For the current capital market volatility, the China Insurance Regulatory Commission said yesterday stance to actively support a variety of capital market stability measures, and said that insurance companies should adhere to long-term investment.
Reporters learned yesterday from the China Insurance Regulatory Commission website, the China Insurance Regulatory Commission require insurance companies insist on long-term investment value of the investment, to play the role of institutional investors to support the stable development of capital markets. China Insurance Regulatory Commission pointed out that the insurance funds have long-term investment characteristics of the insurance market should be in accordance with the principles of operation, insurance regulators in accordance with the law in accordance with regulatory supervision.
China Insurance Regulatory Commission said that the U.S. financial crisis on China's financial markets have had a certain impact. Stability in the economic, financial and capital markets, is the important role. For the stability of the capital markets a variety of initiatives, the China Insurance Regulatory Commission has always adopted a positive attitude to support.
A request at this stage not to sell shares
Analysts believe that the China Insurance Regulatory Commission's position is some kind of signal transmission in the hope that insurance companies be able to play the role of stability in the stock market, in line with the Government of the rescue package. Prior to this, there is news that the China Insurance Regulatory Commission on October 17 to convene the emergency insurance asset management company to meet its mobilization to maintain the stability of the capital market and its requirements are not at this stage to sell A shares, at least not sold a net; in the future Opening the gradual re-choose.
A unit from the three major insurance companies published by the Quarterly Bulletin 3, the first quarter of 3 insurance companies have stepped up efforts to reduce the stock, an increase of the allocation of funds for the effort. Of which China Life Insurance (601,628) in Q3 reduction of about 108 million shares of CITIC Securities (600,030) (600,030), the Industrial and Commercial Bank of 644,000,000 shares (601,398) (601,398), 999.6 million shares of China Shenhua (601,088) (601,088). Ping An of China (601318) and China Pacific Insurance (601,601) were also reduced holdings of 155 million shares Shanghai Pudong Development Bank (600,000) (600,000) and the Industrial and Commercial Bank of 236,000,000 shares.
However, latest data show that insurance companies have recently reduced the publicly traded shares sold a net amount. Topview the last trading week of data, type of insurance to buy a net amount appear account of the long time. A week in order to fund insurance-based T prefix accounts, were showing a net inflow of the state.
31 Oct 2008
21 Oct 2008
China's insurance industry legend: MA Mingzhe family history of hair
In early 1985, Shekou Industrial Zone Personnel were working to deploy long-Yi Zuzu MA Mingzhe, to attend a seminar on the important participants are the United Nations Department of Labor study. At the same meeting, a Labor Department Deputy Director of Shekou Industrial Zone for the implementation of social security funds management put forward his own views, "according to international practice, the money from an independent entity to manage." The wear glasses and gray hair expert detail the benefits of such management. In 1979, Shekou Industrial Zone at the beginning of the establishment, they set about establishing a social security mechanism to require start-up factories in Shekou "capitalists" for each of the "working class" and "female farmer workers" to pay old-age pension, medical care, employer liability insurance, to pay for the proportion of 20% of the cost of labor at the expense of the Shekou Industrial Zone Personnel working on behalf of charge.
Shekou is the prevailing wind of reform to break through. Deputy Director-General of the United Nations labor, and other experts will soon be adopted, China Merchants social insurance signboards hang up quickly. It took over the full Shekou Industrial Zone Personnel work-related functions of social security, "read a pension from the social security unified operation of the company." This distance in 2067, the Chinese city of old-age retirement protection system in Shanghai has taken the first step.
Peace "movement"
Responsible for this specific plan of the MA Mingzhe, a year later by the social security was promoted to assistant manager, deputy general manager, presided over a comprehensive social security company. China's insurance industry, a legend, MA Mingzhe, board of the times to give him a stage. In 1986, the Erlizhinian MA Mingzhe often worry. "Social Security has set up, brought together a large number of industrial areas managed fund, will be used to pay workers a pension, if the event of serious inflation, the money in the bank will certainly be devalued." A few months ago , Social Security has to invest part of the money to plant a tie, a silk factory, several stores and a corporate information technology (2000, in the domestic ERP software market, which accounted for half of the companies). "However, industrial investment, is by no means secure, first, the low rate of return, and the other is the realization of capital poor."
"We can see that Hong Kong's insurance business has done a good job, that in the same industrial park can try."'s Decision to use social security funds on hand, the pot up support kitchen, the original social security in the employer's liability insurance risk into a work-related injuries, This approach began to maintain insurance for commercial insurance. "At that time Shekou atmosphere is what can be said that we can do, you can try." M not hack, the People's Insurance Company of China (hereinafter referred to as "human security") subsidiary, general manager of the Shenzhen Special Economic Zone, but also to monitor the insurance unit -- - People's Bank of China branches in the Shenzhen Special Economic Zone vice president personally went to Shekou. MA Mingzhe responsible for the whole reception from the People's Insurance general manager of the mouth that: "The injury insurance belong to the scope of commercial insurance, social security has no right to operate the company. Based on the" temporary insurance regulations ", is to formally raised the issue with you . "
And more than a decade after the Insurance Regulatory Commission to set up different, at the time of the financial industry-wide regulatory responsibilities in the People's Bank of China. On behalf of the People's Bank of China is monitoring unit, the main operating insurance on behalf of the People's Insurance Company, the general manager of the friendly attitude of the MA Mingzhe to leave. People's Insurance Company of China's Shekou branch of the objection to the book and then. Shekou social insurance at the time of a few soldiers, the Office of the Secretary of Xiu-Li Yang, Huang Jianping, general manager of Business Administration with leaders together to discuss the objection, or that still means: industrial injury insurance is commercial insurance, social insurance can not do insurance business, it is necessary to Have to do to apply for new licenses. The attitude of the People's Insurance, Social Security's Shekou somewhat, but in accordance with the law, occupied the other arguments, also complained that does not help. The key lies in the licenses necessary to run the company down.
Where to start? No "business guide", we were no spectrum. So try a line of the financial sector regulators to talk about, ran a line with the city government to talk about. Toss a few rounds, and engage in a meaning to understand: a single license do not work, it is necessary to set up specialized commercial insurance companies to operate this thing, but the nature of the establishment of the new companies, non-approval of People's Bank of China head office will not do! Wasted Many energy, we understand that out before going to Beijing to resolve the problem, there is inevitably a loss and "unattainable".
From the Qing Dynasty China Merchants ships built in 1986 to play on the day, China Merchants Group, ushered in 100 years birthday. At this point, under the Ministry of Communications, China Merchants Group, based in Hong Kong, Shekou Industrial Zone of this piece of land surrounded by dozens of its investment companies, in the areas of real estate, finance, shipping, tourism and so on, each year for the state to create Hundreds of millions of dollars of profits. Group of Daqing, China Merchant's companies have sent people to attend. At the forum, speakers were enormously proud of his success to look to the future, national interests and historical responsibility of the revitalization of the motherland and prosperity of the people the idea has been mentioned from time to time, 100 years came and the pain and frustrations have not been forgotten. MA Mingzhe one sitting, as the only representative of the Social Security Corporation, and his mind is like, how to set up a commercial insurance company. His turn to speak, he simply referred to the history of China Merchants Insurance Office, Shekou to the end of the social insurance difficulties, said, "That is the case, we can not be like 100 years ago, China Merchants insurance companies to do the same again Let this old industrial area Caoqi industry? "
MA Mingzhe, said the insurance company China Merchants Insurance is a natural. At that time, through continuous investment, insurance has gone through China Merchants Renhe marine insurance companies, fire and water relief, Yan Chai and the change of water and fire insurance. To 1920, "sinking" to the government-run China Merchants difficult position of the ship, the silver deficit of up to 20,000,000 of the two. Yan Chai water and fire insurance companies and most of the funds remain in China Merchants ships, "the nest is overturned, there is an eggs will survive," Yan Chai and the business slowly decline, eventually closed down in October 1934.
MA Mingzhe listen to the finish, the Yuan Geng familiar with the history of China Merchants did not bring up again, he replied: "I do not agree with your point of view."
"I do not agree with your point of view, but I defend your right to speak." Yuan Geng on the faction to do, MA Mingzhe has not been heard. Three years ago in 1983, Shekou Industrial Zone of the masses through direct elections, appraisal Managers, an industrial area in the election of the Board of Directors, Yuan Geng was 15% vote of no confidence did not Xincungaidi. Yuan Geng is not a stubborn person, he just needed more reasons and statements.
On the actual start of the new type of insurance is concerned, if not allow competitors engaged in Shekou social insurance business insurance, Yuan Geng saw no justification to be able to endorse or agree to a new system of the birth of the insurance companies? MA Mingzhe has been the establishment of the company was vague and The future development of a major obstacle to the industry is a monopoly, but China's financial sector entry permit system may be a greater challenge. In the future, the company set up in 1988 years, MA Mingzhe and his team will have to understand these issues more deeply. But at that time, he was just the idea of reporting to the Yuan Geng, let him know.
But until that time, MA Mingzhe alone did not see the Yuan Geng. "Yuan Geng at the time of Shekou, with 'God', while not easy to see." He later recalled. Look for their own things, MA Mingzhe will not give up easily. China Merchants to find his car, deputy general manager of David and asked him to a more detailed report to the Yuan Geng. The report will no longer be "replaced" program, but based on reality, "back for the time being" in order to later be able to "move forward in big strides."
"At that time, to be really hard to see Yuan Dong, David looking for a car Yuan Dong, Yuan Dong and I understand the idea and expressed interest in the car so that I treasure time with the interview, so I have a chance to go face to face Hong Kong Yuan Dong Reporting. "Yuan Geng founded in 1978 in Shekou Industrial Zone, from the imagination to begin only three months, and the beginning of 1986, all by himself safely MA Mingzhe has spent nearly two years, Yuan Geng He did not so glorious fate. However, to maintain and dedication to help his very busy.
Peace, "set sail"
April 21, 1988, the first Ping Lau Kam-chairman of the board of directors to court issued in the name of the first meeting of the notice to inform the rest of the 9 directors on April 28 held its first meeting. MA Mingzhe as China Merchants Shekou, deputy general manager of social insurance is also one of the directors, but his mood is different from others. These days he keeps on hand in the revision of a report prepared on the board read. The beginning of the meeting. MA Mingzhe to report. He recalled the emotion of the establishment of the company, from 1986, intends to set up insurance Shekou community with a commercial insurance company, to Shenzhen to visit dozens of departments to explore the avenue of insurance companies do, after a year from the management "conditions Immature and can not run the commercial insurance business, "dismissed on the ground, much to the twists and turns in the secondary application is still frustrated," into "Zhongnanhai, Beijing and then to turn back time and again agreed to arrange with access to basic until March 1988 by People's Bank of China Head office approved a two-year MA Mingzhe to enumerate the running again. In addition affirmation and his colleagues together into "have the confidence and the unyielding spirit of things," he did not forget to thank all for their support.
You do not have a director who does not know the hardships, does not have the experience, but had a few days ago and handed them to scrutinize the report of the grass-like - the company set up by some hard - they have things more or less To understand. These people stay long in power positions for many years and understand the cause of the difficulty of exploring new, not resistance because of man-made bureaucracy, and sometimes even if officials feel Nian-Ci, want to help arm in the various ministries, authorities introduced a variety of Former Bill will be confused. They looked at the front of the specific services to make arrangements for the thin face, his imagination and his team encountered difficulties, can not help but give a heartfelt recognition and praise.
