What is the current status and trend of the insurance industry in 2021

4 thoughts on “What is the current status and trend of the insurance industry in 2021”

  1. 1. The current status of the development of the insurance industry
    This China's insurance market has broad development and potential. The inherent motivation of China's economic growth is still strong, and the general trend of economic and social development has provided rare opportunities for the development of the insurance industry, and also put forward new and higher requirements. With the continuous development of the insurance industry, the insurance industry has now developed relatively well. Every year, insurance companies will launch new insurance products, and the insurance scope of these insurance products is also increasing, allowing more and more people to buy insurance for many protection.
    The investment in China's insurance market has broad development and potential. The inherent motivation of China's economic growth is still strong, and the general trend of economic and social development has provided rare opportunities for the development of the insurance industry, and also put forward new and higher requirements. In the future, my country's insurance industry will transform from extended development to connotative development, improve the main body's diversified, competitive and orderly market system, enrich insurance product innovation, marketing channels, broaden the service field, enhance service levels, and promote the coordinated development of the insurance market in the east and central and western regions. Essence
    . The future development trend of the insurance industry
    In recent years, although insurance technology has brought new development to the entire industry, the overall intelligence level of the insurance industry has lagged behind other traditional financial fields such as banks and securities. In the "13th Five -Year Plan of China's Insurance Industry Development" issued by the CBRC, it is clearly stated that it is clear that we must strengthen the infrastructure of the insurance industry and promote the application of intelligence and big data in the insurance industry. More and more people recognize that the insurance industry is a very favorable industry, so in the future, not only will there be several big insurance companies today, but many other emerging companies will join the insurance industry.
    At present, China's insurance industry has coordinated the original insurance, reinsurance, insurance agencies, and insurance asset management. The joint development of Chinese and foreign insurance companies. Professional insurance asset management companies, health insurance companies, and pension insurance companies have gradually grown and become important forces in the market.

