3 thoughts on “China's life insurance future development prospects”
Jacob
The proportion of life insurance has declined slightly, but it still accounts for the head of the insurance industry The insurance includes personal insurance and property insurance. Personal insurance includes life insurance, health insurance, and personal accident insurance. Life insurance is the main type of insurance industry in my country, with more than half of the proportion. In 2019, my country's life insurance premium income accounted for 53%of the original insurance premium income, which was about twice the proportion of property insurance premium income. The Life Insurance, as the main insurance industry in my country's insurance industry, has always occupied a leading position in the insurance income and shows a continuous growth trend. From 2015 to 2019, my country's life insurance premium revenue growth rate fluctuated. From 2015 to 2019, my country's life insurance premium income increased from 1324.2 billion yuan to 2275.4 billion yuan, an increase of 72%. In 2019, my country's life insurance premium revenue reached 2275.4 billion yuan, an increase of about 9.8%from 2018. rn广东、江苏寿险保费收入遥遥领先，突破两千亿rn从寿险原保险保费收入区域分布来看，我国寿险原保险保费收入TOP10的地区包括广东、江苏、山东、河南、 Sichuan, Beijing, Zhejiang, Hebei, Hubei and Shanghai. Among them, life insurance premiums in Guangdong and Jiangsu are far ahead, exceeding 200 billion yuan for the first time. Guangdong still ranks first, reaching 230.3 billion yuan, accounting for more than 10%of the country. Secondly, the Jiangsu area is pursuing, and the premium income of life insurance reaches 221.5 billion yuan, accounting for 9.73%. In 2019, Shanghai rushed into the top ten of life insurance premium income. The area distribution, my country's life insurance market is mainly distributed in East China, and life insurance premium income is much higher than other regions. In 2019, the scale of life insurance premiums in East China reached 778.9 billion yuan, accounting for 34.23%, which was more than twice that of the North China region. my country's life insurance premium income has four seats in the China East China area, two seats in TOP3, and the status is relatively stable. The concentration of the development of life insurance, the concentration of TOP10 exceeded 60% 2019 Life Insurance City Farm area intensives to be intensified. The degree was 26.50%, which was 25.94%higher than 2018; the top ten industry concentration exceeded 60%. The historical experience shows that the prosperity of the life insurance industry requires a certain economic foundation support, and economic conditions are the basis of life insurance development. The prosperity of the life insurance industry is related to the various factors of the society. my country has a vast and complicated social structure, and its regional development has its own characteristics. With the development of my country's regional economy, the developed regions of my country's life insurance market economy in 2020 will continue to deepen, and the potential of the central and western regions will continue to dig deeper. -The above data comes from the "China Life Insurance Industry Market Prospective and Investment Strategic Planning Analysis Report"
Global life insurance business premium income continues to rise With the rapid development of the economy and the continuous maturity of the insurance market, consumer demand in the global insurance market continues to increase. In 2019, global insurance premiums increased by 4.4%, the largest increase in four years, and this growth was mainly driven by life insurance growth. According to ALLIANZ Research data, the premium income of global life insurance business in 2015-2019 continued to increase, reaching 2.4 trillion euros in 2019. ALIANZ Research data, in 2019, global premium income total of 3.906 trillion euros, of which life insurance was 2.40 trillion euros, accounting for 61%. Life insurance is a higher proportion of insurance. 2020 is shadowed by the epidemic, and its economic recession will be the worst since the Great of the 1930s (Great), but it will also be short -lived. After the global life insurance premiums increased by 2.2%in 2019, due to the impact of the epidemic, insurance demand in 2020 will be significantly reduced; according to Swiss reinsurance data, global life insurance premiums will shrink by 6%. In life insurance, due to the general and low interest rate, the most affected type of insurance is savings products. The situation of non -life insurance departments will be better. It is expected that global premiums in 2020 will increase by 3.5%in 2019, down about 0.1%. One of the main reasons for the good performance of non-life insurance business is that when the COVID-19 crisis occurs, the industry's rates are rising, thereby supporting the growth of premiums. The premiums of trade and tourism -related insurance services such as shipping, aviation