MA Mingzhe then report on the company's future and plans. He analyzed the Shenzhen markets has reached the conclusion that there are still 75% of the insurance market does not develop, the volume of business to do still more than 7,000,000,000 yuan, to earn a premium of not less than 7 billion potential . He certainly did not forget to potential rivals People's Insurance Company of strength, and to learn from their successful experiences, the development of flexible and diverse insurance provisions. Finally, he mentioned the "three Planning" - 3 in the early years, the city set up in Shenzhen Branch 3, 20 to 30 offices and 50 agents, all-round business; the medium-term 3 to 5 years, 4 in China A special economic zone, Hainan Province, 14 coastal cities and the establishment of the Hong Kong branch offices and agents, operating outside the dangerous mission of all types; the latter part of 5 to 8 years, the basic set up branch offices nationwide, and the Office of the Deputy , Operating all types of insurance.
The end of 1988, the only safe computer 3 in addition to a ration with the Chief, two of the remaining time of admission to the 1144 total business, the company received a total of 5,960,000 yuan of premiums, sales are still set up in Shenzhen Agent 84, 44 of them in Shenzhen, Shekou in 19, 7 in the South first, Baoan county have the following layout of the township has 14 points. Bank of China, Construction Bank, Agricultural Bank of China, China Merchants Bank, Shenzhen Development Bank and some foreign banks are safe for the development of the agency. These agency to pull the 66% of the business.
Shekou is the prevailing wind of reform to break through. Deputy Director-General of the United Nations labor, and other experts will soon be adopted, China Merchants social insurance signboards hang up quickly. It took over the full Shekou Industrial Zone Personnel work-related functions of social security, "read a pension from the social security unified operation of the company." This distance in 2067, the Chinese city of old-age retirement protection system in Shanghai has taken the first step.
Peace "movement"
Responsible for this specific plan of the MA Mingzhe, a year later by the social security was promoted to assistant manager, deputy general manager, presided over a comprehensive social security company. China's insurance industry, a legend, MA Mingzhe, board of the times to give him a stage. In 1986, the Erlizhinian MA Mingzhe often worry. "Social Security has set up, brought together a large number of industrial areas managed fund, will be used to pay workers a pension, if the event of serious inflation, the money in the bank will certainly be devalued." A few months ago , Social Security has to invest part of the money to plant a tie, a silk factory, several stores and a corporate information technology (2000, in the domestic ERP software market, which accounted for half of the companies). "However, industrial investment, is by no means secure, first, the low rate of return, and the other is the realization of capital poor."
"We can see that Hong Kong's insurance business has done a good job, that in the same industrial park can try."'s Decision to use social security funds on hand, the pot up support kitchen, the original social security in the employer's liability insurance risk into a work-related injuries, This approach began to maintain insurance for commercial insurance. "At that time Shekou atmosphere is what can be said that we can do, you can try." M not hack, the People's Insurance Company of China (hereinafter referred to as "human security") subsidiary, general manager of the Shenzhen Special Economic Zone, but also to monitor the insurance unit -- - People's Bank of China branches in the Shenzhen Special Economic Zone vice president personally went to Shekou. MA Mingzhe responsible for the whole reception from the People's Insurance general manager of the mouth that: "The injury insurance belong to the scope of commercial insurance, social security has no right to operate the company. Based on the" temporary insurance regulations ", is to formally raised the issue with you . "
And more than a decade after the Insurance Regulatory Commission to set up different, at the time of the financial industry-wide regulatory responsibilities in the People's Bank of China. On behalf of the People's Bank of China is monitoring unit, the main operating insurance on behalf of the People's Insurance Company, the general manager of the friendly attitude of the MA Mingzhe to leave. People's Insurance Company of China's Shekou branch of the objection to the book and then. Shekou social insurance at the time of a few soldiers, the Office of the Secretary of Xiu-Li Yang, Huang Jianping, general manager of Business Administration with leaders together to discuss the objection, or that still means: industrial injury insurance is commercial insurance, social insurance can not do insurance business, it is necessary to Have to do to apply for new licenses. The attitude of the People's Insurance, Social Security's Shekou somewhat, but in accordance with the law, occupied the other arguments, also complained that does not help. The key lies in the licenses necessary to run the company down.
Where to start? No "business guide", we were no spectrum. So try a line of the financial sector regulators to talk about, ran a line with the city government to talk about. Toss a few rounds, and engage in a meaning to understand: a single license do not work, it is necessary to set up specialized commercial insurance companies to operate this thing, but the nature of the establishment of the new companies, non-approval of People's Bank of China head office will not do! Wasted Many energy, we understand that out before going to Beijing to resolve the problem, there is inevitably a loss and "unattainable".
From the Qing Dynasty China Merchants ships built in 1986 to play on the day, China Merchants Group, ushered in 100 years birthday. At this point, under the Ministry of Communications, China Merchants Group, based in Hong Kong, Shekou Industrial Zone of this piece of land surrounded by dozens of its investment companies, in the areas of real estate, finance, shipping, tourism and so on, each year for the state to create Hundreds of millions of dollars of profits. Group of Daqing, China Merchant's companies have sent people to attend. At the forum, speakers were enormously proud of his success to look to the future, national interests and historical responsibility of the revitalization of the motherland and prosperity of the people the idea has been mentioned from time to time, 100 years came and the pain and frustrations have not been forgotten. MA Mingzhe one sitting, as the only representative of the Social Security Corporation, and his mind is like, how to set up a commercial insurance company. His turn to speak, he simply referred to the history of China Merchants Insurance Office, Shekou to the end of the social insurance difficulties, said, "That is the case, we can not be like 100 years ago, China Merchants insurance companies to do the same again Let this old industrial area Caoqi industry? "
MA Mingzhe, said the insurance company China Merchants Insurance is a natural. At that time, through continuous investment, insurance has gone through China Merchants Renhe marine insurance companies, fire and water relief, Yan Chai and the change of water and fire insurance. To 1920, "sinking" to the government-run China Merchants difficult position of the ship, the silver deficit of up to 20,000,000 of the two. Yan Chai water and fire insurance companies and most of the funds remain in China Merchants ships, "the nest is overturned, there is an eggs will survive," Yan Chai and the business slowly decline, eventually closed down in October 1934.
MA Mingzhe listen to the finish, the Yuan Geng familiar with the history of China Merchants did not bring up again, he replied: "I do not agree with your point of view."
"I do not agree with your point of view, but I defend your right to speak." Yuan Geng on the faction to do, MA Mingzhe has not been heard. Three years ago in 1983, Shekou Industrial Zone of the masses through direct elections, appraisal Managers, an industrial area in the election of the Board of Directors, Yuan Geng was 15% vote of no confidence did not Xincungaidi. Yuan Geng is not a stubborn person, he just needed more reasons and statements.
On the actual start of the new type of insurance is concerned, if not allow competitors engaged in Shekou social insurance business insurance, Yuan Geng saw no justification to be able to endorse or agree to a new system of the birth of the insurance companies? MA Mingzhe has been the establishment of the company was vague and The future development of a major obstacle to the industry is a monopoly, but China's financial sector entry permit system may be a greater challenge. In the future, the company set up in 1988 years, MA Mingzhe and his team will have to understand these issues more deeply. But at that time, he was just the idea of reporting to the Yuan Geng, let him know.
But until that time, MA Mingzhe alone did not see the Yuan Geng. "Yuan Geng at the time of Shekou, with 'God', while not easy to see." He later recalled. Look for their own things, MA Mingzhe will not give up easily. China Merchants to find his car, deputy general manager of David and asked him to a more detailed report to the Yuan Geng. The report will no longer be "replaced" program, but based on reality, "back for the time being" in order to later be able to "move forward in big strides."
"At that time, to be really hard to see Yuan Dong, David looking for a car Yuan Dong, Yuan Dong and I understand the idea and expressed interest in the car so that I treasure time with the interview, so I have a chance to go face to face Hong Kong Yuan Dong Reporting. "Yuan Geng founded in 1978 in Shekou Industrial Zone, from the imagination to begin only three months, and the beginning of 1986, all by himself safely MA Mingzhe has spent nearly two years, Yuan Geng He did not so glorious fate. However, to maintain and dedication to help his very busy.
Peace, "set sail"
April 21, 1988, the first Ping Lau Kam-chairman of the board of directors to court issued in the name of the first meeting of the notice to inform the rest of the 9 directors on April 28 held its first meeting. MA Mingzhe as China Merchants Shekou, deputy general manager of social insurance is also one of the directors, but his mood is different from others. These days he keeps on hand in the revision of a report prepared on the board read. The beginning of the meeting. MA Mingzhe to report. He recalled the emotion of the establishment of the company, from 1986, intends to set up insurance Shekou community with a commercial insurance company, to Shenzhen to visit dozens of departments to explore the avenue of insurance companies do, after a year from the management "conditions Immature and can not run the commercial insurance business, "dismissed on the ground, much to the twists and turns in the secondary application is still frustrated," into "Zhongnanhai, Beijing and then to turn back time and again agreed to arrange with access to basic until March 1988 by People's Bank of China Head office approved a two-year MA Mingzhe to enumerate the running again. In addition affirmation and his colleagues together into "have the confidence and the unyielding spirit of things," he did not forget to thank all for their support.
You do not have a director who does not know the hardships, does not have the experience, but had a few days ago and handed them to scrutinize the report of the grass-like - the company set up by some hard - they have things more or less To understand. These people stay long in power positions for many years and understand the cause of the difficulty of exploring new, not resistance because of man-made bureaucracy, and sometimes even if officials feel Nian-Ci, want to help arm in the various ministries, authorities introduced a variety of Former Bill will be confused. They looked at the front of the specific services to make arrangements for the thin face, his imagination and his team encountered difficulties, can not help but give a heartfelt recognition and praise.
MA Mingzhe then report on the company's future and plans. He analyzed the Shenzhen markets has reached the conclusion that there are still 75% of the insurance market does not develop, the volume of business to do still more than 7,000,000,000 yuan, to earn a premium of not less than 7 billion potential . He certainly did not forget to potential rivals People's Insurance Company of strength, and to learn from their successful experiences, the development of flexible and diverse insurance provisions. Finally, he mentioned the "three Planning" - 3 in the early years, the city set up in Shenzhen Branch 3, 20 to 30 offices and 50 agents, all-round business; the medium-term 3 to 5 years, 4 in China A special economic zone, Hainan Province, 14 coastal cities and the establishment of the Hong Kong branch offices and agents, operating outside the dangerous mission of all types; the latter part of 5 to 8 years, the basic set up branch offices nationwide, and the Office of the Deputy , Operating all types of insurance.
The end of 1988, the only safe computer 3 in addition to a ration with the Chief, two of the remaining time of admission to the 1144 total business, the company received a total of 5,960,000 yuan of premiums, sales are still set up in Shenzhen Agent 84, 44 of them in Shenzhen, Shekou in 19, 7 in the South first, Baoan county have the following layout of the township has 14 points. Bank of China, Construction Bank, Agricultural Bank of China, China Merchants Bank, Shenzhen Development Bank and some foreign banks are safe for the development of the agency. These agency to pull the 66% of the business.
