The number of major diseases covered by the product, the choice of insurance for the elderly, the ease of purchase, the reluctance of consumers to buy, the reluctance of risk companies to pay, and the concern of investors。
The standing meeting of the state council, held on 9 december, stated that it was necessary to adapt to the needs of the population in the areas of health, old-age pensions and safety, and to promote further reform and liberalization in the insurance sector, with a strong focus on optimizing supplies and providing a wealth of quality personal insurance products. The recent state council policy routine briefing provided information on the promotion of enhanced and robust life insurance coverage. In the future, consumers will embrace more comprehensive, diverse and profitable personal insurance products, as well as more regulated, competitive and policy-oriented commercial health insurance markets。
Personal insurance has great potential in the chinese market
“i am an only child and my wife, with four elderly persons to support, and recently, with two children, the economic pressure is considerable.” according to the willow, he bought the child a red child's annuity insurance policy, “a guarantee and an investment until the child reaches the age of majority”. The willow family is a typical “4+2+2” family. "it's important to improve resilience to risk in high-rate families like ours." the willow says。
Health and safety are the basic needs of the population. At present, commercial life insurance has reached a level of coverage throughout the country, making it a good option for families to avoid risk and invest, in part complementing social security。
In recent years, china's personal insurance industry has grown rapidly, and insurance revenues for personal insurance companies have increased over the years. According to data from the bank, china has become the world's second largest insurance market, with income from personal insurance premiums of $3. 1 trillion in january-november, accounting for 74. 1 per cent of the insurance industry, an increase of 7. 4 per cent. According to statistics, 300 million people have bought long-term personal insurance policies, nearly 600 million have been insured, 42. 7 per cent have been covered by commercial personal insurance and over 100 trillion yuan have been insured。
According to huang, vice-president of china's bank insurance board, the chinese market for personal insurance is still in its early stages of development, with great market potential, but the rate of insurance penetration is insufficient, demand needs to be stimulated, the level of supply and management is low, and commercial health insurance has short product durations, low levels of compensation coverage, and disorderly competition. To this end, the board will promote the development of china's commercial health insurance by encouraging purchases, intensifying its advocacy efforts, strengthening its safeguards, service capacity and infrastructure and product pricing。
Journalists have learned that a number of large-scale ventures are already ahead of them in the development of products that address the needs of the sick and the elderly. For example, the national life of china, developed in response to the risk of malignant neoplasms, e. G., e. Conjo millions of health insurance c products, and the life insurance of chinese people, has introduced a fracture risk for older people in the family。
The risk pricing room of the safe health insurance products centre informed the press that the safe health insurance had developed products for the elderly, cancer care, chronically ill, etc., which went beyond the basic health care catalogue and extended the coverage of insured clients to slow and sick clients。
Zheng wei, professor at the faculty of economics of beijing university, in an interview with the press, pointed out that new changes in chinese society, such as urbanization, industrialization and population ageing, made urgent demands to accelerate the construction of a multi-level health-care system. “the level of health insurance coverage for chinese residents is relatively low compared to that for workers; the actual rate of reimbursement of hospitalization costs is relatively low compared to the rate of reimbursement for hospitalization costs within the framework of the policy; commercial health insurance products adapted to the needs of special groups such as the elderly need to be explored; and china's commercial health insurance is relatively underdeveloped compared to developed countries, and the level of openness needs to be improved. These factors require the accelerated development of commercial health insurance to complement the existing health-care system.” zheng wei said。
"commercial old age insurance is a good complement."
“several additional guarantees are not detrimental, and the purchase of some commercial pension insurance is a good complement.” in addition to receiving his pension, shanghai citizen li hong, who was still in good health in late six months, bought commercial pension insurance for himself and his companions。
Zhao, a freelancer, has worked in microbusinesses, anchors, sales, etc., with small savings. “i am young and well-paid, but i still envy my fellow workers who are stable.” zhaofan is concerned that he does not have a formal job and that eating “young meals” is not a long-term strategy. “if he can develop a marketable commercial old-age pension for people such as freelancers, he can make it easier for young people to start their own businesses.”
