The transformation and development of property insurance has entered the fast lane, and the insurance structure is more balanced

Property insurance transformation and development into the fast lane

　　A few days ago, the China Banking and Insurance Regulatory Commission released the latest data on the development of the property insurance industry.

The original insurance premium income of the property insurance industry will increase from 553.01 billion yuan in 2012 to 1.4 trillion yuan in 2021, with an average annual growth rate of 10.6%, making it one of the fastest-growing and most dynamic industries in the national economy. Ranked second in the world.

Among them, the proportion of auto insurance premiums, the largest insurance type, has been adjusted from 72.4% in 2012 to 56.8% in 2021, and the insurance type structure is more balanced.

　　According to the person in charge of the relevant departments of the China Banking and Insurance Regulatory Commission, since the 18th National Congress of the Communist Party of The three fundamental tasks of financial reform, continue to promote the high-quality development of the property insurance industry, and actively serve the construction of a powerful modern socialist country, and have achieved remarkable results.

　　Property insurance market structure optimization

　　Up to now, there are 89 direct insurance property insurance companies in the property insurance market, including 67 Chinese-funded and 22 foreign-funded companies; 16 professional companies have initially formed joint-stock companies, limited liability companies, self-insurance companies, and mutual insurance companies. Various organizational forms and a diversified market structure featuring fair competition, common development, and increasingly openness between Chinese and foreign capital.

At the same time, the market concentration of property and casualty insurance has gradually decreased. In 2021, the market share of the top three companies in terms of premium scale will total 63.6%, which is 1.7 percentage points lower than that in 2012.

　　In 2021, the risk protection provided by the property insurance industry will reach 10860.3 trillion yuan, which is 95 times the GDP of the same period, and the average annual growth rate in the past ten years will reach 43.5%.

Insurance coverage in key areas continues to increase. In 2021, the industry will underwrite a total of 320 million motor vehicles, 2.5 times that of 2012, with an average annual growth rate of 10.5% in the past ten years.

In 2021, 884.8 billion yuan of indemnity will be paid, which is 3.1 times that of 2012. The average annual growth rate in the past ten years is 13.2%, which is 2.6 percentage points higher than the growth rate of premiums.

The property insurance industry has played an active role in the recovery and reconstruction of major disasters. In 2013, the "Fite" typhoon insurance paid about 6 billion yuan, the "Hynix" fire insurance paid 5.42 billion yuan, and in 2021, Henan and Shanxi heavy rainfall insurance paid out 12.1 billion yuan, of which Henan heavy rainfall insurance compensation accounts for 10% of direct economic losses.

　　The reporter learned in the interview that in the past ten years, the property insurance industry has maintained overall operating profit, with an average annual net profit of about 40 billion yuan.

Insurance companies use advanced technologies such as blockchain, Internet of Things, and artificial intelligence to continuously empower their businesses, and continue to innovate in core links such as precise marketing, precise pricing, intelligent claims settlement, and quality control, realizing the transition from product-centric to customer-centric The new business model and organizational structure transformation have significantly improved the operating efficiency.

　　Auto insurance used to be the largest type of insurance in the property insurance field, accounting for more than 70% of the total.

In recent years, with the accelerated development of the industry, traditional products such as auto insurance, home property insurance, enterprise property insurance, agricultural insurance, liability insurance and credit guarantee insurance have been further enriched, and return shipping insurance, flight delay insurance, index insurance, etc. are personalized and distinctive The continuous emergence of new products and the continuous enhancement of onlineization, provide customers with more convenient, more transparent, more diverse and more efficient insurance services, and better meet the growing insurance needs of the people.

The service field has been continuously expanded, basically covering all fields of the national economy and people's livelihood, and has become an important market mechanism for the government to carry out social management.

　　According to data from the China Banking and Insurance Regulatory Commission, as of the end of 2021, the property insurance industry has total assets of 2.5 trillion yuan, net assets of 736.19 billion yuan, and paid-in capital of 350.05 billion yuan, which are 2.6 times, 3.3 times, and 2.1 times that at the end of 2012. The average annual growth rate is 11.1%, 14.3% and 8.5% respectively, and the capital strength of the industry has been significantly enhanced.

