At a press conference held by the State Administration of Financial Supervision today, responsible persons of Chinese Insurance Group, Chinese Life Insurance Company, China Taiping Insurance Group, China Credit Insurance, and China Re Property Insurance introduced the relevant situation.
A number of insurance institutions predict that 2024 will welcome new opportunities
The above-mentioned insurance institutions also made predictions for the development of the insurance industry in 2024. Zhang Baohui, the main person in charge of the strategy department of Chinese Insurance Group, believes that the insurance industry will continue to improve and is still in an important strategic opportunity period.
Zhao Guodong, vice president and secretary of the board of directors of Chinese Life Insurance Company, believes that 2023 will be a relatively successful year for the transformation and development of the insurance industry. He also pointed out that the mainland's economic development has provided very good market space and policy conditions for the development of the insurance industry. "The potential of the mainland insurance market is very huge, and there is still a lot of room for growth in our insurance depth and insurance density. He said that from a practical point of view, the people's demand for pension, health and even wealth management is gradually expanding.
Yu Xiaodong, general manager of the business management department of China Taiping Insurance Group, believes that looking forward to 2024, with the full recovery of China's economy, the insurance industry is expected to continue the current trend of steady and positive development. "Especially after the Central Financial Work Conference and the Central Economic Work Conference made clear instructions for the next development of financial work, stabilizing growth, preventing risks, and increasing services to the national strategy and the real economy will become the mainstream trend of the industry. Against this backdrop, it is expected that China's insurance industry will usher in new development opportunities in 2024 in terms of cross-border insurance demand and linkage between domestic and foreign insurance markets. ”
资料图 据IC photo
Chinese People's Insurance: Leading the industry to establish the China Integrated Circuit Co-insurance Body
Zhang Baohui, the main person in charge of the Strategy Department of Chinese Insurance Group, introduced the relevant situation of the construction of Chinese Insurance Service Modernization Industrial System. He said that in the first 11 months of 2023, Chinese Insurance has provided insurance services to more than 900,000 enterprises, with a risk protection amount of more than 900 trillion yuan.
As of the end of November 2023, the investment scale of Chinese in the construction of a modern industrial system for service services exceeded 240 billion yuan. In the first 11 months of 2023, a total of 106,000 high-tech enterprises were underwritten, with a coverage rate of 22.75%, and 27,400 specialized and special new enterprises, with an underwriting coverage rate of 24.21%, providing risk protection of 5.14 trillion yuan.
In terms of improving the security level of the industrial chain and supply chain, Chinese People's Insurance led the industry to establish the China Integrated Circuit Co-insurance Body, and in 2023, 3 new companies will join the integrated circuit co-insurance body, increasing the number of member units from 18 to 21, and providing insurance liability for 19 integrated circuit enterprises with a total amount of more than 1.3 trillion yuan.
In addition, it has also established an escort chain mechanism, focusing on supporting key areas such as electric power, sea breeze, equipment manufacturing, transportation, construction, communications, aviation and energy and nuclear power, and selected the first batch of 10 core central enterprise chain owners to explore a comprehensive chain insurance service plan. In the first 11 months of 2023, a total of 72,300 enterprises above designated size were provided with insurance services, with a coverage rate of 11.58%. Innovative risk reduction services, a total of 633,000 accident prevention services for 226,800 safety and liability insurance customers, and 309,600 hidden risks have been assisted, more effectively reducing the overall risk level of the economy and society.
Chinese Life: Create an "insurance + pension service" ecology
For a long time, Chinese Life has closely focused on the needs of the elderly in pension funds, personal safety, health management, disability care, pension services, etc., and enriched the supply of pension financial products and services.
Zhao Guodong, vice president and secretary of the board of directors of Chinese Life Insurance Company, pointed out that the pension insurance company under Chinese Life Group provides investment management services for more than 40 billion yuan of basic pension insurance funds. The scale of enterprise annuity trusteeship and investment management assets of Chinese Life Pension Insurance Company exceeded 1 trillion yuan, serving more than 35,000 annuity enterprise customers.
It is reported that the life insurance company under Chinese Life Group has formed a full pension product system including annuity, whole life insurance, personal pension, commercial exclusive pension products, etc., and has accumulated pension insurance reserves of about 1.8 trillion yuan so far. Especially in terms of personal pensions, life insurance companies, as the first batch of participating pilot institutions, have achieved the first order in many places.
At present, Chinese Life Online provides exclusive services for elderly customers through the 95519 customer service hotline, and offline service areas for the elderly in more than 2,500 counter outlets across the country to provide all-round and high-quality exclusive services for the elderly. On the other hand, Chinese Life strives to build an "insurance + elderly care service" ecology, and has launched 14 elderly care projects in 13 cities such as Tianjin, Suzhou and Chengdu, which can provide customers with multi-format elderly care services such as urban apartment pension, suburban institutional pension, home pension, and community pension.
"With the deepening of the aging population, it is expected that the pension financial business will usher in greater room for development. Zhao Guodong said that in the next step, the company will further increase product research and development for new formats and new citizens' pension needs. At the same time, we will continue to deepen the integration of insurance products and services, and further promote the effective connection between the supply and demand of medical, rehabilitation, nursing, and pension services through reform and innovation such as critical illness insurance, inclusive insurance, long-term care insurance, and third-pillar pension insurance.
China Taiping: Fully support Chinese-funded enterprises to "go global"
China Taiping Insurance Group is the only Chinese financial enterprise in mainland China with its management headquarters overseas. Yu Xiaodong, General Manager of the Business Management Department of China Taiping Insurance Group, introduced the work and achievements of China Taiping in connecting the domestic and foreign insurance markets. As of the end of November 2023, the Group's cross-border insurance business provided risk protection of approximately RMB3.3 trillion.
