The State Council issued “on the day before a number of measures to promote the growth of Foreign Investment Notice” (hereinafter referred to as the “notice”) pointed out that, to further expand market access opening range, continue to promote the banking, securities and insurance industry opening, clear opening timetable and roadmap.
The insurance industry, the State Council Development Research Center Professor Zhu Junsheng yesterday on the “Securities Daily” reporter said that at present there are several aspects of the insurance industry more attention, such as the problem of foreign equity joint venture life insurance company. At present, China has limited its proportion of not more than 50%, because of the differences between the two concepts, therefore, the appeal of foreign companies is more strong, hoping to break through shares, and can better improve corporate governance. The “notice” issued, the field or is expected to achieve a breakthrough.
Zhu Junsheng believes that, in addition to equity ratio, the opening of some foreign insurance institutions geographical and business scope, but also the future direction of opening.
In recent years, the insurance industry Chinese in opening up has made a useful attempt, and in the “Introduction” and “going out” process achieved good results, the number of enterprises increased steadily, the coverage is also expanding. Data show that as of the end of 2016, a total of 57 foreign insurance companies from 16 countries and regions in China set up a number of foreign insurance companies. At the same time, a total of 12 Chinese insurance companies have set up 38 insurance business institutions outside china.
In the venture capital “going out”, in September last year after the release of insurance funds in Hong Kong and Shanghai, China Insurance Regulatory Commission issued “on the insurance funds to participate in the Shenzhen Hong Kong through business pilot regulatory caliber”, allowing insurance funds to participate in the Shenzhen Hong Kong through business pilot. Regulators successively gate Shanghai and Hong Kong through Hong Kong and Shenzhen Tong Tong, no doubt for the insurance funds to further use of Hongkong’s international advantages and financial center advantages, and gradually to the world, creating more favorable conditions.
However, on the whole, the overseas investment of insurance funds in China is still in the initial stage of exploration. According to the special report of Ping An Securities Company released, as of 2016 December, China’s overseas investment insurance funds amounted to $49 billion 210 million, accounting for only the insurance industry on the total assets at the end of the 2.33% quarter, compared with 15% of the proportion of the management there is a large distance.
Zhu Junsheng believes that, in addition to branch offices “go out”, overseas investment is “venture capital” “go out” an important direction. At present, China’s overseas venture capital investment mainly concentrated in Hongkong, while the risk of overseas investment in the proportion of investment from the supervision of overseas investment is indeed still a great distance. Therefore, overseas investment in the future is worthy of encouragement and attention.
But Zhu Junsheng also warned that the risk of overseas investment is relatively large, because the risk relates to the legal system and the exchange rate, so the market risk control ability is stronger, more requirements of reserve personnel, and be familiar with the overseas laws and regulations and market.
Summer thunderstorms are too much, summer tourism demand, under the double pressure, the airport has a large area of delay. In order to reduce the time cost of losses caused by flight delay insurance has become “xiangbobo” to go by plane, many people will buy a. More people through the purchase of multiple copies of flight delay insurance means insurance company to pull out the wool.
In the face of high rate of payment, the insurance company has also put out the countermeasure “, more and more ice shelf and tying. Modern Express reporter noted that due to the North Canton deep airport delays are more common, recent delays involving these cities, some insurance companies quietly raised the risk threshold for air delay insurance.
The delay probability, flight delay insurance “xiangbobo”
“Last week, from Nanjing to Beijing, the round-trip delay more than 3 hours, received a total of 1000 yuan of claims.” Ms. Liu told the public express modern reporter, due to the need to work often by plane, her aviation delay insurance research has not lost the industry. “I will buy a year, 299 yuan can cover 12 claims, claim 1 hours to pay 18 yuan, 198 yuan for more than 3 hours. Summer, because of the high probability of delay, while buying tickets, I will buy a risk of delay, to play double insurance role.”
Liu “pull out the wool is not the case. Modern Express reporter interviewed random members of the public, many have said that generally do not buy air extension insurance, but 6, 7 and August, if you take the plane, you will buy a special extension insurance. “Buying insurance is also to make up for the cost of time.”. If you buy a cruise insurance, and so on for a few hours will not be very anxious.” Citizen Lee said.
Air travel risk insurance company official also said: “the summer affected by the weather, but also the peak summer travel, delay insurance sales increased significantly, but only to improve the proportion of products vary significantly.”.”
Fly often quasi released “July global airport departure punctuality rate report” shows that in July, Nanjing Lukou Airport departure punctuality rate of only 31.76%, ranked in the cushion domestic ten million passenger throughput after just above the BeiJing Capital Airport and Xiamen airport. The average delay in takeoff was as long as 96.77 minutes, compared with less than a minute at the airport at the same level as the longest delayed airport.