17 Oct 2008
Home insurance into the plight facing up for sale
Despite the recent slight improvement in the domestic home insurance, but insurance companies comes less than the volume of business, and consumers have little knowledge about insurance. Home insurance has not yet out of the predicament. Home insurance has become up for sale. Recently, a well-known home decoration and building materials supermarket chains in China first introduced the Home Insurance Scheme, signed in the supermarket renovation of the public can get free insurance for one year.
It is understood that the insurance scheme is divided into two types, the first is a one-year value of 100,000 yuan's basic insurance plan. The second is the value of 100,000 yuan a year for a period of well-being of the insurance plan. The basic plan will be fire, flood, water pipes burst, explosion, lightning, storms, floods caused by a variety of reasons, such as fixed home decoration loss of financial security, the insured amount of up to 100,000 yuan. It is understood that the Home Insurance has been in existence for many years, but consumers know very little. One consumer said that the family only know that the original property insurance can be, but I do not know the family decoration can be insured. For the cost of a higher level of consumers, the decoration is worth the risk.
Home accidents serious losses for many, the roof has been leaking bubble bad furniture, flooring experience. Mr. He, who lives in Fengtai District, one of them. Two months ago, to take care of his daughter to school, for the time being moved to other places to live, all of a sudden he receives a telephone call last week, said his house has been leaking. Mr. He returned to a home in Fengtai, because the pipe plug from the toilet overflow of sewage in a stream, over the entire floor.
At that time, Mr. He did not even know who is responsible for the only silently bear their own losses. In fact, Mr. He was not the worst experience of all kinds of accidents that may occur at any time, which is also the risk significance of the decoration. However, the majority of consumers are rarely able to be prepared in advance.
Home insurance status embarrassing It is understood that in Hong Kong, Home Insurance coverage is a high rate of insurance. Hong Kong Home Insurance provides a wide range of protection, not only kept in the homes of property to protect, and the insured and their family members carried by the private property lost or damaged as a result of accidents can be compensated.
Minya insurance brokerage firm of Liu Gang, a senior broker said most of the domestic insurance companies also can vote integrated family property insurance, insurance coverage, including on the part of the family decoration, insurance is also gradually expand the content, and some even include pets Terms of the assault.
Insurance and home decoration risk of a gradual increase in sales, but still can not compare auto insurance and life insurance. Observers note that the information is still not enough insurance to promote the poor one of the main reasons. Home insurance and many of the consumers who are only following the disaster insurance awareness.
It is understood that the insurance scheme is divided into two types, the first is a one-year value of 100,000 yuan's basic insurance plan. The second is the value of 100,000 yuan a year for a period of well-being of the insurance plan. The basic plan will be fire, flood, water pipes burst, explosion, lightning, storms, floods caused by a variety of reasons, such as fixed home decoration loss of financial security, the insured amount of up to 100,000 yuan. It is understood that the Home Insurance has been in existence for many years, but consumers know very little. One consumer said that the family only know that the original property insurance can be, but I do not know the family decoration can be insured. For the cost of a higher level of consumers, the decoration is worth the risk.
Home accidents serious losses for many, the roof has been leaking bubble bad furniture, flooring experience. Mr. He, who lives in Fengtai District, one of them. Two months ago, to take care of his daughter to school, for the time being moved to other places to live, all of a sudden he receives a telephone call last week, said his house has been leaking. Mr. He returned to a home in Fengtai, because the pipe plug from the toilet overflow of sewage in a stream, over the entire floor.
At that time, Mr. He did not even know who is responsible for the only silently bear their own losses. In fact, Mr. He was not the worst experience of all kinds of accidents that may occur at any time, which is also the risk significance of the decoration. However, the majority of consumers are rarely able to be prepared in advance.
Home insurance status embarrassing It is understood that in Hong Kong, Home Insurance coverage is a high rate of insurance. Hong Kong Home Insurance provides a wide range of protection, not only kept in the homes of property to protect, and the insured and their family members carried by the private property lost or damaged as a result of accidents can be compensated.
Minya insurance brokerage firm of Liu Gang, a senior broker said most of the domestic insurance companies also can vote integrated family property insurance, insurance coverage, including on the part of the family decoration, insurance is also gradually expand the content, and some even include pets Terms of the assault.
Insurance and home decoration risk of a gradual increase in sales, but still can not compare auto insurance and life insurance. Observers note that the information is still not enough insurance to promote the poor one of the main reasons. Home insurance and many of the consumers who are only following the disaster insurance awareness.
16 Oct 2008
The triple-risk insurance
From the U.S. financial crisis, domestic financial companies feel the cold. Has become known as the umbrella for other people to provide risk insurance to the insurance industry can not be spared, although far from the storm, but still suffered. October 7, China Ping An announcement said the provision of Fortis Investment Group of around 157 billion Fukui. Although long it is better to cut short the suffering, just so Fukui would be too costly.
More insurance companies are facing a fall in the stock market as a result of the pain brought about by profit. 2007 insurance companies in the stock market was big harvest, the use of capital gains more than the sum of 5 years ago to 279,170,000,000 yuan. May be less than a year, the insurance companies to invest in the market has Aihongbianye, insurance companies and even to last year's profits are paid into. The impact of these far more than the central bank to cut interest rates also may affect the deposit insurance funds the agreement, such as the stability of the proceeds to buy government bonds. I believe the end of the year, insurance companies, the report card will be exposed to more problems.
Facts show that the financial turmoil caused by the insurance company profits drop, has pushed the risk of a domino.
Operational risks
Last year, huge profits have full confidence in insurance companies so that at one time, Zhihen can use the funds in the hands of too few. As a result, at the beginning of this year, on sales of spare no effort to quickly bring premium income of the Bank of security products, including the risk even vote, universal insurance and risk sharing. Many insurance companies also paid a special dividend to its customers and enhance the public's confidence in the insurance. This directly stimulate the growth of large-scale premiums in the first half of the country's life insurance premiums increase by 64%, Xinhua, companies such as Taikang has been completed in the first half of the year business.
However, these insurance companies at a cost of business, banks need to pay a 3% service charge, if the personal marketing, higher fees. These dividends and universal risk insurance should pay for security at the end of the interest rate and possible additional income. In the sharp decline in cases, the additional cost of such insurance has become a burden. Therefore, the central fiscal large Professor Hao Yansu think this is insurance companies in the "high-interest financing." Fortunately, the regulatory authorities in time to stop this kind of rapid expansion of wind in the second half of the brake Security Bank, the development-security insurance. The more sales uneasy feeling, I am afraid only of the insurance industry alone in this strange phenomenon.
Investment-insurance premiums brought about by the growth, but if investors find that the proceeds can not be achieved, it will choose to surrender. The use of insurance funds are configured, the surrender of the disorder is caused by insurance companies could pressure cash, in-depth impact on operating. In the first half of this year, only to surrender the life insurance market in Shanghai expenditure that is more than 4,000,000,000 yuan, with the universal insurance, investment and risk even lower income, continuing the wave of surrender.
The risk of misleading
The insurance industry is misleading the big old problem. In order to be able to sell insurance products, often exaggerated income, insurance and so on. If the insurance company has realized a higher income, such as in 2007 the big bull market run, just to extend the insurance liability, such as sickness insurance unified re-implementation of the new standards, to expand the types of diseases, then we would not have even misled the big problem. Unfortunately, this "just" very low probability. In most cases, all in order to mislead the "tragedy" ending: or damage to the interests of consumers, such as the surrender and continue to pay; insurance companies, or hit, such as Ping An Insurance was a "vote even dangerous storm."
Since last year, the insurance companies on a large scale expansion, bringing high-speed growth in premiums, but also planted a misleading, "the source of trouble." Insurance earnings have fallen sharply, and will reveal the true face of misleading. Universal insurance, risk sharing and risk even for a "selling point" is the proceeds, in order to promote sales, insurance companies no less effort is needed: to demonstrate the actual dividends as dividends, the chance of a state of high-yield as a stable income, to cover up as much as possible universal insurance , Even for high-risk or cost of the initial fees ... ... when the insurance case of investment down, turn around and look at the consumer's own insurance, will find that insurance is not as sales, said it's "better." I said, with no sales personnel Huyou of high-yield, low risk and can not fall on the contract.
And so consumers have been misled, the complaint will go, of course, unless there is sufficient evidence, it would be very difficult to be satisfied with the results of the final surrender can only get away. It should be noted that in order to yield points for the demands of the individual is not misleading, and a large number of complaints about the risks posed surrender can be imagined.
Brand Risk
Operational risks and the cumulative risk of misleading, as well as on insurance companies in the insurance industry as a whole image of the damage, the effects of long-term development. Insurance is invisible products, relies on trust. People choose a final insurance products, is actually the insurance brand recognition. When people no longer trust the insurance companies, who would risk security, pension entrusted to it? AIG after the crisis, its subsidiary friends immediately suffered a surrender, and this is the best description. As a result, not the development of the insurance trust is the biggest "killer."
The risk of large-screen just started, in fact misleading, and so on before any professional, honest advocacy is weak, many insurance companies have worked hard to build up the brand may face a crisis of confidence, the industry as a whole will be affected .
More insurance companies are facing a fall in the stock market as a result of the pain brought about by profit. 2007 insurance companies in the stock market was big harvest, the use of capital gains more than the sum of 5 years ago to 279,170,000,000 yuan. May be less than a year, the insurance companies to invest in the market has Aihongbianye, insurance companies and even to last year's profits are paid into. The impact of these far more than the central bank to cut interest rates also may affect the deposit insurance funds the agreement, such as the stability of the proceeds to buy government bonds. I believe the end of the year, insurance companies, the report card will be exposed to more problems.
Facts show that the financial turmoil caused by the insurance company profits drop, has pushed the risk of a domino.
Operational risks
Last year, huge profits have full confidence in insurance companies so that at one time, Zhihen can use the funds in the hands of too few. As a result, at the beginning of this year, on sales of spare no effort to quickly bring premium income of the Bank of security products, including the risk even vote, universal insurance and risk sharing. Many insurance companies also paid a special dividend to its customers and enhance the public's confidence in the insurance. This directly stimulate the growth of large-scale premiums in the first half of the country's life insurance premiums increase by 64%, Xinhua, companies such as Taikang has been completed in the first half of the year business.
However, these insurance companies at a cost of business, banks need to pay a 3% service charge, if the personal marketing, higher fees. These dividends and universal risk insurance should pay for security at the end of the interest rate and possible additional income. In the sharp decline in cases, the additional cost of such insurance has become a burden. Therefore, the central fiscal large Professor Hao Yansu think this is insurance companies in the "high-interest financing." Fortunately, the regulatory authorities in time to stop this kind of rapid expansion of wind in the second half of the brake Security Bank, the development-security insurance. The more sales uneasy feeling, I am afraid only of the insurance industry alone in this strange phenomenon.
Investment-insurance premiums brought about by the growth, but if investors find that the proceeds can not be achieved, it will choose to surrender. The use of insurance funds are configured, the surrender of the disorder is caused by insurance companies could pressure cash, in-depth impact on operating. In the first half of this year, only to surrender the life insurance market in Shanghai expenditure that is more than 4,000,000,000 yuan, with the universal insurance, investment and risk even lower income, continuing the wave of surrender.