and credit will be most seriously impacted. Real estate and medical services will be more stable. The rise in commercial insurance rates will increase the profitability of the non -life insurance industry; the new crown pneumonia's epidemic increases the public's awareness of risk, which will promote the growth of long -term premiums in multiple types of insurance. The backbone of China into the global insurance market It -in -area, according to Swiss reinsurance data, the growth rate of life insurance premiums in developed countries in 2019 is about 1.3%. Life insurance) will decrease by 4%, of which life insurance premium income decreases by 8%. Emerging market life insurance premium income increased by 5.6%, premium income increased by 1%in 2020, and life insurance premium income was flat. In Swiss reinsurance data, China will lead emerging markets to become the backbone of the global insurance market. In 2019, China ’s life insurance premium revenue accounted for 11%of the global share, with a growth rate of 6.7%, exceeding the growth rate of 5.6%of emerging markets. In the economic crisis in 2020, Chinese life insurance companies are relatively good. China's life insurance premiums are expected to increase by about 2%in 2020, and will rise to nearly 10%in 2021. The main reasons include China in 2019, China further liberalized the life insurance industry, increasing the upper limit of foreign capital holdings to 51%. The Bank of China and Insurance Supervision and Administration (CBIRC) confirmed that China will cancel all restrictions on foreign -invested life insurance companies in 2020. From January 1, 2020, the proportion of foreign capital companies in joint venture life insurance companies can reach 100%. It, COVID-19 has a good impact on life insurance. On the one hand, the implementation of economic slowdown and strict control measures hinders the dominant channels of agents' sales, but demand will benefit from the enhancement of risk awareness and the increasing attention to protecting products, because the fluctuations in the financial market are weakening the attractiveness of savings products , So as to transfer to insurance products. In addition, insurance companies are quickly adopting digital channels to replace face -to -face sales and accelerate product development to better meet the public protection needs.
Looking forward to the future, the development prospects of the insurance industry are attractive, and its main driving force include: the huge population scale, the rapid aging trend and the high savings rate; the sustainable economic development, the income of residents' income; the strong support of policies and regulations; Getting fundamental strengthening; disintegration of lifelong welfare system; great improvement of the investment environment. The main features of insurance products traditional life insurance products The most basic functions of traditional life insurance products to provide insurance -survival and pension risk protection. The specific division is lifelong and fixed period life insurance, lifelong and regular two insurance, lifelong and regular annuity insurance. Its main characteristics are: the obligations and rights determined by the insured are clearly stipulated in the insurance contract, which is not directly related to the business status of the future insurance company. The new life insurance products The due to dividend insurance and non -traditional insurance (investment insurance, universal insurance, etc.) have just appeared late in the Chinese market, so also called new products. The main feature of new products is to share interest rate risks between the insurer and the insured. Such products are gradually becoming the mainstream product of the international life insurance market. The dividend products are one of the mainstream products in the international insurance market, and they are also one of the most popular products in Southeast Asia. In North America, more than 80%of products have dividend functions; in Hong Kong, this ratio is as high as 90%; in Germany, dividend insurance accounts for 85%of the life insurance market. The development space for China insurance products 2005 In the middle of the country's personal insurance premiums, life insurance accounted for 89%of the absolute share, and health insurance and accident insurance accounted for only 8%and 3%, respectively. In life insurance, dividend insurance accounts for 60%, ordinary insurance accounts for 21%, and other insurance types account for 8%. China's insurance products have been in place in terms of decentralized interest rate risks, but it has just started in terms of marketing channels and professional development, and has a broad space for development. This insurance industry is entering the rising cycle China is the world's most sustainable growth potential insurance market 2005 in the middle of the country in the middle of $ 