Development and reform of insurance industry
The 16th National Congress of the Communist Party of China put forward the goal of building a well-off society in an all-round way. By analyzing the development status of the insurance industry, the CIRC concluded that the insurance industry in China is in the primary stage of development. It is believed that the development of the insurance industry is incompatible with the economy and society, and it is pointed out that we must seize the rare opportunity to make the insurance industry bigger and stronger as soon as possible. In recent years, the insurance industry has established and implemented the Scientific Outlook on Development, with reform and opening up as the driving force, structural adjustment as the main line, and market system construction as the foundation, and persisted in preventing and resolving risks, and achieved remarkable results. The performance of this effect, first, the stable and healthy development of insurance business. In 2004, the national premium income was 43 18 1 billion yuan, a year-on-year increase of 1 1.3%, the proportion of insurance income in GDP was 3.4%, and the insurance density (per capita premium) was 332 yuan. Among premium income, property insurance business grew rapidly, reaching 654.38+0089 billion yuan, up 25.4% year-on-year. In terms of life insurance business, due to the adjustment of business structure and the rising interest of insurance companies, the premium income was 332.8 billion yuan, up 7.2% year-on-year, but it still accounted for 74% of the total business. The total assets of insurance companies 1. 1.8 trillion, which exceeded the 1 trillion mark last year, with a balance of 1. 1.2 trillion. At the same time, the growth quality and efficiency of insurance business have been improved. According to the statistical express, the profit of the whole insurance industry last year was the highest in recent years.
The progress of insurance reform. Since the second half of 2003, China Property Insurance Co., Ltd., China Life Insurance Co., Ltd. and China Ping An Group Co., Ltd. have been listed overseas. The supervision of international investors has gradually turned into the conscious action of listed companies, and the business volume of the three major insurance groups accounts for more than 60% of the insurance market in China. The vitality of reform is being generated, which has become a powerful driving force to promote the healthy and rapid development of China's insurance industry. The third structural adjustment has achieved initial results. The structure of life insurance products has been improved, new business has grown rapidly, bank insurance products have been gradually transformed, the development of risk-guaranteed products has been accelerated, and the quality of business has been improved. The variety of the property insurance market has dropped sharply. The proportion of the first few larger companies in the premium is relatively large, and now it has dropped significantly, that is, the market competition is relatively full. The capital utilization and investment structure of insurance companies have improved. Because in the investment structure of insurance companies, the proportion of bank deposits in the past was relatively large, and now the proportion of bank deposits has declined. Bank stimulus bonds and convertible corporate bonds have become new investment highlights in the insurance industry.
New breakthroughs have been made in policies and measures to promote development. First, the insurance market access mechanism has been continuously improved, and new market players have emerged. In the past, it was not easy to set up a new insurance company in China, and the new China insurance company was basically not approved for many years. However, in 2004, a number of new insurance companies were approved for establishment, including the first agricultural insurance company, the first construction insurance company and the first endowment insurance company, which made a new breakthrough in the specialized economy and organizational form innovation of insurance companies. Last year, eight China insurance companies and four foreign insurance companies entered the market to do business. At the same time, a number of branches of insurance companies have been added to promote market competition. Second, the channels for the use of insurance funds have been continuously broadened. In addition to buying and selling government bonds and financial bonds with bank deposits as stipulated in the Insurance Law, insurance companies are now allowed to buy and sell corporate bonds, securities investment funds and directly invest in the stock market. Insurance companies are allowed to use their own foreign exchange funds abroad, and they are allowed to invest in bank stimulus bonds and convertible corporate bonds. Insurance companies can make agreement deposits in commercial banks. The broadening of insurance fund utilization channels has created conditions for insurance companies to strengthen asset-liability matching management, diversify investment risks and improve investment returns. Third, the financing channels of insurance companies have increased, allowing insurance companies to issue stimulus bonds, which provides a new way to solve the pressure of capital increase and improve solvency in the rapid development of the insurance industry.