The risk of misleading
The insurance industry is misleading the big old problem. In order to be able to sell insurance products, often exaggerated income, insurance and so on. If the insurance company has realized a higher income, such as in 2007 the big bull market run, just to extend the insurance liability, such as sickness insurance unified re-implementation of the new standards, to expand the types of diseases, then we would not have even misled the big problem. Unfortunately, this "just" very low probability. In most cases, all in order to mislead the "tragedy" ending: or damage to the interests of consumers, such as the surrender and continue to pay; insurance companies, or hit, such as Ping An Insurance was a "vote even dangerous storm."
Since last year, the insurance companies on a large scale expansion, bringing high-speed growth in premiums, but also planted a misleading, "the source of trouble." Insurance earnings have fallen sharply, and will reveal the true face of misleading. Universal insurance, risk sharing and risk even for a "selling point" is the proceeds, in order to promote sales, insurance companies no less effort is needed: to demonstrate the actual dividends as dividends, the chance of a state of high-yield as a stable income, to cover up as much as possible universal insurance , Even for high-risk or cost of the initial fees ... ... when the insurance case of investment down, turn around and look at the consumer's own insurance, will find that insurance is not as sales, said it's "better." I said, with no sales personnel Huyou of high-yield, low risk and can not fall on the contract.
And so consumers have been misled, the complaint will go, of course, unless there is sufficient evidence, it would be very difficult to be satisfied with the results of the final surrender can only get away. It should be noted that in order to yield points for the demands of the individual is not misleading, and a large number of complaints about the risks posed surrender can be imagined.
Brand Risk
Operational risks and the cumulative risk of misleading, as well as on insurance companies in the insurance industry as a whole image of the damage, the effects of long-term development. Insurance is invisible products, relies on trust. People choose a final insurance products, is actually the insurance brand recognition. When people no longer trust the insurance companies, who would risk security, pension entrusted to it? AIG after the crisis, its subsidiary friends immediately suffered a surrender, and this is the best description. As a result, not the development of the insurance trust is the biggest "killer."
The risk of large-screen just started, in fact misleading, and so on before any professional, honest advocacy is weak, many insurance companies have worked hard to build up the brand may face a crisis of confidence, the industry as a whole will be affected .
15 Oct 2008
Agricultural insurance should be explored in a number of issues
Huai'an City as a national agricultural insurance in the province of Jiangsu and the first to run the city, has been 4 years. In recent years the practice of agricultural insurance has initially produced some positive effects, such as conducive to the stability of agricultural production will help farmers to increase the capacity of disaster relief, in favor of building a new socialist countryside is conducive to the commercial interests of the insurance companies to maintain. At the same time, some successful practices in the face at the same time and found that some of the impact on the sustainable development of agricultural insurance, in the light of actual author of these issues for a brief discussion.
The implementation of the principle of compulsory appropriately
China's agricultural insurance now is to implement the principle of voluntary participation, but in practice, many from the local agricultural insurance and Pratt & Whitney's "law of large numbers", the government's administrative role, has been on rice, wheat and other major Project and a half to take a mandatory approach. And the higher number of government documents, on the one hand, emphasized the voluntary insurance, and insurance requirements at the same time, the rate must reach a certain percentage of the conflict, but also the grass-roots support for the Government's suit. As a result of inconsistent policies and practices, which has led to conflicts between a small number of cadres production, and increased the difficulty of this task. The principle of voluntary insurance is the biggest drawbacks of the adverse selection problem, farmers have the right to choose easy to hit the insurance field, and to choose the sum insured higher level of insurance, after the disaster will be 66.7 times the premiums paid by the insured amount of compensation ( 3 yuan per mu, for example to pay premiums, receive 200 yuan of the sum insured). This is the agricultural insurance organizer did not want to see the phenomenon, but under the existing policy and difficult to eradicate. Huai'an City, county has a large grain last year, the disaster-prone rice fields to choose the insurance premium, the premium paid over 4000 yuan, has been more than 20 million in disaster compensation. Under the prevailing policy of this inevitable Huai in the phenomenon of moral hazard is not uncommon, but with a difference in degree.
In the future could take appropriate enforcement policy? On the one hand, a few of the important bearing on people's livelihood security of agricultural items, such as rice, wheat, and so on, the practice of compulsory insurance, and other agricultural capital projects, from farmers to decide whether or not insured. On the other hand, to determine a level of insurance coverage a mandatory uniform, higher than the grade of this part of the insured farmers on a voluntary basis. Some foreign agricultural insurance more successful countries, such as the United States, Japan, France, and so on, are appropriate to implement the principle of mandatory. If we can do for our country to improve the international competitiveness of agriculture and ensure food security, agricultural insurance in an effective solution to the adverse selection and moral hazard problems, agricultural insurance to safeguard the interests of all the main operator plays an important role. Now, more and more farmers realize that the agricultural insurance benefits of farmers willing to accept and which to implement the principle of compulsory appropriately possible.
Solve the agricultural insurance premium collection of difficult issues
Huai'an agricultural insurance from the pilot to comprehensively implement the years, is the most difficult to collect premiums farmers. Due to the current voluntary insurance principles of the farmers, they can participate in the subjective can not, objectively speaking, but by the reunification of the village's insurance requirements, some subjective and do not want to have the participation of farmers, to pay premiums on time delay or even negative simply do not pay .
The solution of this problem, to consider whether two ways: first by the Government. This year the country to raise the proportion of premium subsidies, farmers need to pay premiums of 30%. Jiangsu in 2007 the sown area of wheat and rice 7095.7 million, from farmers to pay the minimum level of premium calculation of 3 yuan per mu, only the province more than 200,000,000 yuan, the Government has put 30% premium to afford one should have no problem with ; Second, the integration of agriculture with funds from the agriculture funds are listed (or clear them as a farmer's insurance premium payable) to resolve. At present, the farmers of the country's food subsidies for each mu of farmland, improved comprehensive agricultural subsidies and funds for supporting agriculture subsidies has been more than 100 yuan, while farmers should pay the premium for each mu (rice and wheat) less than the 1 / 10 , A very small proportion. State Department "on the reform and development of the insurance industry views on a number of" clear "to the agricultural insurance as a way of supporting agriculture innovation, support the protection of agriculture into the system." Such a solution has been to provide the basis for the policy. Moreover, the implementation of appropriate principles of compulsory insurance, agricultural insurance coverage to all the farmers, the premium funds for supporting agriculture in the integration after the reunification of the charge should be inevitable. This in two ways, should be unified in order to insure the basic level, which is higher than the basic choice of premium grade, by the farmers themselves. If so, will greatly reduce the operating costs of agricultural insurance and the difficulty of the work.
P & I from the development of science standards and the amount of security standards
P & I from the science standards is a prerequisite for the existence of agricultural insurance. At present, China's agriculture is still scattered small-scale production, the disaster occurred, connected with the plot, as well as between the block with a piece of land, the extent of the disaster may be different. If compensation from the standard set too low, man-made survey will be an increase of the cost of damage; compensation from the standard too high, farmers will be compensated as a result of chance is too small to lose the enthusiasm of insurance, agricultural insurance difficult. P & I from the scientific standards should be able to reflect the "appropriate protection, low-premium" should be a small disaster deductible, in compensation for disaster, the disaster compensation.
By the same token, the right to develop or not the standard amount of insurance cover is the key to the success or failure of agricultural insurance. At present, China's grain yield was not high. Huai'an to wheat, for example, when the harvest of 800 jin per mu or so, more or less net income per mu is more than 300 yuan. It is therefore essential that the sum insured for less than the standard for properly, otherwise it will be difficult to avoid the occurrence of speculation. Agricultural insurance is not the purpose of the high amount of insurance to increase their income, but in order to reduce the loss of the affected farmers, stable agricultural production.
The establishment of agricultural funds and the risk of catastrophe reinsurance system
Huai'an from the start of the three grains, two types of rice, from pilot to comprehensively implement the 3 years, a total of peasants from? U premiums and the central, provincial, county (district) government financial subsidies for a total of 44,250,000 yuan, More than 30 million farmers to pay 29,510,000 yuan, excluding the cost of management, the accumulation of the development of agriculture insurance Fund 11,000,000 yuan can be said to be break even after a slight savings. At the same time, the provincial government in accordance with the requirements of the Huai have begun to set up provincial, municipal, county (district) three levels of government-funded financial city and county (district) catastrophic risk reserve, but not the actual amount, it is difficult to resist the destruction of a major disaster .
On this issue, whether in the light of premium subsidies, including the establishment of the central government subsidies and other catastrophic risk fund system and re-insurance system. State revenue has increased year by year, in the first half of this year's 33.3 percent growth in revenue, the fiscal surplus has nearly as much as 1,200,000,000,000 yuan; steady growth in the economy, the state's agricultural support increased continuously, and then follow-up of the agricultural insurance needs support In the country's economic power should not be a problem.
Clearly part of the premium savings tax
Policy-oriented agricultural insurance is not commercial, then it's only the premium savings as a Development Fund to implement a rolling accumulation for a large disaster payment. Huaian Rice county in 2007 suffered serious floods, when the payment is not only used up 3-year accumulation, and more than 190 million in cost overruns. As a result, agricultural insurance premiums should not tax savings that year. But now the absence of clearly defined, the tax authorities still want to impose on commercial insurance, insurance companies and government due to the agricultural insurance were not paid, the two sides approach the more embarrassing. This situation go on a long-term, the conflict will inevitably come to the surface. As a result, the premium savings for that year of the implementation of fund management, tax and other issues, the state should be on agricultural insurance legislation to give clear, in order to promote the sustainable development of agricultural insurance.
The implementation of the principle of compulsory appropriately
China's agricultural insurance now is to implement the principle of voluntary participation, but in practice, many from the local agricultural insurance and Pratt & Whitney's "law of large numbers", the government's administrative role, has been on rice, wheat and other major Project and a half to take a mandatory approach. And the higher number of government documents, on the one hand, emphasized the voluntary insurance, and insurance requirements at the same time, the rate must reach a certain percentage of the conflict, but also the grass-roots support for the Government's suit. As a result of inconsistent policies and practices, which has led to conflicts between a small number of cadres production, and increased the difficulty of this task. The principle of voluntary insurance is the biggest drawbacks of the adverse selection problem, farmers have the right to choose easy to hit the insurance field, and to choose the sum insured higher level of insurance, after the disaster will be 66.7 times the premiums paid by the insured amount of compensation ( 3 yuan per mu, for example to pay premiums, receive 200 yuan of the sum insured). This is the agricultural insurance organizer did not want to see the phenomenon, but under the existing policy and difficult to eradicate. Huai'an City, county has a large grain last year, the disaster-prone rice fields to choose the insurance premium, the premium paid over 4000 yuan, has been more than 20 million in disaster compensation. Under the prevailing policy of this inevitable Huai in the phenomenon of moral hazard is not uncommon, but with a difference in degree.
In the future could take appropriate enforcement policy? On the one hand, a few of the important bearing on people's livelihood security of agricultural items, such as rice, wheat, and so on, the practice of compulsory insurance, and other agricultural capital projects, from farmers to decide whether or not insured. On the other hand, to determine a level of insurance coverage a mandatory uniform, higher than the grade of this part of the insured farmers on a voluntary basis. Some foreign agricultural insurance more successful countries, such as the United States, Japan, France, and so on, are appropriate to implement the principle of mandatory. If we can do for our country to improve the international competitiveness of agriculture and ensure food security, agricultural insurance in an effective solution to the adverse selection and moral hazard problems, agricultural insurance to safeguard the interests of all the main operator plays an important role. Now, more and more farmers realize that the agricultural insurance benefits of farmers willing to accept and which to implement the principle of compulsory appropriately possible.
