 billion yuan of catastrophe risk protection for 15.8014 million households nationwide, and paid 70.3761 million yuan of compensation.
Catastrophe insurance system refers to the institutional arrangement of using insurance mechanism to prevent and disperse catastrophe risk and provide post disaster loss compensation due to sudden, unpredictable, unavoidable and particularly serious large-area catastrophic accidents such as earthquake, hurricane, tsunami and flood. It is an important part of the national disaster relief risk management system
"In case of earthquake, flood and other disasters, the impact on the public and society is huge. Accelerating the improvement of catastrophe insurance system and through insurance product innovation can better minimize the loss when the catastrophe comes." The relevant person in charge of Ping An Property Insurance catastrophe insurance said.
The person in charge continued, "China's catastrophe insurance is still in the initial exploration stage. On the one hand, if more provinces, cities and regions can be included in the pilot, on the other hand, if research institutions, industries and insurance companies can integrate the risk, loss and compensation data resources of major catastrophes and establish a natural disaster database, it will better stimulate insurance companies to improve the supply and innovation power of catastrophe insurance products."
The cbcirc will promote the formation of a catastrophe insurance system design with national overall planning, participation of all parties, market-oriented operation and all-round protection, so as to provide a more comprehensive guarantee for the safety of people's lives and property.
The phased goal of "reducing price, increasing insurance and improving quality" in the comprehensive reform of auto insurance has been basically achieved
The comprehensive reform of auto insurance is also the focus of the market. In September 2020, the cbcirc promoted the implementation of comprehensive reform of auto insurance. Since the implementation of the reform for more than a year, the phased objectives of "reducing prices, increasing insurance and improving quality" have been basically achieved, consumers have generally benefited and their sense of gain has been significantly improved.
By the end of October this year, the average premium paid by vehicles was 2762 yuan, 21% lower than before the reform, and 87% of consumers' premium expenditure decreased. It is estimated that since the reform, the accumulated expenditure for auto insurance consumers has been reduced by more than 200 billion yuan. At the same time, the average no compensation preferential treatment coefficient (NCD coefficient) of commercial auto insurance has decreased from 0.789 before the reform to 0.753. Many low-risk car owners with good driving habits and low accident frequency enjoy more premium concessions.
With the steady progress of the comprehensive reform of auto insurance, the long-awaited new energy auto insurance finally appeared in the market. On December 14, the China Insurance Industry Association issued the exclusive provisions for commercial insurance of new energy vehicles (for Trial Implementation). In terms of insurance liability, the terms not only provide protection for the "three electricity" system (battery, motor and electronic control of electric vehicles), but also fully cover the use scenarios of driving, parking, charging and operation of new energy vehicles. In terms of terms development, the terms not only consider the current mainstream technical route, but also leave room for innovation for the new business status of the new energy vehicle industry.
On December 27, Shanghai Insurance Exchange launched the new energy vehicle insurance trading platform and listed the first batch of new energy vehicle exclusive insurance products of 12 property insurance companies, including PICC Property Insurance, Ping An Property Insurance and CPIC property insurance, to provide support for the landing service of new energy vehicle exclusive insurance products.
IResearch consulting report shows that on the whole, under the background of fierce stock competition and meager operating profit in the current auto insurance industry, new energy exclusive auto insurance undoubtedly opens a new incremental market. For insurance companies, new energy exclusive auto insurance helps to make more accurate pricing, so as to alleviate the pressure of compensation and improve operating profits; For consumers, new energy exclusive auto insurance fills the pain point of insufficient protection of traditional auto insurance, helps to eliminate consumers' doubts about car purchase and improve consumers' car experience.
The development of insurance technology enabling business has become an industry consensus
In recent years, insurance institutions have actively embraced the development of science and technology and continuously improved their ability to serve people's livelihood and social development by using advanced technology. At the same time, the application of science and technology has also promoted deep-seated changes in the whole value chain of insurance, such as product design, sales channels, underwriting and claim settlement, customer service and risk management. For example, listed insurance companies have described the highlights of science and technology in this year's semi annual report, Ping An Insurance (Group) Company Of China Ltd(601318) takes digital transformation as a breakthrough in reform, China Life Insurance Company Limited(601628) frankly wants to create a "digital national life", The People'S Insurance Company (Group) Of China Limited(601319) accelerates the "digital construction", China Pacific Insurance (Group) Co.Ltd(601601) starts to promote the "big data strategy", and New China Life Insurance Company Ltd(601336) also puts science and technology in a more important position.
At the "China Life Insurance Industry Transformation and development summit in 2021", Mao Wanyuan, deputy director of the Management Committee of the China Banking and Insurance Regulatory Commission, said that at present, the China Banking and Insurance Regulatory Commission has been formulating guidance on the digital transformation of the Bank Of China Limited(601988) insurance industry. The guidance will further clarify that industry institutions should strengthen top-level design and the establishment of transformation strategic objectives, take business reform as the core, make two-way efforts to form a joint force between business and technology, actively promote the digitization of industrial retail and financial market business, and build a digital operation system with customer-centered end-to-end service.
The development of insurance technology enabled business has become the only way for the high-quality development of the insurance industry. On December 29, the China Insurance Industry Association issued the "14th five year plan" for the development of Insurance Technology (hereinafter referred to as the "plan"). This is the first time that the insurance industry has released the medium and long-term special plan in the field of insurance science and technology in the form of industry consensus, which will further guide and clarify the development direction of insurance science and technology in the next stage, help insurance institutions determine their own development path, promote digital transformation, innovate business model, improve service quality and efficiency, and effectively improve their service to national strategy, social needs Ability to serve people's livelihood.
(21st Century Business Herald)