Do not earn much money, insurance companies raise the threshold
Due to the high rate of payment, aviation delays insurance market competition, transparency and relatively high, in the industry view, aviation delay insurance is basically a loss of trading.
In order to reduce the losses caused by claims, insurance companies have begun to recruit. In July, after the media reported that the third party channel “frozen” flight delay insurance, want to buy delay insurance can only buy “tying” products. In the example of Alipay insurance service channel, only a single sale risk of flight delays, the rest are packed aviation accident insurance, medical rescue, and many other content comprehensive travel insurance. Price, less than 20 yuan a single, comprehensive insurance is higher than this price.
In addition to widespread tying, modern express reporter noted that due to the airport delays north of Guangzhou, more generally, recently, the city involved in these conditions, some insurance companies have quietly increased the flight delay insurance claims threshold.
Ctrip online Nanjing to Beijing for a flight, for example, in July 14th, the flight tying 20 yuan delay insurance arrived at the destination, delayed 3 hours and above, compensation 300 yuan. In August 15th, the reporter then take this flight, tying the delay insurance has changed an insurance company, 20 yuan for the same delay insurance, Guangzhou Shenzhen on arrival delayed 4 hours (inclusive) and more than 200 yuan compensation, other city on arrival delayed 2 hours (inclusive) and more than 200 compensation yuan. August 20th, only 5 days apart, the above flights are only tied airlines, Italy, airlines, delay, portfolio insurance, the price has become 40 yuan.
The airline’s head of insurance also acknowledges that the risk of air navigation is lost in certain scenarios, but in some cases, such as airline ticket tying, it is relatively profitable. The profit and loss is mainly affected by many factors, such as sales scene, weather season and the time of purchase in advance.”
It is an indisputable fact that China’s insurance penetration rate is low. Only in the outbound travel insurance as an example, in 2016 issued a joint Huatai Insurance Institutions “and the palm Chinese overseas travel outbound security report” shows that although China’s travel insurance market is huge, but the travel insurance Chinese of relatively low permeability. Compared with the United States, China’s premium is only 1.8 yuan, less than the United States 1/25. In addition, the rate of Chinese tourists to buy insurance initiative is lower than China’s Hongkong, Japan, mainland tourists initiative to purchase travel risk less than Japan’s 1/4.
An important reason for the above phenomenon is that our residents do not have a strong sense of insurance. Traditionally, Chinese people believe that “life and death, evolution, face a variety of risks that may arise in life, more is to choose the passive treatment, or through savings and related assistance and other ways to resist the risk. From the actual situation, because the insured person needs to pay a certain amount of premium every year, but can not see the actual income, so many people do not want to spend this kind of “wrong money””. So, once suffered serious illness, such as earthquake risk, in spite of social assistance, but the family poor poverty is very common.
The basic function of insurance is to transfer risks and compensate for losses. In daily life, many risks can not be avoided, but can be transferred, in other words, a loss, we share. Only when the insured realizes the function of insurance over time and transfer risks, can the insured use the insurance tools better.
China Insurance Regulatory Commission recently released the first half of the insurance industry statistics show that the industry realized a total premium income of 2 trillion and 314 billion 15 million yuan, an increase of 23%. Total assets of the insurance industry was 16 trillion and 430 billion yuan, an increase of 8.69% compared with the beginning of the year. The whole industry continues to maintain a relatively fast pace of development, the industry scale expanded further. China Insurance Regulatory Commission official pointed out that a number of indicators of insurance and China’s economy to pick up the good to some extent.
This year, the national cargo insurance ended 37 consecutive months of negative growth, freight insurance premiums in the first half of 5 billion 250 million yuan, an increase of 11.2%, compared with the first quarter and the end of last year, respectively, increased by 2.8 and 14.3 percentage points. Among them, some eastern coastal areas, such as Shanghai, Zhejiang freight insurance ahead of the country, since the second half of last year, bottoming out. Freight insurance is an indicator that reflects the added value of industry, the trend of freight traffic and the production of enterprises. It can be used to judge the short-term economic prosperity and analyze the change of early economic trends. Correspondingly, the first half of this year, the national freight volume growth rate of 10%, up 4.3 percentage points from the previous year, freight insurance growth and freight volume trends are consistent. Industrial added value grew by 7.6% year on year, and also by 1.6 percentage points over the previous year.
In the first half, the export credit insurance premium income was 7 billion 591 million yuan, an increase of 56.27%, an increase of 43.47 percentage points higher than the overall growth rate of property insurance business. Correspondingly, this year, China’s total export growth rate from negative to positive, 1~5 months cumulative increase of 8.2%, a significant increase of 15.9 percentage points over the end of last year, indicating that the export situation has improved markedly. Among them, the China Export and Credit Insurance Corp of export credit insurance to achieve coverage of $213 billion 250 million, an increase of 15.3% over the same period, China’s exports accounted for 20.4% of the total, China’s export trade has played a positive role to stabilize. Export credit insurance for Chinese enterprises “going out” to participate in “The Belt and Road” construction escort, reflect the level of exports, and exports a strong correlation.