As of the end of the second quarter of 2022, the industry's core solvency adequacy ratio was 203.7%, and the comprehensive solvency adequacy ratio was 238.5%. The overall solvency was sufficient.

　　Many industry insiders said in an interview with the Economic Daily reporter that through the risk protection function, the resilience of economic and social development can be improved; by using the advantages of insurance funds, they can escort the real economy and actively participate in social governance, thereby serving the modernization of the national governance system and governance capabilities. This is an important entry point for the insurance industry to serve common prosperity and promote modernization.

　　Key reforms have achieved remarkable results

　　Since 2012, difficult problems such as "high insurance and low compensation" and "no liability and no compensation" in the field of auto insurance have become increasingly prominent.

In September 2020, the "Guiding Opinions on Implementing Comprehensive Reform of Auto Insurance" was implemented nationwide.

Since the implementation of the reform, the phased goals of "reducing prices, increasing insurance, and improving quality" have been basically achieved, and consumers have received substantial reform dividends.

As of the end of June 2022, the average car insurance premium for consumers was 2,784 yuan, a sharp drop of 21% compared with that before the reform, and 87% of consumers' insurance premiums dropped, reducing spending for auto insurance consumers by more than 250 billion yuan.

The level of protection has been significantly improved. Under the condition that the price remains unchanged, the amount of compulsory traffic insurance coverage has increased from 122,000 yuan to 200,000 yuan; the average insured amount of commercial third-party liability insurance for motor vehicles has reached 1.94 million yuan, a significant increase compared to before the reform.

The guarantee liability is more comprehensive, and the liability for separate glass breakage and engine wading loss is included in the main insurance coverage.

　　According to the person in charge of the relevant departments of the China Banking and Insurance Regulatory Commission, in 2015, the industry was guided to form a Chinese urban and rural residential earthquake catastrophe insurance community.

In 2016, the Ministry of Finance jointly issued the "Implementation Plan for the Establishment of an Earthquake Catastrophe Insurance System for Urban and Rural Residential Residential Residents", and in 2017, cooperated with the Ministry of Finance to issue the "Special Reserve Fund Management Measures for Earthquake Catastrophe Insurance" to establish an earthquake catastrophe insurance system and promote multi-disaster insurance. Due to the construction of catastrophe insurance system.

As of the end of June 2022, the earthquake catastrophe insurance community has provided a total of 708.7 billion yuan of earthquake catastrophe risk protection for 18.76 million households across the country, and the accumulated indemnity is about 96.36 million yuan. The risk of earthquake-prone areas is effectively covered, and earthquake catastrophe insurance The level of protection has been continuously improved.

　　Since the outbreak of the new crown pneumonia, the China Banking and Insurance Regulatory Commission has guided the industry to expand the liability for new crown diagnosis or death for free, appropriately extend the insurance period or delay the payment of insurance premiums, enrich the supply of products related to resumption of work and production, simplify the claims process and innovate insurance services, donate money and materials, etc. Ways to actively support the prevention and control of the epidemic in various places.

Since 2021, the property insurance industry has provided 6.9 trillion yuan of related risk protection for epidemic prevention and control, and paid 300 million yuan in indemnity.

Vaccine insurance has provided insurance coverage for over 3.4 billion doses of COVID-19 vaccines, strongly supporting epidemic prevention and control and economic and social development.

　　In addition, the China Banking and Insurance Regulatory Commission encourages and urges insurance institutions to intensify innovation in insurance products and services for industries where new citizens are more concentrated, and develop employers' liability insurance, internship liability insurance, educational institution liability insurance and other insurance businesses suitable for the characteristics of new citizens, so as to improve the level of insurance protection for new citizens.

Cooperate with relevant ministries and commissions to continuously optimize the development environment of liability insurance in the fields of environmental protection, medical care, transportation, food safety, tourism, and production safety, and improve the level of social governance.

Environmental pollution liability insurance has been carried out in 31 provinces, autonomous regions and municipalities, covering metallurgy, pharmacy, papermaking, thermal power and other high-risk industries. The industry has developed rapidly, and the school's liability insurance, carrier liability insurance, travel agency liability insurance and other related fields have basically achieved full coverage.

