1. Legal protection of contracts: Insurance contracts are protected by law, and there are clear provisions on what to insure and how much to pay, which ensures the safety of insurance purchase.
2. Supervision of insurance companies: Insurance companies in China are strictly supervised by the Banking and Insurance Regulatory Commission of China, including the audit of insurance products and the operation of the company. In addition, the threshold for the establishment of insurance companies is higher. For example, the minimum registered capital is RMB 200 million, and it must be paid-in monetary capital.
3. Market Competition: There are hundreds of life insurance and property insurance companies in China, and the competition among them is fierce, and they are all committed to providing the best service to win customers. This competitive environment urges insurance companies to provide reliable products and services.
4. Strengthen supervision: With more and more strict supervision, especially the establishment of the Financial Supervision and Management Committee, the business of insurance companies will gradually return to the guarantee function, and problems such as misleading sales and difficult claims will be gradually solved.
5. Market development: China has become the second largest insurance market in the world, with 300 million people buying long-term life insurance, the coverage rate of commercial life insurance reached 42.7%, and the total risk protection exceeded 65,438+0,000 trillion. This shows that the scale and development of insurance industry in China is remarkable.