  2. Industry development status
    1, premium scale and compensation expenditure
    -premium scale: epidemic acceleration health insurance insurance
    Depending on the data of the CBRC my country builds an important part of the multi -level social medical security system. To greatly make up for the lack of basic medical insurance. As of 2020, the premium revenue reached 817.3 billion yuan, with an average annual growth rate of 31.2%in the past 10 years. Among them, the growth rate of health insurance premiums before 2016 was faster, and due to the regulatory short -term duration of the 2016 regulatory product, the 2017 No. 134 restricted the rapid return of products, the universal insurance and investment insurance sales were blocked, resulting in health insurance income The growth rate has slowed down. The outbreak of the new crown epidemic in January 2020 prompted the health insurance awareness of the health insurance.
    The same as the income of Jiankang insurance premiums in 20120 is clearly higher than that of life insurance. Especially in February, which is the most serious epidemic in my country, life insurance has increased negatively, while health insurance rises against the trend. In 2021, due to the adjustment of some critical illness insurance and short -term health insurance products, the growth rate of premium income is expected to decline.
    -paid expenditure: Insufficient health insurance supplementary guarantee
    2011-2020 Our health insurance compensation payment will increase rapidly. The development of health insurance has become one of the fastest -growing insurance types in my country's insurance compensation expenditure. However, due to the late development of health insurance in my country, its supplementary guarantee effect is low. As of 2020, the amount of compensation for health insurance accounted for 5.8%. According to data from the China Insurance Association, the proportion of commercial health insurance compensation for developed countries in 2017 has reached 10%.
    2, per capita premium density and depth: Compared with developed countries, it is still behind
    2011-2020 Our insurance depth and insured density retention is faster. However, my country's insurance density and insurance depth have a large gap with mature foreign markets. As of 2020, my country's health insurance density density was 581.6 yuan/(human/year). However, the insurance density of insurance markets such as Japan and Germany has reached 3,000-4000 yuan/year in 2018.
    It since 2011, my country ’s health insurance premium society has continued to grow. It is 0.8%in 2020, but there is still a small gap with developed countries and regions.
    3, the structure of health insurance types: disease and medical insurance are the main products, long -term medical insurance is less
    diseases and medical insurance are the main products: as of 2020, the personal insurance company in the product library of the China Insurance Industry Association's product library A total of 4,669 health insurance products, including 236 disease insurance and 2470 medical insurance. Among the medical insurance products, 1461 are additional insurance products that cannot be purchased separately, and there are relatively few main insurance products for medical insurance. In addition, the number of disable income loss insurance, nursing insurance and medical accident insurance is only 28, 98, and 2, and the number of products is extremely limited.
    The supplementary security products between medical insurance, as a supplementary security product between basic medical insurance and intensive insurance, are widely sought after by the crowd. However, 83.7%of the current medical insurance products operated by personal insurance companies are short -term medical insurance within one year, and the choice of products for more than one year or guarantee of renewal products is scarce. And due to the difficulty of medical data, the product homogeneity is serious, and the price competition is fierce. The average unit price of health insurance premiums in 2020 was 1918.9 yuan, a decrease of 5.6%from 2019.
    The industry competition pattern
    1. Regional competition: Large regional gap
    -Health insurance premium income: the highest health insurance premium income in Guangdong Province
    In developed areas, the development level of health insurance is much higher than that of economic backward areas. In 2020, between different provinces and cities, the highest regional Guangdong health insurance premium income was 69.4 billion yuan, and the premium income of Guangdong, Shandong, Jiangsu, Henan and Beijing's top five regions accounted for 35.07%of the national premium income.
    -Health insurance insurance depth density: Beijing has the highest depth of insurance, the highest insurance density in Heilongjiang
    Inned health insurance premium income and the local economic level directly determine the depth of insurance in the region. The depth of insurance insurance, in 2020 Heilongjiang insurance is 1.69%, located in the depth of the health insurance insurance depth of the provinces and cities across the country. In addition to the revenue of health insurance premiums, the insurance density depends on the number of regional population. In 2020, Beijing ranked first in the country with health insurance density of 2110.25 yuan/person.
    2. Enterprise competition: Industry competition intensifies
    -Competitive factions and patterns: Property and insurance companies have increased share. n In recent years, major insurance companies have actively deployed health insurance and seized the health insurance market. There were 91 personal insurance companies operating health insurance in 2020 and 73 property insurance companies. However, from the perspective of the scale of health insurance premium income, the original insurance premium income of personal insurance companies accounted for 86.4%, and the revenue of property insurance companies accounted for only 13.6%. In the first half of 2021, the original insurance premiums of personal insurance companies accounted for 80.5%, and the revenue of property insurance companies accounted for only 19.5%. Health insurance competition has been further increased.
    The specific personal insurance companies, the proportion of health insurance income from Ping An, China Life, China Tai Insurance, Xinhua Insurance and other listed insurance companies has increased year by year, and industry competition has intensified. The original premium income of the first echelon exceeds 200 billion yuan, mainly in Ping An, China Life, China, and China Taibian Life; the second echelon, premium income between 10 and 20 billion yuan. Life; the remaining third echelon premium revenue is less than 100 billion yuan.
    -The concentration of the health insurance industry: the concentration of the industry is constantly increasing
    The domestic professional health insurance companies include China People's Health Insurance Co., Ltd., Harmony Health Insurance Co., Ltd., Ping An Health Insurance Co., Ltd. and Kunlun Health Insurance Co., Ltd., etc. In 2020, the premium income of professional health insurance companies accounted for the proportion of total health insurance income, and the concentration of the top three professional health insurance companies accounted for 6.09%.
    In 2020, the premium income of China Life, Ping An Life, Taibao Life, Xinhua Insurance, and Taikang Life Insurance's premium income accounted for 48.21%of the national insurance premium income, which was higher than 35.11%in 2017. Different from the trend of professional health insurance companies, the concentration of personal insurance companies has been strengthened as a whole.
    The industry development prospects and trend forecasts
    1. Industry development prospects Forecast: premium income will continue to grow
    2021 by the adjustment of part of the serious illness insurance and short -term health insurance products, the growth rate of premium income is expected to decline Essence In the future, with the strengthening of health insurance reform and innovation, after the market is further regulated, health insurance products that meet diversified demand will be introduced, and premium income will also usher in continuous growth. It is estimated that by 2026, China's health insurance premium income will exceed 166,000 than 166,000 100 million yuan.
    2. Industry development trend: The three major subjects continue to innovate, and the health insurance industry will break through at all levels of products, enterprises, industries, and ecology. Still to be resolved. At present, the innovation solutions provided by enterprises are the most concentrated in marketing and sales. The exploration of product design and nuclear factoring claims is still in the early stage, and there is no better solution in the linkage of medical services. In the future, how to further increase the cost of income and revenue, the three major subjects of insurance companies, insurance agencies, and TPA are still innovating. With innovation, the products, enterprises, industries, and ecological levels of the health insurance industry have made breakthroughs in breakthroughs.
    -The above data refer to the "Analysis Report of the China Health Insurance Industry Market Prospective and Investment Strategic Planning Analysis Report".

  3. In recent years, the financial industry has gradually become the industry with the most complaints for consumers. Popular complaints have also frequently appeared on hot search lists such as Weibo and Douyin. Among them, complaints on the insurance industry occupy a large proportion. Insurance institutions are indispensable for strengthening the internal control and strengthening of the claim supervision system.
    In December 2020, the Consumer Rights Protection Bureau of the China Banking Regulatory Commission issued the "Notice on Insurance Consumption Complaints in the Third quarter of 2020" in the 1220, notified the third quarter of 2020 China Banking Regulatory Commission and its Insurance consumer complaints received by the agency.
    The "Notice" pointed out that in the third quarter of 2020, the China Banking Regulatory Commission and its dispatch agencies received and transferred 36,754 insurance consumption complaints involving insurance companies, an increase of 8.96%month -on -month. Among them, there were 16,895 property insurance companies, an increase of 4.29%month -on -month, accounting for 45.97%of the total complaints; 19,859 personal insurance companies, an increase of 13.27%month -on -month, accounting for 54.03%of the total complaints.
    The number of car insurance, ordinary life insurance pit maximum
    The property insurance company involved 9090 complaints of motor vehicle insurance disputes, accounting for 53.80%of the total complaints of property insurance companies; 3,289 complaints for insurance disputes were guaranteed, accounting for 19.47%; Personal insurance companies involve 7,881 complaints for ordinary life insurance disputes, accounting for 39.68%of the total complaints of personal insurance companies; 4,163 complaints for disease insurance disputes, accounting for 20.96%.
    The property insurance claims disputes are obvious, and personal insurance sales disputes are outstanding
    Property insurance companies involve 11,227 complaints of claims disputes, accounting for 66.45%of the total complaints of property insurance companies; 2606 complaints for sales disputes, accounting for 15.42% Essence The amount of claims and claims of PICC Property

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