Risk prevention has been continuously strengthened. China CIRC always takes risk prevention as the foundation, capital utilization as the key link, and insurance protection fund as the barrier, and strives to build a risk prevention approach for the insurance industry. At the end of last year, the Measures for the Administration of the Use of Insurance Funds was promulgated. If an insurance company goes bankrupt due to poor management, the assistance to the insured can be borne by the insurance statutory fund. The role of insurance in serving the economy and society has been further developed. In terms of economic compensation, after some major natural disasters, insurance companies paid in time, which played an important role in properly handling disasters and accidents. For example, in the air crash last June165438+1October 2 1, the personal accident insurance paid130,000 yuan, and the loss of the aircraft fuselage paid $23 million. At the same time, more and more individuals, families and enterprises regard commercial insurance as an important means of pension, medical security and enterprise risk management. In terms of financing, the national debt held by insurance companies at the end of last year was 265,654.38+0.7 billion yuan, the financial debt was1.654.38+0.56 billion yuan, and the corporate debt was 6.876 billion yuan. The agreed deposit in the bank is 370.94 billion yuan. Insurance companies support national economic construction in various ways, holding 57.5 billion yuan of securities investment funds. As major institutional investors, they are playing an increasingly prominent role in promoting the stable development of the capital market. The bank stimulus bonds held by insurance companies account for more than 30% of the total amount of bank stimulus bonds issued, which provides strong support for banks to improve their capital adequacy ratio and promote the reform of commercial banks. In terms of exploring new service fields, in view of the frequent occurrence of safety production and public liability accidents in various places, insurance companies have carried out pilot projects of coal mine owners' liability insurance, medical accident liability insurance and fire and road liability insurance in some provinces and cities, and insurance companies have also participated in the pilot project of the new rural cooperative medical system in 4 1 county in 8 provinces and cities, with 8.07 million participants, which has improved the operational efficiency of the new rural cooperative medical system. In nine provinces and cities, such as Heilongjiang and Jilin, insurance companies have carried out agricultural insurance pilot projects and actively explored agricultural insurance business models that are in line with local conditions. In Northeast China, during the pilot reform of enterprise annuity, insurance companies also actively participated in scheme design and fund management.
Second, the opening up of the insurance industry.
65438+February 1 1 2004, the transition period of China's insurance industry's accession to the WTO has ended, which indicates that China's insurance industry has entered a new era of all-round opening. Since China joined the WTO, the process of opening up the insurance industry has been accelerating. The breadth and depth of opening to the outside world are constantly expanding. There are several characteristics. Before joining WTO, there were 28 foreign insurance companies in China market. At present, there are 37 foreign-funded insurance companies, and another 3 are under construction. Second, the quality of openness. Fortune magazine announced in 2003 that there are 46 insurance companies among the top 500 companies in the world, of which 27 have set up foreign-funded institutions in China. Third, the development speed is fast. In 2004, the business of foreign insurance companies increased by 9.8 billion yuan, up 45.7% year-on-year, and the premium income of foreign insurance companies accounted for 2.3% of the total premium. In Shanghai, Guangzhou and other cities that opened to the outside world earlier, the market share of foreign insurance companies has reached 15.3% and 8.2% respectively. The entry of foreign insurance companies has promoted market competition and brought advanced technology and management experience. It has played a good demonstration role in the analysis of steady operation and quality service. It has improved the overall development level of the insurance industry. In the next step, the insurance industry will continue to unswervingly expand and open up. First, abide by the commitments made after China's entry into WTO and constantly improve the system guarantee. Second, actively introduce foreign-funded insurance companies with expertise in health insurance, liability insurance and agricultural insurance, and encourage foreign-funded insurance companies to set up business institutions in the central, western and northeastern regions to promote the development of related businesses and insurance markets in relevant regions. The third is to implement unified supervision of Chinese and foreign insurance companies, create a level playing field and promote common development. Fourth, strengthen international exchanges and cooperation to expand the international influence of China's insurance industry.
Third, the new situation facing the insurance industry
Looking at the economic situation at home and abroad, China's insurance industry is in a rare period of development opportunities. After more than 20 years of development, the foundation of the insurance industry has been continuously strengthened and the reform has been deepened. China's insurance industry is undergoing transformation, mainly in five aspects. First, the improvement of marketization and the successful restructuring of state-owned insurance companies indicate that mixed ownership with modern shareholding system as the main feature has become the main form of China's insurance enterprise system. Insurance companies have gradually become the real market competition subjects. Second, the growth mode has changed, and the business philosophy of insurance companies has undergone profound changes. From simply pursuing scale to paying attention to the unity of speed and quality, structure and efficiency, and paying attention to the improvement of their own quality. The promotion of connotation value and the long-term development of enterprises. Third, the insurance function has developed in depth. With the deepening and expansion of insurance function, the social demand for insurance develops to a higher level. For the government, insurance can be used as a means of market economy to assist social management, reduce management costs and improve management efficiency. As an effective means of risk management, insurance can play an important role in improving the management level of enterprises. For individuals and families, people's protection in medical care, insurance and education needs insurance to solve more. Fourth, the external relevance of the insurance industry is constantly increasing. With the listing of insurance companies and the development of investment and wealth management insurance market, the dependence of insurance market on capital market has increased. Insurance companies are increasingly becoming important institutional investors in the capital market, and their role and influence on the capital market are increasing. With the deepening of comprehensive financial management, the cooperation between banks, securities and insurance has become wider and deeper. Fifth, the degree of internationalization is deepening. More and more foreign insurance companies have entered the insurance market in China. Foreign companies are playing an increasingly important role in the insurance market in China, spreading risks around the world and increasing the influence of the international reinsurance market on insurance products and pricing in China. With the overseas financing of insurance companies and the overseas use of insurance foreign exchange funds, the international financial market has an increasing influence on China's insurance market. After the transition period after China's entry into WTO, China's insurance market will be further opened to the outside world, and will gradually integrate into the international insurance market, becoming an important part of the international insurance market.