Solve the agricultural insurance premium collection of difficult issues
Huai'an agricultural insurance from the pilot to comprehensively implement the years, is the most difficult to collect premiums farmers. Due to the current voluntary insurance principles of the farmers, they can participate in the subjective can not, objectively speaking, but by the reunification of the village's insurance requirements, some subjective and do not want to have the participation of farmers, to pay premiums on time delay or even negative simply do not pay .
The solution of this problem, to consider whether two ways: first by the Government. This year the country to raise the proportion of premium subsidies, farmers need to pay premiums of 30%. Jiangsu in 2007 the sown area of wheat and rice 7095.7 million, from farmers to pay the minimum level of premium calculation of 3 yuan per mu, only the province more than 200,000,000 yuan, the Government has put 30% premium to afford one should have no problem with ; Second, the integration of agriculture with funds from the agriculture funds are listed (or clear them as a farmer's insurance premium payable) to resolve. At present, the farmers of the country's food subsidies for each mu of farmland, improved comprehensive agricultural subsidies and funds for supporting agriculture subsidies has been more than 100 yuan, while farmers should pay the premium for each mu (rice and wheat) less than the 1 / 10 , A very small proportion. State Department "on the reform and development of the insurance industry views on a number of" clear "to the agricultural insurance as a way of supporting agriculture innovation, support the protection of agriculture into the system." Such a solution has been to provide the basis for the policy. Moreover, the implementation of appropriate principles of compulsory insurance, agricultural insurance coverage to all the farmers, the premium funds for supporting agriculture in the integration after the reunification of the charge should be inevitable. This in two ways, should be unified in order to insure the basic level, which is higher than the basic choice of premium grade, by the farmers themselves. If so, will greatly reduce the operating costs of agricultural insurance and the difficulty of the work.
P & I from the development of science standards and the amount of security standards
P & I from the science standards is a prerequisite for the existence of agricultural insurance. At present, China's agriculture is still scattered small-scale production, the disaster occurred, connected with the plot, as well as between the block with a piece of land, the extent of the disaster may be different. If compensation from the standard set too low, man-made survey will be an increase of the cost of damage; compensation from the standard too high, farmers will be compensated as a result of chance is too small to lose the enthusiasm of insurance, agricultural insurance difficult. P & I from the scientific standards should be able to reflect the "appropriate protection, low-premium" should be a small disaster deductible, in compensation for disaster, the disaster compensation.
By the same token, the right to develop or not the standard amount of insurance cover is the key to the success or failure of agricultural insurance. At present, China's grain yield was not high. Huai'an to wheat, for example, when the harvest of 800 jin per mu or so, more or less net income per mu is more than 300 yuan. It is therefore essential that the sum insured for less than the standard for properly, otherwise it will be difficult to avoid the occurrence of speculation. Agricultural insurance is not the purpose of the high amount of insurance to increase their income, but in order to reduce the loss of the affected farmers, stable agricultural production.
The establishment of agricultural funds and the risk of catastrophe reinsurance system
Huai'an from the start of the three grains, two types of rice, from pilot to comprehensively implement the 3 years, a total of peasants from? U premiums and the central, provincial, county (district) government financial subsidies for a total of 44,250,000 yuan, More than 30 million farmers to pay 29,510,000 yuan, excluding the cost of management, the accumulation of the development of agriculture insurance Fund 11,000,000 yuan can be said to be break even after a slight savings. At the same time, the provincial government in accordance with the requirements of the Huai have begun to set up provincial, municipal, county (district) three levels of government-funded financial city and county (district) catastrophic risk reserve, but not the actual amount, it is difficult to resist the destruction of a major disaster .
On this issue, whether in the light of premium subsidies, including the establishment of the central government subsidies and other catastrophic risk fund system and re-insurance system. State revenue has increased year by year, in the first half of this year's 33.3 percent growth in revenue, the fiscal surplus has nearly as much as 1,200,000,000,000 yuan; steady growth in the economy, the state's agricultural support increased continuously, and then follow-up of the agricultural insurance needs support In the country's economic power should not be a problem.
Clearly part of the premium savings tax
Policy-oriented agricultural insurance is not commercial, then it's only the premium savings as a Development Fund to implement a rolling accumulation for a large disaster payment. Huaian Rice county in 2007 suffered serious floods, when the payment is not only used up 3-year accumulation, and more than 190 million in cost overruns. As a result, agricultural insurance premiums should not tax savings that year. But now the absence of clearly defined, the tax authorities still want to impose on commercial insurance, insurance companies and government due to the agricultural insurance were not paid, the two sides approach the more embarrassing. This situation go on a long-term, the conflict will inevitably come to the surface. As a result, the premium savings for that year of the implementation of fund management, tax and other issues, the state should be on agricultural insurance legislation to give clear, in order to promote the sustainable development of agricultural insurance.
14 Oct 2008
2,700,000,000 U.S. dollars of the total liabilities of Japan and Japan life insurance insolvency
0, 10, Japan and Japan life insurance company (hereinafter referred to as "big and life") to the Tokyo District Court filed for bankruptcy protection, becoming the financial crisis in Japan in the first bankruptcy of financial institutions.
Daiwa life notice that the company will be Oct. 11 -15, in Tokyo, Japan, Osaka, Nagoya, Sendai, Hiroshima, Fukuoka, the venue of the six, namely that investors will be held, the company will start insolvency proceedings, the company status quo As well as forecasts for the next note.
Daiwa life of the closure of news, the Japanese Nikkei stock market had plunged 11 percent. Daiwa life in the Tokyo conference held and forced to start insolvency proceedings, is due to the impact of the crisis by the time the United States, the value of securities held by the company to shrink, resulting in a loss of the expansion, as of the end of the third quarter of 2008, total debt has been as high as 2695 Billion yen (about 27 billion U.S. dollars).
The Reuters report said, and life insurance has been actively seeking the return on investment to make up for high operating costs in its portfolio, placed in hedge funds and real estate investment trust (REIT), and other alternative asset ratio is relatively high.
Daiwa life that so far this year, the company has to make up for operating costs and reduce financial losses to take positive measures, including seeking strategic investors, but ultimately failed. However, the global financial market turmoil intensified, the stock market decline, credit crunch and a series of problems the company's investment in securities such as a sharp drop in asset management business, with the result that since 2008 a net loss of 110 billion yen in liabilities, more than 11,490,000,000 yen .
At the same time, and life, said its core business - life insurance - to maintain steady growth, in order to protect the interests of policyholders, the company needed "as soon as possible to find the best way", that is, filed for bankruptcy protection. Japanese officials and market participants also said that the pursuit of a big investment in high-risk and life, and atypical of the Japanese insurance industry, does not mean that other financial institutions will follow its step-by-step.
However, history always repeats amazing.
"It is because Licha Sun in the 1990s, a large number of Japanese life insurance companies into the liquidity trap era, high-interest rate policy to make these companies very difficult, a number of small and medium-sized insurance companies close down one after another from Japan's life insurance industry has become big and not strong, This is a moment of Japan's life insurance industry from the brilliant turning point toward a recession. "Orient Securities analyst Wang Xiaogang said.
Japanese life insurance company closed down the last incident took place in 2001. At that time, TokyoMutualLifeInsuranceCo. Filed for bankruptcy protection, debt amounted to 980,000,000,000 yen; KyoeiLifeInsuranceCo. In 2000, filed for bankruptcy for the post-war Japan's largest companies, the debt is as high as 4.5 trillion yen.
Previous financial crisis, a number of signs after the collapse of the company will be involved in more small and medium-sized companies, even large and medium-sized companies. Oct. 10, Prudential Financial Group has become a quarterly profit warning issued by major insurance companies.
For life insurance companies show a profit warning after another reason, one analyst said that life insurance companies in the mortgage securities and the stock market, bond market, such as increasing the loss of their annuity from the original business was handling fee income as a result of stock market operations The loss dropped, resulting in the life insurance company stock prices and even insurance shares at a price of panic, the need to refinance in order to maintain credit ratings.
The current financial crisis is still in the middle of the future will also have a number of financial institutions into a vortex of the crisis, Wang Xiaogang analysis.
Daiwa life notice that the company will be Oct. 11 -15, in Tokyo, Japan, Osaka, Nagoya, Sendai, Hiroshima, Fukuoka, the venue of the six, namely that investors will be held, the company will start insolvency proceedings, the company status quo As well as forecasts for the next note.
Daiwa life of the closure of news, the Japanese Nikkei stock market had plunged 11 percent. Daiwa life in the Tokyo conference held and forced to start insolvency proceedings, is due to the impact of the crisis by the time the United States, the value of securities held by the company to shrink, resulting in a loss of the expansion, as of the end of the third quarter of 2008, total debt has been as high as 2695 Billion yen (about 27 billion U.S. dollars).
The Reuters report said, and life insurance has been actively seeking the return on investment to make up for high operating costs in its portfolio, placed in hedge funds and real estate investment trust (REIT), and other alternative asset ratio is relatively high.
Daiwa life that so far this year, the company has to make up for operating costs and reduce financial losses to take positive measures, including seeking strategic investors, but ultimately failed. However, the global financial market turmoil intensified, the stock market decline, credit crunch and a series of problems the company's investment in securities such as a sharp drop in asset management business, with the result that since 2008 a net loss of 110 billion yen in liabilities, more than 11,490,000,000 yen .
At the same time, and life, said its core business - life insurance - to maintain steady growth, in order to protect the interests of policyholders, the company needed "as soon as possible to find the best way", that is, filed for bankruptcy protection. Japanese officials and market participants also said that the pursuit of a big investment in high-risk and life, and atypical of the Japanese insurance industry, does not mean that other financial institutions will follow its step-by-step.
However, history always repeats amazing.
"It is because Licha Sun in the 1990s, a large number of Japanese life insurance companies into the liquidity trap era, high-interest rate policy to make these companies very difficult, a number of small and medium-sized insurance companies close down one after another from Japan's life insurance industry has become big and not strong, This is a moment of Japan's life insurance industry from the brilliant turning point toward a recession. "Orient Securities analyst Wang Xiaogang said.
Japanese life insurance company closed down the last incident took place in 2001. At that time, TokyoMutualLifeInsuranceCo. Filed for bankruptcy protection, debt amounted to 980,000,000,000 yen; KyoeiLifeInsuranceCo. In 2000, filed for bankruptcy for the post-war Japan's largest companies, the debt is as high as 4.5 trillion yen.
Previous financial crisis, a number of signs after the collapse of the company will be involved in more small and medium-sized companies, even large and medium-sized companies. Oct. 10, Prudential Financial Group has become a quarterly profit warning issued by major insurance companies.
For life insurance companies show a profit warning after another reason, one analyst said that life insurance companies in the mortgage securities and the stock market, bond market, such as increasing the loss of their annuity from the original business was handling fee income as a result of stock market operations The loss dropped, resulting in the life insurance company stock prices and even insurance shares at a price of panic, the need to refinance in order to maintain credit ratings.
The current financial crisis is still in the middle of the future will also have a number of financial institutions into a vortex of the crisis, Wang Xiaogang analysis.