47, and the depth of insurance is 2.7%, of which life insurance depth is still only There are 2.03%, the density is only $ 35/person, which is far lower than the world average, and has a lot of room for rise. 2006-2015 "Population Dividends" Breeding Life Insurance Industry Development Golden Period 2006-2015 is the high time of the affected coefficient of the people in my country and the innovation of middle and young laborers. During the critical period of the system, commercial insurance will be leap -in development while undertaking social management functions. The implementation of preferential tax policies will become an important promoter in the industry's leapfrog development. The rapid rise of the middle income class will greatly increase the proportion of life insurance and investment product allocation . According to calculations, the number of middle -income households in my country will increase to nearly 200 million by 2015, with an average annual income increase of more than 20%or more Essence At present, nearly 90%of the financial assets of residents in my country exist in the form of bank savings, and the proportion of life insurance is less than 6%. The middle -income class where the social transformation period has a stronger demand for insurance and has actual purchasing power. The China Insurance Market is the third largest insurance market in Asia after Japan and South Korea, and it is also the ninth largest insurance market in the world. According to data from the CIRC, China's life insurance premium income and property insurance premium income from 2000 to 2006 were 26.4%and 17.3%, respectively, becoming one of the fastest -growing insurance markets in the world. This depth and insurance density of China are significantly lower than the world average, and the development potential is huge. In 2006, the depth of life insurance insurance was 1.7%, which was far lower than 4.5%of the world average insurance depth; life insurance density was $ 34.1, which was equivalent to 10.3%of the world average insurance density of US $ 330.6. In 2006, China's production insurance depth was only 1.0%, and the world average insurance depth below 3.0%was less than $ 19.4, which was equivalent to 8.65%of the world average insurance density of US $ 224.2. With the continuous rapid and stable growth of GDP, the increase in insurance depth and the increase in insurance density, the demographic dividend, the upgrading of residential consumption, and the government's strong support for the insurance industry, my country's insurance industry will enter the rapid development period. In the next 10 years The compound annual growth rate of premium income will be expected to exceed 15%. Extension reading: [insurance] How to buy, which one is good, teach you to avoid these "pits"
The proportion of life insurance has declined slightly, but it still accounts for the head of the insurance industry
The insurance includes personal insurance and property insurance. Personal insurance includes life insurance, health insurance, and personal accident insurance. Life insurance is the main type of insurance industry in my country, with more than half of the proportion. In 2019, my country's life insurance premium income accounted for 53%of the original insurance premium income, which was about twice the proportion of property insurance premium income.
The Life Insurance, as the main insurance industry in my country's insurance industry, has always occupied a leading position in the insurance income and shows a continuous growth trend. From 2015 to 2019, my country's life insurance premium revenue growth rate fluctuated. From 2015 to 2019, my country's life insurance premium income increased from 1324.2 billion yuan to 2275.4 billion yuan, an increase of 72%. In 2019, my country's life insurance premium revenue reached 2275.4 billion yuan, an increase of about 9.8%from 2018. rn广东、江苏寿险保费收入遥遥领先，突破两千亿rn从寿险原保险保费收入区域分布来看，我国寿险原保险保费收入TOP10的地区包括广东、江苏、山东、河南、 Sichuan, Beijing, Zhejiang, Hebei, Hubei and Shanghai. Among them, life insurance premiums in Guangdong and Jiangsu are far ahead, exceeding 200 billion yuan for the first time. Guangdong still ranks first, reaching 230.3 billion yuan, accounting for more than 10%of the country. Secondly, the Jiangsu area is pursuing, and the premium income of life insurance reaches 221.5 billion yuan, accounting for 9.73%. In 2019, Shanghai rushed into the top ten of life insurance premium income.
The area distribution, my country's life insurance market is mainly distributed in East China, and life insurance premium income is much higher than other regions. In 2019, the scale of life insurance premiums in East China reached 778.9 billion yuan, accounting for 34.23%, which was more than twice that of the North China region. my country's life insurance premium income has four seats in the China East China area, two seats in TOP3, and the status is relatively stable.
