China News Service, Beijing, September 18 (Reporter Wang Qingkai) China's property insurance market premiums increased by 7.6% year-on-year in the first half of the year. Although significantly affected by the new crown pneumonia epidemic, the overall market has recovered since March, and the growth rate has picked up month by month. The insurance market has shown extreme resilience.
As "insurance for insurance", China's reinsurance market has also developed rapidly, playing a role in dispersing and balancing insurance risks on a global scale.
Wang Yuxiang, vice chairman of the Insurance Industry Association of China, recently stated at the 2020 China Property Reinsurance Market Seminar that as of the end of 2019, the number of professional reinsurance companies in China has increased from 1 in 2000 to 13, including 6 Chinese-funded companies (including one). Group companies), 7 foreign companies, and reinsurance companies with nearly 160 billion yuan in insurance premium income, which have played an important role in the steady development of the insurance industry.
"The reinsurance market is showing a hardening trend," Zhang Renjiang, general manager of China Property Reinsurance Co., Ltd., said at the seminar. According to the analysis of the Chinese property insurance market in the first half of 2020, despite the impact of the new crown pneumonia epidemic, the Chinese property insurance market industry The growth rate of insurance premiums has slowed down, but the structure of the industry's insurance types continues to adjust, and the demand for reinsurance ceding by property insurance companies has increased. The growth rate of ceded insurance premiums has far exceeded the market level over the same period, and the reinsurance market has shown a hardening trend.
China has become the largest insurance market in Asia and the second largest in the world.
Wang Yuxiang, vice president of the Insurance Industry Association of China, said at the meeting that as of the end of July 2020, property insurance companies had achieved 830.1 billion yuan in original insurance premiums and 242.6 billion yuan in assets.
In terms of the structure of reinsurance insurance, the proportion of non-auto insurance continued to increase, and Health Insurance accounted for more than 30% of non-auto insurance; in terms of profit sources, the prevention and control of the new crown pneumonia epidemic led to a sharp decline in vehicle travel in the first half of the year, and the underwriting profit of auto insurance business was higher. There was an increase in the same period last year; the non-auto insurance business was generally at a loss due to the impact of credit guarantee insurance.
The analysis believes that focusing on the property insurance industry, regulators frequently voiced their voices, emphasizing that the insurance industry should return to its source of protection, requiring insurance to effectively serve the real economy, while continuing to promote the industry's high-level opening to the outside world, and the future property insurance direct insurance market will enter a new era of high-quality development .
In the reinsurance market, the global reinsurance market is showing a hardening trend due to uncertain factors such as the impact of the international market epidemic and disaster losses, the decline in offshore reinsurers’ ratings, and the deterioration of credit insurance business fundamentals.
The new crown pneumonia epidemic has had a significant impact on the global insurance industry. Although the domestic property insurance industry maintained steady growth in the first half of the year, how to achieve high-quality development in the post-epidemic era has attracted much attention from the industry.
He Chunlei, vice chairman and president of China Re Group, said at the meeting that the property insurance industry in the post-epidemic era will stimulate emerging risk protection needs such as health protection, cyber risk, and business interruption. In the future, the overall property insurance industry should focus on reform trends such as online business processes, digital business information, and intelligent services and management. China Re Group will make every effort to promote platformization, technology and globalization, and always adhere to the two-handedness of epidemic prevention and control and resumption of production, and make contributions to epidemic prevention and control, respond to new opportunities and challenges in the industry, and build a new ecosystem for the industry. Guarantee strength. (Finish)