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.
12 Oct 2008
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%.
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