The concentration of the development of life insurance, the concentration of TOP10 exceeded 60%
2019 Life Insurance City Farm area intensives to be intensified. The degree was 26.50%, which was 25.94%higher than 2018; the top ten industry concentration exceeded 60%.
The historical experience shows that the prosperity of the life insurance industry requires a certain economic foundation support, and economic conditions are the basis of life insurance development. The prosperity of the life insurance industry is related to the various factors of the society. my country has a vast and complicated social structure, and its regional development has its own characteristics. With the development of my country's regional economy, the developed regions of my country's life insurance market economy in 2020 will continue to deepen, and the potential of the central and western regions will continue to dig deeper.
-The above data comes from the "China Life Insurance Industry Market Prospective and Investment Strategic Planning Analysis Report"
Global life insurance business premium income continues to rise
With the rapid development of the economy and the continuous maturity of the insurance market, consumer demand in the global insurance market continues to increase. In 2019, global insurance premiums increased by 4.4%, the largest increase in four years, and this growth was mainly driven by life insurance growth. According to ALLIANZ Research data, the premium income of global life insurance business in 2015-2019 continued to increase, reaching 2.4 trillion euros in 2019.
ALIANZ Research data, in 2019, global premium income total of 3.906 trillion euros, of which life insurance was 2.40 trillion euros, accounting for 61%. Life insurance is a higher proportion of insurance.
2020 is shadowed by the epidemic, and its economic recession will be the worst since the Great of the 1930s (Great), but it will also be short -lived. After the global life insurance premiums increased by 2.2%in 2019, due to the impact of the epidemic, insurance demand in 2020 will be significantly reduced; according to Swiss reinsurance data, global life insurance premiums will shrink by 6%. In life insurance, due to the general and low interest rate, the most affected type of insurance is savings products.
The situation of non -life insurance departments will be better. It is expected that global premiums in 2020 will increase by 3.5%in 2019, down about 0.1%. One of the main reasons for the good performance of non-life insurance business is that when the COVID-19 crisis occurs, the industry's rates are rising, thereby supporting the growth of premiums. The premiums of trade and tourism -related insurance services such as shipping, aviation and credit will be most seriously impacted. Real estate and medical services will be more stable. The rise in commercial insurance rates will increase the profitability of the non -life insurance industry; the new crown pneumonia's epidemic increases the public's awareness of risk, which will promote the growth of long -term premiums in multiple types of insurance.
The backbone of China into the global insurance market
It -in -area, according to Swiss reinsurance data, the growth rate of life insurance premiums in developed countries in 2019 is about 1.3%. Life insurance) will decrease by 4%, of which life insurance premium income decreases by 8%. Emerging market life insurance premium income increased by 5.6%, premium income increased by 1%in 2020, and life insurance premium income was flat.
In Swiss reinsurance data, China will lead emerging markets to become the backbone of the global insurance market. In 2019, China ’s life insurance premium revenue accounted for 11%of the global share, with a growth rate of 6.7%, exceeding the growth rate of 5.6%of emerging markets. In the economic crisis in 2020, Chinese life insurance companies are relatively good. China's life insurance premiums are expected to increase by about 2%in 2020, and will rise to nearly 10%in 2021.
The main reasons include China in 2019, China further liberalized the life insurance industry, increasing the upper limit of foreign capital holdings to 51%. The Bank of China and Insurance Supervision and Administration (CBIRC) confirmed that China will cancel all restrictions on foreign -invested life insurance companies in 2020. From January 1, 2020, the proportion of foreign capital companies in joint venture life insurance companies can reach 100%.
It, COVID-19 has a good impact on life insurance. On the one hand, the implementation of economic slowdown and strict control measures hinders the dominant channels of agents' sales, but demand will benefit from the enhancement of risk awareness and the increasing attention to protecting products, because the fluctuations in the financial market are weakening the attractiveness of savings products , So as to transfer to insurance products. In addition, insurance companies are quickly adopting digital channels to replace face -to -face sales and accelerate product development to better meet the public protection needs.