China Taiping fully supports Chinese enterprises to "go global". As of the end of November 2023, the Group has a total of 21 overseas institutions, with a total of 441 "Belt and Road" projects, providing risk protection of RMB506.4 billion, underwriting overseas business in 86 countries and regions around the world, signing cooperation agreements with 34 insurance companies in 56 countries around the world, and establishing direct policy issuance and co-insurance partnerships.
China Taiping has taken advantage of its cross-border advantages to take the lead in the Greater Bay Area. In December 2022, with the implementation of the "Australian car northbound" policy, China Taiping launched the "Australian car northbound" product and successfully issued the first cross-border car insurance policy of "Australian car northbound". In May 2023, with the implementation of the "Hong Kong Cars Going North" policy, China Taiping launched the "Hong Kong Cars Going North" car insurance product, taking the lead in accepting insurance applications from Hong Kong single-license private car customers, and successfully issuing Hong Kong's first "Equivalent Advance Recognition" cross-border car insurance policy.
From January to November 2023, China Taiping provided insurance protection services for more than 30,000 cross-border vehicles in Guangdong, Hong Kong and Macao, which is about three times the number of services provided in 2022, and achieved a premium income of nearly RMB80 million, an increase of about 1.7 times compared with the whole year of 2022.
In addition, China Taiping has also built a cross-border car sharing service platform to improve service efficiency and customer experience. In July 2020, China Taiping launched a cross-border car sharing underwriting platform, which allows simultaneous quotations from three places at one time, which greatly improves the timeliness of cross-border car insurance quotation and issuance. In August 2022, the cross-border car-sharing claim settlement platform was launched, and the efficiency of claims settlement was greatly improved. In December 2022, the self-service mini-program for cross-border auto insurance customers was launched, allowing customers to enjoy online self-service quotes, self-service claims, service guides and other services for cross-border auto insurance.
SINOSURE: Increase support for new business formats and new models and service trade
Yang Minggang, General Manager of SINOSURE's Business Management Department, introduced SINOSURE's performance of policy functions to promote the high-quality development of the Belt and Road Initiative. As the only policy-based insurance company in mainland China, SINOSURE is an important part of the insurance industry's role as an economic shock absorber and social stabilizer. From January to November 2023, SINOSURE achieved a cumulative amount of US$834.8 billion, a year-on-year increase of 2.2%, and paid US$1.93 billion in compensation to enterprises and financial institutions, an increase of 55.1%.
Continue to increase support for foreign trade enterprises. From January to November 2023, the amount of short-term insurance insured reached US$707.3 billion, an increase of 2.6%, 7.8 percentage points higher than the growth rate of mainland exports in the same period, short-term insurance services supported 198,000 customers, an increase of 11.9%, accounting for about one-third of the number of foreign trade enterprises with import and export performance in the mainland, and the export penetration rate reached 23.0%, and the coverage of export credit insurance continued to expand.
Continue to optimize the underwriting and claims services for micro, small and medium-sized enterprises. From January to November 2023, it supported the export of micro, small and medium-sized enterprises to 228.7 billion US dollars, an increase of 10.3%, and provided services to support 176,000 micro, small and medium-sized enterprises, an increase of 16.5%, and the average settlement time of small and micro business claims was about 10 days, a shortening of 32%, and the support and guarantee for micro, small and medium-sized enterprises continued to increase.
We will continue to increase support for new forms of business and new models and trade in services. From January to November 2023, a total of US$17.4 billion was supported for the export of new forms of cross-border e-commerce foreign trade, and US$8 billion for the export of service trade, a year-on-year increase of 18.5%.
As an insurance of insurance, reinsurance is an important mechanism for social risk diversification, and plays an important role in maintaining economic and social stability and reducing disaster losses. Wang Zhongyao, Deputy General Manager of China Re Property & Casualty, introduced the measures taken by China Re Property & Casualty in response to catastrophe risks.
Since 2014, China Re Property & Casualty has actively participated in the catastrophe insurance pilot projects in Shenzhen, Ningbo, Xiamen, Yunnan, Guangdong, Sichuan and other places, providing stable reinsurance protection support and technical services for local catastrophe insurance pilots, and the catastrophe insurance projects undertaken by China Re have covered 19 provinces and cities across the country, and have participated in the design, calculation and evaluation of more than 100 administrative regions. Served as the lead or sole reinsurer in 80% of the projects in these local catastrophe insurance pilots.
For example, in 2023, when typhoons such as Sura and Haikui successively invaded the southeast coast, China Re Property & Casualty quickly paid more than 200 million yuan to the local government to respond to the disaster and ensure the basic livelihood of the affected people and post-disaster recovery and reconstruction.
In 2018, China Re Catastrophe Risk Management Co., Ltd., the first technology company focusing on the research and development of catastrophe risk technology in China, has successively developed China's first earthquake catastrophe model with independent intellectual property rights, China's first typhoon and flood series catastrophe model, has obtained 13 patents and copyrights, and won more than ten scientific and technological honors from many ministries and commissions. The release of the catastrophe model pedigree of China Re has filled a number of domestic gaps, effectively alleviated the long-standing problem of relying on foreign models, effectively maintained the security of national financial data, and laid a solid foundation for high-precision identification and accurate assessment of China's catastrophe risks.
Red Star News reporter Wang Tian
Edited by Yu Dongmei
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