13 Oct 2008
Health insurance companies selected nine insurance tactic
PICC Shanghai branch of the health insurance marketing general manager, said Xiao-Feng Song, health insurance can be divided into the cost of medical care, hospitalization benefits, the three major categories of diseases. Consumers should hold "no, all incomplete, good," the nine tactic.
Health and is closely related to people's lives, the continuing rise in medical costs has stimulated more and more people's awareness of insurance. In a row we received a call from readers over the phone consultation, asked to choose a suitable health insurance products. In this regard, I sought the advice of health insurance professionals.
PICC Shanghai branch of the health insurance marketing general manager, said Xiao-Feng Song, health insurance can be divided into the cost of medical care, hospitalization benefits, the three major categories of diseases. Consumers should hold "no, all incomplete, good," the nine tactic.
There is no health risk insurance is a must-have
It is understood that because of people's understanding of the health insurance less, so often lost in many insurance products, it is difficult to find the most suitable for their own products. Although the Shanghai social degree of the basic medical insurance coverage has reached a higher level, but the commercial health insurance as an effective complement, to fill the medical expenses of members of the public pays part of the cost.
As a result, customers in the development of the insurance plan, first of all on health insurance should be included in the plan to address this part of the security gaps. As of July this year, the Shanghai A total of 39 life insurance companies, the vast majority of companies have individual health insurance, every company has a number of products less than 4. We can see that there is a demand of the consumers, the choice is a lot of scope.
The whole incomplete, reasonable arrangements for three types of health insurance
For some of the insured's health insurance consumers, the next is to improve the health insurance category, the cost of medical care, hospitalization benefits and major diseases are indispensable.
The cost of medical insurance needs of priority allocation. According to the proportion of such products for reimbursement of the difference can be divided into high, medium and low grade three. Consumers should be able to income, age, as well as basic medical insurance reimbursement standards, to protect the grade. However, strong economic strength of the consumer, you can choose one-stop insurance payments and the responsibility of the highest proportion of the products, some payments to medical insurance outside the scope of medical expenses.
Ordinary working class consumers in the community have a basic medical insurance, the purchase of major diseases can choose 80000-100000 amount of insurance. Higher-income consumers, it can be 2-3 times the annual income of the disease re-set the amount of insurance protection to ensure that the disease will not affect the cost of the treatment of domestic economic stability.
Additional allowances are usually hospitalized as a risk insurance. Can repeat this type of insurance product, much more to lose than to buy, according to the hospital to determine the level of charges to buy the shares. Many white-collar workers at the time of purchase, will select several hundred dollars per patient per day allowance, to protect the hospital's loss of income due to illness.
Good, good brands Select Insurance
Although the health insurance market, product range, homogeneity is also very strong, but at the time of purchase should compare features and brands, as far as possible from the impact of the price. Short-term medical insurance, for example, some insurance companies will be insured at a higher amount of annual compensation, will no longer be the second year of the renewal of the business. This utilitarian idea of screening operations, to allow the insured to the insurance companies do not have a sense of confidence.
China Insurance Regulatory Commission sets out the scope of protection must be included 6 major diseases, is currently on the market risk of severe disease protection up to dozens of diseases. However, the development of the product's point of view, based on 6 Chuxian the highest rates of disease and other diseases, the basic rate is very low. As a result, consumers buy should be re-disease risk based on physical examination reports, family history of disease, as well as insurance companies to provide health care services.
Health and is closely related to people's lives, the continuing rise in medical costs has stimulated more and more people's awareness of insurance. In a row we received a call from readers over the phone consultation, asked to choose a suitable health insurance products. In this regard, I sought the advice of health insurance professionals.
PICC Shanghai branch of the health insurance marketing general manager, said Xiao-Feng Song, health insurance can be divided into the cost of medical care, hospitalization benefits, the three major categories of diseases. Consumers should hold "no, all incomplete, good," the nine tactic.
There is no health risk insurance is a must-have
It is understood that because of people's understanding of the health insurance less, so often lost in many insurance products, it is difficult to find the most suitable for their own products. Although the Shanghai social degree of the basic medical insurance coverage has reached a higher level, but the commercial health insurance as an effective complement, to fill the medical expenses of members of the public pays part of the cost.
As a result, customers in the development of the insurance plan, first of all on health insurance should be included in the plan to address this part of the security gaps. As of July this year, the Shanghai A total of 39 life insurance companies, the vast majority of companies have individual health insurance, every company has a number of products less than 4. We can see that there is a demand of the consumers, the choice is a lot of scope.
The whole incomplete, reasonable arrangements for three types of health insurance
For some of the insured's health insurance consumers, the next is to improve the health insurance category, the cost of medical care, hospitalization benefits and major diseases are indispensable.
The cost of medical insurance needs of priority allocation. According to the proportion of such products for reimbursement of the difference can be divided into high, medium and low grade three. Consumers should be able to income, age, as well as basic medical insurance reimbursement standards, to protect the grade. However, strong economic strength of the consumer, you can choose one-stop insurance payments and the responsibility of the highest proportion of the products, some payments to medical insurance outside the scope of medical expenses.
Ordinary working class consumers in the community have a basic medical insurance, the purchase of major diseases can choose 80000-100000 amount of insurance. Higher-income consumers, it can be 2-3 times the annual income of the disease re-set the amount of insurance protection to ensure that the disease will not affect the cost of the treatment of domestic economic stability.
Additional allowances are usually hospitalized as a risk insurance. Can repeat this type of insurance product, much more to lose than to buy, according to the hospital to determine the level of charges to buy the shares. Many white-collar workers at the time of purchase, will select several hundred dollars per patient per day allowance, to protect the hospital's loss of income due to illness.
Good, good brands Select Insurance
Although the health insurance market, product range, homogeneity is also very strong, but at the time of purchase should compare features and brands, as far as possible from the impact of the price. Short-term medical insurance, for example, some insurance companies will be insured at a higher amount of annual compensation, will no longer be the second year of the renewal of the business. This utilitarian idea of screening operations, to allow the insured to the insurance companies do not have a sense of confidence.
China Insurance Regulatory Commission sets out the scope of protection must be included 6 major diseases, is currently on the market risk of severe disease protection up to dozens of diseases. However, the development of the product's point of view, based on 6 Chuxian the highest rates of disease and other diseases, the basic rate is very low. As a result, consumers buy should be re-disease risk based on physical examination reports, family history of disease, as well as insurance companies to provide health care services.
12 Oct 2008
People's Insurance Department to take a curtain call after the short-term risk management successors
The power to stop selling successors
May be purged by the Bank of China Insurance Regulatory Commission security channels, as well as the insurance product structure of the wind shock, since mid-August, the early part of the "star" family of short-term and short-term health insurance and property insurance have been to stop selling the product. However, there are still at the end of insurance proceeds, the interest rate linked words so the temptation of short-term financial risk management in the bank counter through the streets. Difference is that a name change for the people.
Moratorium on the sale of power
Following the July Department of People's Insurance Company of the life of the people, "Xin Rong annuity" led to the suspension of the sale of premium income fell in a straight line, its sister companies were healthy, "often without any worry," also on August 1 moratorium on the sale of a company which in August Premium income suffered the same fate. According to the Shanghai Insurance Association statistics show that 1-June healthy people of the Shanghai branch of the upward trend in both premium income and more than peace, the life insurance premium income in the first place that month; from the beginning of July, that is, "Often worry," the moratorium on the sale of the previous month, the company's insurance revenue from direct 776,890,000 yuan fell to 15,170,000 yuan.
According to industry sources, although in July, "often without any worry," not to stop selling, but the assets of insurance funds out of the match, supervision Bishi has started to pay attention to short-term financial security silver products over the sale, which could The company has led to self-control product sales.
August is "often worry-free," declared the moratorium on the sale of the month, the health of the Shanghai People's Insurance premium income continued to decline, and in June of 776,890,000 yuan, premium income fell by as much as 93%. People's Insurance product line, "Xin Rong pension" and "worry-free regular health plans to value-added," people have been made to stop selling health insurance premiums in the life of the people and has returned to the tepid state.
In fact, the People's Insurance Department in addition to the two short-term risk management and insurance, land of a family of short-term financial security - peace of mind home-based financial management of family property insurance, insurance Hua called a dragon income-linked and personal accident Comprehensive family property insurance, but also on Aug. 3, "to withdraw from the market."
In the company's products introduced in this paragraph that the products linked to interest rates, the current interest rate is 5.77 percent, in case of any earnings claims will not change. Their income than the 5-year bank deposits higher than 0.19 percent, the statistics we have are of the highest current yield a product.
In addition, wholesale and most of the products to pay different starting point, although the product wholesale to pay the same fee for the first time, but only required to pay 5,000 / 000. 5 per thousand security payments, the main insured 10,000 yuan each year to enjoy a free personal accident insurance, the insured at a total 10,000 yuan each year to enjoy a free personal accident insurance; 10,000 yuan each year to enjoy a free family property Insurance coverage. And similar products on the market are more or less 10,000 / 10,000 from the sale of copies, when compared to other, lower starting point for the product.
Successors
However, the short-term financial risks have not disappeared. According to our statistics, as of Sept. 18, at least 5 insurance 6 short-term financial products are even banks, Postal Savings, and other sales channels.
Among them, and bringing peace to the family financial win-win situation for property insurance rate 5.73 percent, more than 5-year bank deposits higher than 0.15 percent, and Industrial and Commercial Bank (601,398), Shanghai Pudong Development, construction, and China Merchants Bank (600036) The four agencies issued. According to the sales staff to introduce the product-linked interest rates, assuming no change in interest rates, three-year period up to a total yield of 17.19 percent.
China Merchants Bank, said sales, sales of the product is currently very popular.
Some people look step-by-step security system following the posture, is the company's health insurance Ruifu De-fu Full House health care plan (5), its current interest rate is 5.50 percent, with the five-year time deposit interest rates rather, each of 1,000 yuan , 5 were from the sale of its shares to buy no upper limit.
From the sales channels, and bringing peace to (win-win financial management of family property insurance) with four banks to cooperate, counter sales, said sales of this product popular. Bohai insurance (Bo Hai Feng Li 2 / 2 in the Bohai Sea Fleet Financial-family property insurance (1 year) to three banks, and bring peace and stability in the sales channels that there is only one bank (Bank (601939)) the same. Shou and two Insurance companies, insurance Rui Fude (Full House Fuk health care plan) and the Bank, the Agricultural Bank, three of Postal Savings Bank.
Concussion-type fund
Although with the short-term financial products, but in the absence of insurance proceeds at the end, fund-type products in the current turmoil in the market, apparently subjected to more tests.
3, China and Thailand, China and Thailand sound financial management Bao-Ping in this month are the most obvious decline. As of September 18, China and Thailand on the 3rd unit net 0.9567, and last month, compared to 18 a month to reach 7% decline; sound investment in China and Thailand on September 18 insurance unit net 0.7125, nearly a month since the fall of 9% .
Ping Bao financial investment income is also less than satisfactory, September 18 units net 0.7072, and last month, 18 units of the net compared to 0.7889 over the past month fell by 8%, compared to the January 16 launch of the net value of 1.0 yuan , 8-month period has decreased by 30%.