Looking forward to the future, the development prospects of the insurance industry are attractive, and its main driving force include: the huge population scale, the rapid aging trend and the high savings rate; the sustainable economic development, the income of residents' income; the strong support of policies and regulations; Getting fundamental strengthening; disintegration of lifelong welfare system; great improvement of the investment environment.
The main features of insurance products
traditional life insurance products
The most basic functions of traditional life insurance products to provide insurance -survival and pension risk protection. The specific division is lifelong and fixed
period life insurance, lifelong and regular two insurance, lifelong and regular annuity insurance. Its main characteristics are: the obligations and rights determined by the insured are clearly stipulated in the insurance contract, which is not directly related to the business status of the future insurance company.
The new life insurance products
The due to dividend insurance and non -traditional insurance (investment insurance, universal insurance, etc.) have just appeared late in the Chinese market, so
also called new products. The main feature of new products is to share interest rate risks between the insurer and the insured. Such products are gradually becoming the mainstream product of the international life insurance market.
The dividend products are one of the mainstream products in the international insurance market, and they are also one of the most popular products in Southeast Asia. In North America, more than 80%of products have dividend functions; in Hong Kong, this ratio is as high as 90%; in Germany, dividend insurance accounts for 85%of the life insurance market.
The development space for China insurance products
2005 In the middle of the country's personal insurance premiums, life insurance accounted for 89%of the absolute share, and health insurance and accident insurance accounted for only 8%and 3%, respectively. In life insurance, dividend insurance accounts for 60%, ordinary insurance accounts for 21%, and other insurance types account for 8%. China's insurance products have been in place in terms of decentralized interest rate risks, but it has just started in terms of marketing channels and professional development, and has a broad space for development.
This insurance industry is entering the rising cycle
China is the world's most sustainable growth potential insurance market
2005 in the middle of the country in the middle of $ 47, and the depth of insurance is 2.7%, of which life insurance depth is still only There are 2.03%, the density is only $ 35/person, which is far lower than the world average, and has a lot of room for rise.
2006-2015 "Population Dividends" Breeding Life Insurance Industry Development Golden Period
2006-2015 is the high time of the affected coefficient of the people in my country and the innovation of middle and young laborers. During the critical period of the system, commercial insurance will be leap -in development while undertaking social management functions. The implementation of preferential tax policies will become an important promoter in the industry's leapfrog development.
The rapid rise of the middle income class will greatly increase the proportion of life insurance and investment product allocation
. According to calculations, the number of middle -income households in my country will increase to nearly 200 million by 2015, with an average annual income increase of more than 20%or more Essence At present, nearly 90%of the financial assets of residents in my country exist in the form of bank savings, and the proportion of life insurance is less than 6%. The middle -income class where the social transformation period has a stronger demand for insurance and has actual purchasing power.
The China Insurance Market is the third largest insurance market in Asia after Japan and South Korea, and it is also the ninth largest insurance market in the world. According to data from the CIRC, China's life insurance premium income and property insurance premium income from 2000 to 2006 were 26.4%and 17.3%, respectively, becoming one of the fastest -growing insurance markets in the world.
This depth and insurance density of China are significantly lower than the world average, and the development potential is huge. In 2006, the depth of life insurance insurance was 1.7%, which was far lower than 4.5%of the world average insurance depth; life insurance density was $ 34.1, which was equivalent to 10.3%of the world average insurance density of US $ 330.6. In 2006, China's production insurance depth was only 1.0%, and the world average insurance depth below 3.0%was less than $ 19.4, which was equivalent to 8.65%of the world average insurance density of US $ 224.2.
With the continuous rapid and stable growth of GDP, the increase in insurance depth and the increase in insurance density, the demographic dividend, the upgrading of residential consumption, and the government's strong support for the insurance industry, my country's insurance industry will enter the rapid development period. In the next 10 years The compound annual growth rate of premium income will be expected to exceed 15%.
Extension reading: [insurance] How to buy, which one is good, teach you to avoid these "pits"