In the first half of this year, the national insurance industry achieved premium income of 527 billion 590 million yuan, an increase of 13.9%, up 1.2 and 3.9 percentage points from the first quarter and the end of last year, respectively, to achieve two digit growth. In the first half of this year, GDP stood at 38 trillion and 100 billion yuan, an increase of 6.9% over a comparable period, up 0.2 percentage points from the end of last year. The trend of the property insurance market is consistent with the macroeconomic performance, reflecting the overall macroeconomic stabilization. Property insurance companies provide property insurance for the insurance industry macroeconomic, industry development level to measure the level of economic activity, industry level and enterprise insurance ability, to have a strong role in the overall macroeconomic trends.
The first half of the year, science and technology insurance and the first (set) of major technical equipment are the insurance premium income of 1 billion 732 million yuan and 1 billion 245 million yuan, respectively, up 34.06% and 102.01%, than the average growth rate of insurance industry nearly 11.06 percentage points and 79.01 percentage points. Behind the rapid development of these two types of insurance, is the new momentum to accelerate cultivation, leading economic restructuring and industrial restructuring and upgrading, strategic emerging industries to achieve rapid growth. In the first half of this year, the added value of high-tech manufacturing and equipment manufacturing increased by 13.1% and 11.5%, respectively, and the growth rate was 6.2 and 4.6 percentage points higher than that of large-scale industries.
China Insurance Regulatory Commission official said, the next step, the China Insurance Regulatory Commission will actively docking national major strategy, and constantly improve the efficiency of the allocation of insurance resources, and better service the development of the real economy. This also means that the relationship between the insurance market and the macroeconomy is becoming increasingly close, and the development of the insurance business will have a better prediction ability to the macroeconomy.
According to the 16 GOV.cn news, before the date of notification of the State Council issued “on a number of measures to promote the growth of foreign investment” (hereinafter referred to as the “notice”), from the five aspects of promoting the growth of foreign investment policies and measures, clear the securities and insurance industry opening schedule, roadmap.
“Notice” pointed out that, first, to further reduce access restrictions on foreign investment. Full implementation of the “pre admission national treatment plus negative list management system”, as soon as possible in the country to implement free trade trials pilot area of foreign investment negative list. To further expand market access opening range, continue to promote the special vehicles and new energy automobile manufacturing, ship design, feeder and general aircraft maintenance, international maritime transportation, banking, securities, insurance and other areas of opening up, clear opening timetable and roadmap. Two is to formulate fiscal and taxation support policies. To encourage foreign investors to continue to expand investment in China to encourage multinational corporations to set up regional headquarters in China to promote investment, foreign capital transfer to the western region and the northeast old industrial base, support key promotion platform infrastructure and the construction of major projects. Three is to improve the comprehensive investment environment of national development zones. Support National Development Zone Project landing and expand the space to attract investment, improve the National Development Zone industry supporting services. Four is to facilitate the entry and exit of qualified personnel. Improve the introduction of foreign talent system, the introduction of foreign talent visa implementation details during the year. Five is to optimize the business environment. We will promptly improve the legal system of foreign investment, raise the level of service for foreign investors and guarantee the free export of profits from overseas investors.
Under the guidance of the insurance policy of “return guarantee and return value”, the short and medium deposit and renewal products represented by universal insurance have become the focus of supervision, and have been greatly suppressed in scale. According to the China Insurance Regulatory Commission official website news, in the first half of 2017, universal insurance accounted for 17.4%, down 19.45 percentage points.
As each life insurance company has to adjust business, universal risk reduction, China Life Insurance has become “universal risk” number one big family”.
Institute of finance to punctuation “investment times” according to China CIRC data, statistics show that the first half of the premium income of life insurance companies, China life insurance policyholders pay additional investment funds amounted to 59 billion yuan, the main indicators reflect universal insurance income. China life has gone beyond a quarter of universal insurance’s “major” in the first half of the shares of China life, the first universal insurance. Followed by China life is Ping An Life Insurance, China Life shares, the scale was 54 billion 900 million yuan, 52 billion 100 million yuan. In addition, food, life life, day Renshou Taikang Life Insurance, CCB life insurance four insurance companies universal insurance premiums are billion level.
In the above 7 universal insurance “10 billion large”, only China life insurance universal insurance premium scale exceeds the original premium scale, accounting for the total premium ratio of 52%, reflecting its reliance on universal insurance business is still relatively large.
It is worth noting that, in December 28th last year, due to the universal insurance business for rectification work, the CIRC for China life insurance issued a regulatory letter, take the suspension of Internet insurance business, declare the products prohibited within three months of its regulatory measures. Under severe punishment, although universal life insurance universal life is still high, but it has been in a substantial rectification.