The investment managers talking about peace Bao financial investment in the stock ratio of 0-70%, bond-type assets investment ratio of 25% -95%; cash assets ratio of 5%, with the balance of funds similar. Also on the public media, said: "This large-span of the asset allocation category in the current bullish long-term, short-term dramatic repercussions in the market, is particularly suitable."
However, on September 19 SSE Composite Index rose 9.45 percent, the above-mentioned types of fund products in the net on the same day a greater breakthrough: China and Thailand 3, 19 units net 1.0004, up 4.570 percent the day before; stability of China and Thailand (contract Provisions of the rights and interests of its investment of about 30% -70%), 19 units net 0.7484, representing a 5.0 percent rise in the previous session; safety and financial management Bao 19 units net 0.7358 the previous day up 4.04 percent.
This projection, the stability of the rights and interests of China and Thailand assets position of about 53.31 percent, due to the product in addition to investment in the stock market, but also to invest in open-end funds, so we measured by a formula based on the position should be lower than the actual positions; and Ping Bao financial management positions in the stocks of about 41.75 percent.
May be purged by the Bank of China Insurance Regulatory Commission security channels, as well as the insurance product structure of the wind shock, since mid-August, the early part of the "star" family of short-term and short-term health insurance and property insurance have been to stop selling the product. However, there are still at the end of insurance proceeds, the interest rate linked words so the temptation of short-term financial risk management in the bank counter through the streets. Difference is that a name change for the people.
Moratorium on the sale of power
Following the July Department of People's Insurance Company of the life of the people, "Xin Rong annuity" led to the suspension of the sale of premium income fell in a straight line, its sister companies were healthy, "often without any worry," also on August 1 moratorium on the sale of a company which in August Premium income suffered the same fate. According to the Shanghai Insurance Association statistics show that 1-June healthy people of the Shanghai branch of the upward trend in both premium income and more than peace, the life insurance premium income in the first place that month; from the beginning of July, that is, "Often worry," the moratorium on the sale of the previous month, the company's insurance revenue from direct 776,890,000 yuan fell to 15,170,000 yuan.
According to industry sources, although in July, "often without any worry," not to stop selling, but the assets of insurance funds out of the match, supervision Bishi has started to pay attention to short-term financial security silver products over the sale, which could The company has led to self-control product sales.
August is "often worry-free," declared the moratorium on the sale of the month, the health of the Shanghai People's Insurance premium income continued to decline, and in June of 776,890,000 yuan, premium income fell by as much as 93%. People's Insurance product line, "Xin Rong pension" and "worry-free regular health plans to value-added," people have been made to stop selling health insurance premiums in the life of the people and has returned to the tepid state.
In fact, the People's Insurance Department in addition to the two short-term risk management and insurance, land of a family of short-term financial security - peace of mind home-based financial management of family property insurance, insurance Hua called a dragon income-linked and personal accident Comprehensive family property insurance, but also on Aug. 3, "to withdraw from the market."
In the company's products introduced in this paragraph that the products linked to interest rates, the current interest rate is 5.77 percent, in case of any earnings claims will not change. Their income than the 5-year bank deposits higher than 0.19 percent, the statistics we have are of the highest current yield a product.
In addition, wholesale and most of the products to pay different starting point, although the product wholesale to pay the same fee for the first time, but only required to pay 5,000 / 000. 5 per thousand security payments, the main insured 10,000 yuan each year to enjoy a free personal accident insurance, the insured at a total 10,000 yuan each year to enjoy a free personal accident insurance; 10,000 yuan each year to enjoy a free family property Insurance coverage. And similar products on the market are more or less 10,000 / 10,000 from the sale of copies, when compared to other, lower starting point for the product.
Successors
However, the short-term financial risks have not disappeared. According to our statistics, as of Sept. 18, at least 5 insurance 6 short-term financial products are even banks, Postal Savings, and other sales channels.
Among them, and bringing peace to the family financial win-win situation for property insurance rate 5.73 percent, more than 5-year bank deposits higher than 0.15 percent, and Industrial and Commercial Bank (601,398), Shanghai Pudong Development, construction, and China Merchants Bank (600036) The four agencies issued. According to the sales staff to introduce the product-linked interest rates, assuming no change in interest rates, three-year period up to a total yield of 17.19 percent.
China Merchants Bank, said sales, sales of the product is currently very popular.
Some people look step-by-step security system following the posture, is the company's health insurance Ruifu De-fu Full House health care plan (5), its current interest rate is 5.50 percent, with the five-year time deposit interest rates rather, each of 1,000 yuan , 5 were from the sale of its shares to buy no upper limit.
From the sales channels, and bringing peace to (win-win financial management of family property insurance) with four banks to cooperate, counter sales, said sales of this product popular. Bohai insurance (Bo Hai Feng Li 2 / 2 in the Bohai Sea Fleet Financial-family property insurance (1 year) to three banks, and bring peace and stability in the sales channels that there is only one bank (Bank (601939)) the same. Shou and two Insurance companies, insurance Rui Fude (Full House Fuk health care plan) and the Bank, the Agricultural Bank, three of Postal Savings Bank.
Concussion-type fund
Although with the short-term financial products, but in the absence of insurance proceeds at the end, fund-type products in the current turmoil in the market, apparently subjected to more tests.
3, China and Thailand, China and Thailand sound financial management Bao-Ping in this month are the most obvious decline. As of September 18, China and Thailand on the 3rd unit net 0.9567, and last month, compared to 18 a month to reach 7% decline; sound investment in China and Thailand on September 18 insurance unit net 0.7125, nearly a month since the fall of 9% .
Ping Bao financial investment income is also less than satisfactory, September 18 units net 0.7072, and last month, 18 units of the net compared to 0.7889 over the past month fell by 8%, compared to the January 16 launch of the net value of 1.0 yuan , 8-month period has decreased by 30%.
The investment managers talking about peace Bao financial investment in the stock ratio of 0-70%, bond-type assets investment ratio of 25% -95%; cash assets ratio of 5%, with the balance of funds similar. Also on the public media, said: "This large-span of the asset allocation category in the current bullish long-term, short-term dramatic repercussions in the market, is particularly suitable."
However, on September 19 SSE Composite Index rose 9.45 percent, the above-mentioned types of fund products in the net on the same day a greater breakthrough: China and Thailand 3, 19 units net 1.0004, up 4.570 percent the day before; stability of China and Thailand (contract Provisions of the rights and interests of its investment of about 30% -70%), 19 units net 0.7484, representing a 5.0 percent rise in the previous session; safety and financial management Bao 19 units net 0.7358 the previous day up 4.04 percent.
This projection, the stability of the rights and interests of China and Thailand assets position of about 53.31 percent, due to the product in addition to investment in the stock market, but also to invest in open-end funds, so we measured by a formula based on the position should be lower than the actual positions; and Ping Bao financial management positions in the stocks of about 41.75 percent.
9 Oct 2008
Life insurance industry, behind the prosperity of the "hidden"
-7 This year in January, the Chinese life insurance industry has shown rapid growth, life insurers premium income up 66.7 percent, year-on-year increase in recent years, is the largest one-year, but we have heard it is a life insurance Industry growth potential risks behind the concerns: the China Insurance Regulatory Commission stressed that "the life insurance industry to strengthen risk management and control and structural adjustment", China's insurance industry association called on "the insurance industry will strictly regulate the behavior of employees," reported the China Insurance comment on the article " Silver surged security business, hi Ye Ye worry? "
Three worries
"Hidden" from the rapid growth accompanied by the three major issues.
First, the sustainability of growth is not strong, may cause big ups and downs of the industry risk. In July from the life insurance premium income of the ring than the rate of increase, to more than the ring in June fell by nearly 26%. Although the life insurance industry to the overall situation is good, but the growth rate volatility will undoubtedly increase the potential risk of all types, the life insurance industry in the long-term health effects of sustainable development.
Second, there is a structural operational risk, investment-type insurance products over the development, protection-type insurance product development lags behind, it may depart from the development of the industry in the right direction. In the first half of this year, including dividends risk, and risk everything to vote, even the risk of investment products, insurance-life insurance premium income accounted for 79% of the proportion of the end of last year to increase by 9 percentage points. If the dividend omissions insurance, risk everything to vote, and even dangerous proportion of the total close to 30% higher than at the end of last year, an increase of 25% and 5 percentage points. According to the Shanghai Bao Jianju statistics, in the first half of this year, risk everything to vote, and even the risk has to occupy half of Shanghai's life insurance market, reaching 46.90 percent. The universal insurance income 5,597,000,000 yuan, up 132.10 percent, accounting for the total life insurance premium income of 20.94 percent, all business in the fastest-growing insurance; insurance business for even reached 4,210,000,000 yuan, up 103.18 percent, Life insurance premium income accounted for a total of 15.75 percent.
Third, a single channel, the main channel for banks to rely on the blow-out growth. In the first half of this year, there were 80,090 bank branches insurance agent, the total insurance industry and agencies of 52.84 percent, to realize 173,262,000,000 yuan premium income and fee income 5,470,000,000 yuan. Both premium income or fee income, the bank in the insurance industry and agencies of all proportion to increase significantly, the proportion of premium income from last year's 62.89 percent rise to 72.76 percent, the proportion of income from fees last year's 42.14 percent Up to 59.03 percent.
Silver volatile security
It is clear that investment-based insurance and speeding the development of the Bank's insurance business is a fast-growing life insurance industry in the first half of this year's high-speed growth of the two major driving force, pulling the life insurance premium income of the company's size. However, as long as the Bank of the current security status of business development and investment-type insurance products to make a sales analysis on the life insurance industry is not hard to see behind the prosperity of the problems.
Banks and Insurance Companies from the business point of view, in the first half of this year due to the sharp fluctuations in the stock market, major banks in order to make up for funds due to the reduction in sales brought about by the shrinking middle income, more attention to the insurance agency business and its employees as an important aspect of performance appraisal, which Greatly stimulated the Bank's insurance business and expand high-speed growth. There is no doubt that this growth is extraordinary, to be more changes in the external environment, sustainability is not strong. Bank of China's insurance business has been carried out since, it has been in a state of instability in the development, sometimes a sharp rise in turn continued to shrink, depends entirely on the banks of the insurance agency business initiative. Once the stock market is booming, the Bank of security operations on the natural out in the cold, at the same time the public interest will be to stocks, a lot of money into the local stock market plummeted immediately Bank security operations; once the stock market, banks are Bank of security operations on the degree of concern Increase in the Bank of security operations on the immediate improvement. Therefore, the Bank of security operations is to look at the rise and fall to a large extent, the banks face, a lot of volatility.
The ups and downs of the business is the largest against life insurance companies increased the difficulty of matching assets and liabilities, and may even have a solvency problem that affects the stability of the company's operating life. On the other hand, a small number of life insurance premiums in blind pursuit of size, cost and improve the malicious agent fees, and some for the sake of "Happy Valley enclosure", managers at the bank on the use of "hidden rules", dinner gifts, so that the Bank of security High business costs, squeezing the life insurance company's profit margins, expenses and even worse the risk of loss. There are people in the trade, if not alert security to face up silver business risk, then the Bancassurance "win-win" could become a "one-win", I am afraid that life insurance companies can only come to a "call to make under risk" Notoriety.