In the view of some consumers, older persons still have a number of limitations to buy commercial health insurance, with few options available and asymmetrical information. "the old man's body goes downhill, and we have to be risk conscious." in the case of the willows, a significant proportion of consumers in the insurance market lack expertise and have difficulties in product screening. “it is harder to buy insurance for the elderly than for the children. The right products are too few and varied, and there are always concerns about choosing." the willow says。
Individual pensions are the “first pillar” of the government's old-age pension, the “third pillar” of the old-age pension, which goes beyond the “second pillar” of the enterprise pension, in which commercial old-age insurance plays an important complementary role。
In an interview with a journalist, the president of the board of directors of safety and pension insurance, kan, introduced the development of a number of old-age pension products, in addition to participation in the management of assets in the first and second pillars, and the receipt of funds through the personal pension insurance products to cover the company's pension, exploring ways to bridge the second and third pillars of pension security. It has also been involved in over a dozen long-term care insurance pilots, with good results。
In recent years, china's commercial old-age insurance has grown more rapidly, but still lags behind the mature insurance markets of developed countries. At the end of the third quarter of this year, china received only 55. 1 billion yuan from its old-age pension insurance contribution and 2. 1 per cent from its personal insurance contribution, far below the level in developed countries. It is understood that the board will promote the development of commercial old-age insurance through the development of specialized market owners, the expansion of external access, the expansion of product innovation, the strengthening of infrastructure and the development of the workforce: in the area of market ownership, support for the establishment of new institutions, the encouragement of specialization, the support of foreign equity participation, etc.; in the area of product innovation, support for the development of annuity products, targeted products for innovative entrepreneurial employment groups, etc.; and support for the active participation of insurance companies in the long-term care insurance pilot and the issuance of regulatory documents on the pilot。
Zheng wei pointed out that the measures introduced by the superintendence of banking insurance have strengthened the economic and service security functions of commercial pension insurance, for both the “accumulation period” and the “receiving period”, respectively. “to reduce transaction costs during the cumulative period by simplifying insurance procedures and optimizing contributory mechanisms to ensure a robust long-term return on investment to ensure value for products and to stimulate public participation in insurance; and to improve economic security during the receiving period by developing annuity products to effectively manage risks for consumers. In addition, the promotion of a comprehensive approach to commercial old-age insurance is promoted through the promotion of the `insurance+services' and `old-age+care' development models。
Zheng wei believes that the proposal to develop suitable complementary old-age insurance products for new and flexible workers in the new industry will provide a targeted solution to some of the problems previously revealed in the tax extension pension scheme pilot, such as coverage of the formal sector and inadequate coverage of preferential policies. “the relevant initiatives will reinforce the principles of consumer appropriateness and comprehensive coverage of the population.” zheng wei said。
Let the venture “payable” “payable”
The solution to the problem of “compensation” from the source is, first and foremost, to improve the quality of the insurance industry's assets so that the venture can “pay for” the “pay for”。
An asset-end liability reserve, insurance products and services from the liability side constitute two “wheels” operated by the insurance company. The rational use of insurance funds is important for the orderly operation of risk and the healthy development of the industry. This meeting of the standing committee of the state council proposed the establishment of a differentiated proportion of the assets in the category of investment interests in insurance funds, the encouragement of the participation of insurance funds in major projects such as infrastructure and new urbanization, the enhancement of the long-term investment capacity of insurance funds, the prevention of speculation in the use of insurance funds, the strengthening of asset liability management and the strengthening of risk management。
The director of the department for the regulation of the use of insurance funds of the bank's insurance board, yuan yuan, stated that the board would promote better use of insurance funds to support national strategies and long-term financing of enterprises. Support has been provided to insurance companies for the establishment of long-term products, the transfer of bank-related assets, the streamlining of the project for the administrative licensing of insurance asset management companies, policy support for enterprises that invest in insurance funds, the implementation of a system for the regulation of insurance asset liability and the enhancement of industry risk resistance, and the strengthening of the penetration control of related transaction assets。
Zheng wei stated that enhanced management of the use of insurance funds enhances the long-term investment capacity and asset liability management of insurance funds, effectively prevents speculation and risk, “improves the advantages of long-term, large-scale insurance funds, stable sources, institutional investment, promotes better support for the real economy, and ensures the security of insurance funds by addressing violations”
To attract customers to buy, risk companies also need to produce better products。
According to the public, china is ushering in a golden period of commercial insurance development. The market for commercial old-age insurance has a very wide scope for development. Health insurance and pension pension insurance will be the main growth points for the personal insurance market. “peaceful old-age insurance will be based on old-age services and wealth management, integrating individual pension wealth management, business insurance, health management services and old-age services, building integrated old-age ecosystems, providing health services throughout the life cycle, and helping the state to build a multi-level health-care system.”。
“peace and health insurance will continue to implement the country's design of complementary health care, moving the product design system from broad-based to sophisticated, working to achieve greater breakthroughs in the elderly and chronically ill population, as well as creating a large-scale product system that integrates health management services.” says fayyad。
“in the future, china's commercial health insurance will be based on a high-quality, inclusive and open-minded approach to development, maintaining the overall tone of accelerated development.” zheng wei stated that the expansion of personal risk insurance should focus on improving security capacity, expanding coverage and improving product innovation for specific groups, while promoting open access to commercial health insurance and international cooperation should closely integrate international experience with national circumstances and seek ways to develop personal risk insurance that are appropriate to china's national circumstances。
The people's daily overseas edition (24 december 2020, 04th edition)