　　Liang Tao, vice-chairman of the China Banking and Insurance Regulatory Commission, said at the Beidai Se Forum held a few days ago that to achieve Chinese-style modernization and common prosperity, a large number of high-value-added advanced manufacturing and patented technology innovations are needed.

In recent years, the insurance industry has supported the national innovation and development strategy and the upgrading of the industrial chain through products such as technology insurance and patent insurance.

The China Banking and Insurance Regulatory Commission promoted the establishment of China's integrated circuit co-insurance body to strengthen risk protection for the integrated circuit industry, and provide insurance protection of 590.3 billion yuan for integrated circuit companies such as Yangtze Memory and SMIC.

Continue to promote the development of science and technology insurance such as the first unit (set), new materials, and intellectual property rights, and provide risk protection of 974.5 billion yuan for various major technical equipment and the first batch of national key new materials application projects.

　　Continuously prevent and defuse risks

　　The insurance industry itself is an industry that manages risks, and it is particularly important for the industry to prevent risks.

　　With the expansion of the property and casualty insurance market share and the need for diversification of risk transfer, the construction of the reinsurance system is also steadily advancing.

According to the person in charge of the relevant departments of the my country Banking and Insurance Regulatory Commission, there are 15 professional reinsurance companies in China, including 7 Chinese-funded and 8 foreign-funded. The number of reinsurance companies has increased by 6 compared with 2012.

By the end of 2021, 529 overseas reinsurers have completed the registration of the reinsurance registration system, providing supplies to my country's reinsurance market through cross-border transactions.

In 2021, China's reinsurance market will cede premiums of about 105 billion yuan to overseas markets.

　　The China Banking and Insurance Regulatory Commission revised and promulgated the "Administrative Measures for Insurance Clauses and Premium Rates of Property Insurance Companies", formulated guidelines for the development of insurance products of property insurance companies and guidelines for the determination of premium rates, and standardized product development behavior.

Carry out the reform of self-registration of products filed by property and casualty insurance companies, activate the self-registration platform, and establish a 7×24-hour information disclosure mechanism for self-registration of products and timely disclosure to the public to improve the transparency of product information. By the end of 2021, there are a total of 101,840 registered products. The cumulative number of visits has reached more than 2.56 million times.

Organized 4 rounds of product random inspections to achieve full coverage of all property and casualty insurance companies, and accumulated more than 3,800 defective products.

During the interview, the reporter learned that the China Banking and Insurance Regulatory Commission has conducted several large-scale surveys on the demand for property insurance products, extensively listened to the opinions and suggestions of the public, and enhanced the applicability of product development.

　　It is worth mentioning that the China Banking and Insurance Regulatory Commission issued the "Three-Year Action Plan for Promoting the High-quality Development of the Property Insurance Industry (2020-2022)", anchoring the direction of high-quality development, and promoting the industry to form a rational structure, complete functions, scientific governance, and efficient competition. orderly property insurance market system.

Resolutely implement the requirements of "delegating power, delegating power and improving services", implementing the reform of the responsibilities of the supervisory bodies, and in accordance with the principles of clear responsibilities, performing their own duties, and equal rights and responsibilities, delegating the supervisory responsibilities of 64 legal person institutions to the territorial supervision bureaus, and formulating unified institutional supervision rules , to give full play to the advantages of front-line supervision, and build a new institutional supervision pattern in which the CBIRC and 36 CBIRC offices are coordinated and linked.

　　Recently, the China Banking and Insurance Regulatory Commission issued the "Measures for Classified Disposal of Property Insurance Disaster Accidents".

The "Measures" divide the grades of property insurance disaster accidents, and clarify the overall response subject and work measures of disaster accidents at all levels.

Specifically, property insurance disaster accidents are divided into three grades: particularly major, major, and larger according to the nature of the event, the degree of loss, and the scope of impact. Initiate a response, conduct a response, and terminate the response when appropriate.

　　Liang Tao believes that there is still a lot of room for the insurance industry to serve common prosperity and Chinese-style modernization.

The development level of my country's insurance industry is not sufficient, the content of insurance services needs to be expanded, and there is still a large gap in insurance protection.

It is necessary to improve the constantly innovative and diversified insurance product system to achieve a higher-level dynamic balance in which demand drives supply and supply creates demand.

　　Yu Yong