Revenue down
From the investment-type insurance products, in 2007 due to higher investment income dividend program demonstration effect brought about by the introduction of universal insurance settlement, as well as interest rates rise gradually, taking in real interest rates negative for the financial environment, risk sharing, and risk everything to vote Even dangerous, and other investment-insurance products sought after by consumers. In the first half of this year, although a substantial capital markets, but by the inertia of factors, in particular the bank's initiative, the bank channel, with its advantages and social credibility of the investment-type insurance product sales continue to climb up, the rapid growth in premiums In life insurance premiums in the proportion rising.
However, with the stock market in the second half of 2008 remains in the doldrums, life insurance companies decreased investment income, unless special dividend for the use of reserves is expected in 2008 and 2009 the reduction in the level of dividends, universal insurance settlement reduced the level of interest rates, even for risk investment Account will inevitably shrink, which is bound to affect the type of investment products, insurance premium growth, and may even trigger a wave of blind surrender. On the other hand, investment in the sales of insurance products that exist in misleading conduct will be because of the decline in investment income and increased the risk of surrender. Over the past few years, investment-type insurance products, the high proportion of surrender has been the existence of the phenomenon, which can not be avoided is the reason for the sale of investment in marketing insurance products based on inadequate investment risk tips, and even suspected of misleading policyholders. According to reports, in the first half of this year, Shanghai's life insurance market, about 40 billion back premiums, the rate of about 15% of the surrender, surrender the amount of dividends insurance payments accounted for 57% of the surrender, even dangerous for the simple surrender More than 8%.
Three worries
"Hidden" from the rapid growth accompanied by the three major issues.
First, the sustainability of growth is not strong, may cause big ups and downs of the industry risk. In July from the life insurance premium income of the ring than the rate of increase, to more than the ring in June fell by nearly 26%. Although the life insurance industry to the overall situation is good, but the growth rate volatility will undoubtedly increase the potential risk of all types, the life insurance industry in the long-term health effects of sustainable development.
Second, there is a structural operational risk, investment-type insurance products over the development, protection-type insurance product development lags behind, it may depart from the development of the industry in the right direction. In the first half of this year, including dividends risk, and risk everything to vote, even the risk of investment products, insurance-life insurance premium income accounted for 79% of the proportion of the end of last year to increase by 9 percentage points. If the dividend omissions insurance, risk everything to vote, and even dangerous proportion of the total close to 30% higher than at the end of last year, an increase of 25% and 5 percentage points. According to the Shanghai Bao Jianju statistics, in the first half of this year, risk everything to vote, and even the risk has to occupy half of Shanghai's life insurance market, reaching 46.90 percent. The universal insurance income 5,597,000,000 yuan, up 132.10 percent, accounting for the total life insurance premium income of 20.94 percent, all business in the fastest-growing insurance; insurance business for even reached 4,210,000,000 yuan, up 103.18 percent, Life insurance premium income accounted for a total of 15.75 percent.
Third, a single channel, the main channel for banks to rely on the blow-out growth. In the first half of this year, there were 80,090 bank branches insurance agent, the total insurance industry and agencies of 52.84 percent, to realize 173,262,000,000 yuan premium income and fee income 5,470,000,000 yuan. Both premium income or fee income, the bank in the insurance industry and agencies of all proportion to increase significantly, the proportion of premium income from last year's 62.89 percent rise to 72.76 percent, the proportion of income from fees last year's 42.14 percent Up to 59.03 percent.
Silver volatile security
It is clear that investment-based insurance and speeding the development of the Bank's insurance business is a fast-growing life insurance industry in the first half of this year's high-speed growth of the two major driving force, pulling the life insurance premium income of the company's size. However, as long as the Bank of the current security status of business development and investment-type insurance products to make a sales analysis on the life insurance industry is not hard to see behind the prosperity of the problems.
Banks and Insurance Companies from the business point of view, in the first half of this year due to the sharp fluctuations in the stock market, major banks in order to make up for funds due to the reduction in sales brought about by the shrinking middle income, more attention to the insurance agency business and its employees as an important aspect of performance appraisal, which Greatly stimulated the Bank's insurance business and expand high-speed growth. There is no doubt that this growth is extraordinary, to be more changes in the external environment, sustainability is not strong. Bank of China's insurance business has been carried out since, it has been in a state of instability in the development, sometimes a sharp rise in turn continued to shrink, depends entirely on the banks of the insurance agency business initiative. Once the stock market is booming, the Bank of security operations on the natural out in the cold, at the same time the public interest will be to stocks, a lot of money into the local stock market plummeted immediately Bank security operations; once the stock market, banks are Bank of security operations on the degree of concern Increase in the Bank of security operations on the immediate improvement. Therefore, the Bank of security operations is to look at the rise and fall to a large extent, the banks face, a lot of volatility.
The ups and downs of the business is the largest against life insurance companies increased the difficulty of matching assets and liabilities, and may even have a solvency problem that affects the stability of the company's operating life. On the other hand, a small number of life insurance premiums in blind pursuit of size, cost and improve the malicious agent fees, and some for the sake of "Happy Valley enclosure", managers at the bank on the use of "hidden rules", dinner gifts, so that the Bank of security High business costs, squeezing the life insurance company's profit margins, expenses and even worse the risk of loss. There are people in the trade, if not alert security to face up silver business risk, then the Bancassurance "win-win" could become a "one-win", I am afraid that life insurance companies can only come to a "call to make under risk" Notoriety.
Revenue down
From the investment-type insurance products, in 2007 due to higher investment income dividend program demonstration effect brought about by the introduction of universal insurance settlement, as well as interest rates rise gradually, taking in real interest rates negative for the financial environment, risk sharing, and risk everything to vote Even dangerous, and other investment-insurance products sought after by consumers. In the first half of this year, although a substantial capital markets, but by the inertia of factors, in particular the bank's initiative, the bank channel, with its advantages and social credibility of the investment-type insurance product sales continue to climb up, the rapid growth in premiums In life insurance premiums in the proportion rising.
However, with the stock market in the second half of 2008 remains in the doldrums, life insurance companies decreased investment income, unless special dividend for the use of reserves is expected in 2008 and 2009 the reduction in the level of dividends, universal insurance settlement reduced the level of interest rates, even for risk investment Account will inevitably shrink, which is bound to affect the type of investment products, insurance premium growth, and may even trigger a wave of blind surrender. On the other hand, investment in the sales of insurance products that exist in misleading conduct will be because of the decline in investment income and increased the risk of surrender. Over the past few years, investment-type insurance products, the high proportion of surrender has been the existence of the phenomenon, which can not be avoided is the reason for the sale of investment in marketing insurance products based on inadequate investment risk tips, and even suspected of misleading policyholders. According to reports, in the first half of this year, Shanghai's life insurance market, about 40 billion back premiums, the rate of about 15% of the surrender, surrender the amount of dividends insurance payments accounted for 57% of the surrender, even dangerous for the simple surrender More than 8%.
7 Oct 2008
China Insurance Regulatory Commission to strengthen the internal audit supervision of insurance companies
The development of the China Insurance Regulatory Commission, deputy director of the Department of Housing Reform Yong-bin recently said that the increasing difficulty of insurance supervision, the task of increasing, the need to use the internal audit's internal oversight mechanisms to promote the improvement of the effectiveness of supervision.
Yong-bin in the room organized by the China Insurance Regulatory Commission to monitor insurance training courses on internal audit pointed out that in recent years, the insurance market in some of the problems with insurance companies to a large extent, strict internal control, internal audit system is not directly related to the sound.
At present, the insurance industry faces the risk of more sources, faster delivery and greater destructive power, supervision of insurance to guard against the risk of a heavier responsibility than ever before, has become extremely difficult. Corporate governance and internal controls to guard against the risk is the first line of defense, internal audit is one important link. If the insurance companies to establish effective internal audit system, the insurance market irregularities will be significantly reduced.
He stressed that the internal audit and supervision of the insurance check has a certain homogeneity, as the insurance companies do a good job in monitoring the internal audit, it is necessary to play an effective internal audit report submitted to the system. The establishment of the system, first of all to play Bao Jianju in corporate governance and internal control monitoring role could understand Baojian Ju insurance branch control, Bao Jianju to play in corporate governance and internal controls to monitor the role of The realization of the China Insurance Regulatory Commission and the upper and lower Baojian Ju linked together to monitor the implementation of the management structure. Second, is conducive to the scene to explore off-site supervision and regulation combine to improve the regulatory and scientific validity. Through the establishment of the internal audit report submitted to the system can Baojian Ju of the audit report meta-analysis, to better monitor the area of operation of insurance companies, market trends and make the best of the existing problems, there is a significant risk of potential targeted To strengthen supervision.
In addition, the system also promotes the establishment of insurance companies to strengthen the internal audit work. Through the establishment of the internal audit report submitted to the system of insurance can be quality of the branches of the audit, the audit frequency of monitoring will help to urge the adoption of external supervision of insurance companies and strengthen the internal audit branch.
It is understood that the China Insurance Regulatory Commission in 2007 published "Insurance internal audit guidelines (for trial implementation)" provides that the internal audit department of insurance under the branches of the audit, the audit report should be at the same time Chaobao audit of the location of the object the China Insurance Regulatory Commission Agency. In July this year, the China Insurance Regulatory Commission published "China Insurance Regulatory Commission sent to the agency submitted to the insurance company branches of the internal audit report on the matter," which further defined the relevant implementation details.
Yong-bin in the room organized by the China Insurance Regulatory Commission to monitor insurance training courses on internal audit pointed out that in recent years, the insurance market in some of the problems with insurance companies to a large extent, strict internal control, internal audit system is not directly related to the sound.
At present, the insurance industry faces the risk of more sources, faster delivery and greater destructive power, supervision of insurance to guard against the risk of a heavier responsibility than ever before, has become extremely difficult. Corporate governance and internal controls to guard against the risk is the first line of defense, internal audit is one important link. If the insurance companies to establish effective internal audit system, the insurance market irregularities will be significantly reduced.
He stressed that the internal audit and supervision of the insurance check has a certain homogeneity, as the insurance companies do a good job in monitoring the internal audit, it is necessary to play an effective internal audit report submitted to the system. The establishment of the system, first of all to play Bao Jianju in corporate governance and internal control monitoring role could understand Baojian Ju insurance branch control, Bao Jianju to play in corporate governance and internal controls to monitor the role of The realization of the China Insurance Regulatory Commission and the upper and lower Baojian Ju linked together to monitor the implementation of the management structure. Second, is conducive to the scene to explore off-site supervision and regulation combine to improve the regulatory and scientific validity. Through the establishment of the internal audit report submitted to the system can Baojian Ju of the audit report meta-analysis, to better monitor the area of operation of insurance companies, market trends and make the best of the existing problems, there is a significant risk of potential targeted To strengthen supervision.
In addition, the system also promotes the establishment of insurance companies to strengthen the internal audit work. Through the establishment of the internal audit report submitted to the system of insurance can be quality of the branches of the audit, the audit frequency of monitoring will help to urge the adoption of external supervision of insurance companies and strengthen the internal audit branch.
It is understood that the China Insurance Regulatory Commission in 2007 published "Insurance internal audit guidelines (for trial implementation)" provides that the internal audit department of insurance under the branches of the audit, the audit report should be at the same time Chaobao audit of the location of the object the China Insurance Regulatory Commission Agency. In July this year, the China Insurance Regulatory Commission published "China Insurance Regulatory Commission sent to the agency submitted to the insurance company branches of the internal audit report on the matter," which further defined the relevant implementation details.
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