-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%.
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