In fact, compared with the same period last year to 109 billion 800 million yuan, the first half of this year, China life insurance universal insurance premium has almost cut, a drop of 46.29%.
From the monthly change, from January to June this year, China life insurance universal insurance premiums were 9 billion 700 million yuan, 11 billion 200 million yuan, 13 billion 100 million yuan, 11 billion 700 million yuan, 6 billion 600 million yuan, 6 billion 600 million yuan. Visible, China Life Insurance in 2017 for the first 3 months of universal insurance premiums remain growth, before April universal insurance on the scale of 10 billion, in May after a substantial reduction in monthly size, June did not change much.
With universal insurance high, the corresponding is that China Life solvency approaching red line, cash flow tight. The two quarter solvency report shows that as of June 30, 2017, the comprehensive solvency adequacy ratio was 115.09%, compared with the end of the first quarter fell 5.1 percentage points; the core of the solvency adequacy ratio was 81.32%, compared with the end of the first quarter fell 5.4 percentage points. The minimum regulatory requirements for the two indicators were 100% and 50% respectively.
In fact, behind the regulators of the universal insurance supervision is strong, for the life insurance assets and liabilities mismatch risk concerns, especially the dramatic increase in the size of short-term insurance products, liquidity will increase the risk of insurance assets. Rating agency Fitch believes that high concentration of products, the pressure on liquidity. As a result of large-scale sales of short-term savings insurance during the 2015-2016 years, the liquidity risk of many Chinese funded life insurance companies has risen.
Data show that Huaxia life in the end of the two quarter of 2017, net cash flow of -90.5 billion yuan, net cash flow at the end of the first quarter was 4 billion 588 million yuan.
In addition, China life management is also under pressure. According to the two quarter solvency report disclosure, because of “China Life Jiangxi branch Shangrao branch in April 2016 to June, the preparatory group of the preparatory period, existing insurance marketing training fee reimbursement part items and the actual inconsistency, to field staff receive documents guarantee gold, training fees by the individual storage behavior” by Jiangxi the Insurance Regulatory Bureau fined 150 thousand yuan, the staff were given a warning and a fine.
This is the second time this year China Life Insurance has been supervised and punished. In the first quarter of this year, the Hebei branch was fined 100 thousand yuan because of the uncertain interests of the Hebei branch of the insurance products and promised to ensure the proceeds. The deputy general manager of the company was also warned and fined.
Beijing daily news (reporter Xu Chenhui intern reporter Zhang) insurance industry “big four” Ping An, China life, PICC, CPIC has released the first half of the report”. August 27th evening, China Pacific Insurance latest 2017 semi annual report shows that the net profit of 6 billion 509 million yuan, an increase of 6%. Prior to the release of the comprehensive peace, China life, PICC insurance, the four giants have different levels of growth in the first half net profit of over 70 billion yuan.
In addition to CPIC, three other insurance companies were profitable in the first half of the year. Data show that Ping An, China life, PICC were attributable to parent company net profit of 43 billion 400 million yuan, 12 billion 200 million yuan, 8 billion 800 million yuan. In terms of revenue, China Ping An (601318, stock it) and China Life Insurance revenues were more than 400 billion yuan, respectively, reached 463 billion 800 million yuan, 401 billion 400 million yuan. Among them, the most eye-catching performance of peace, an increase of 23%. In addition, the Chinese people in the first half of the total revenue reached 262 billion 300 million yuan.
At the same time earnings growth, the company’s market share has become differentiation. Overall, safe, PICC, CPIC market share are relatively optimistic, but our market share declined. According to the Beijing Business Daily reporter statistics, in the first half of this year, China Life Insurance, property insurance market share was 4.7% and 34%, respectively, compared to 2016 market share dropped 0.1 percentage points, an increase of 0.5 percentage points. Ping An Life Insurance, property insurance market share was 12.7% and 19.6%, respectively, compared to 2016, respectively, increased by 1.2 percentage points and 1.5 percentage points, reversing the downward trend of the same period last year downward trend. The life and the continuous decline in the market share to 19.38%, compared to 2016 at the end of the year fell by 0.52 percentage points.
In fact, China life insurance market share has been from ten years ago “half of the country”, to 2011 “three points, there is one world”, and then to “today” to maintain market leadership”. According to statistics, 20112016 years, China life insurance market share was 33.3%, 32.4%, 30.4%, 26.1%, 23%, 19.9%. According to the Chinese life market share shrinking, said Chairman Yang Mingsheng Chinese life in the semi annual results conference reply Beijing Daily reporters, the company is in the stage of structural adjustment, each year will take the initiative to a decline of two percentage points of market share, take the initiative to “sacrifice” a certain market share, but also to bring the business structure China life continuous optimization.
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