The Securities Times reporter learned that since the reverse mortgage pension insurance for the elderly was launched four years ago, four insurance companies have obtained business qualifications, but only two insurance companies have launched related insurance products, and only 1 family has actually started business. As of April 20 19, the "house-for-the-aged" insurance products launched by Happiness Life Insurance have covered 194 (133 households).
Four-year cumulative underwriting 194.
The real "house-to-house pension" insurance product, that is, the reverse mortgage pension insurance for the elderly, is actually an innovative commercial pension insurance business that combines housing mortgage with lifelong annuity insurance. Its operation mode is that the elderly who have complete property rights of the house mortgage their property to the insurance company, and with the consent of the mortgagee, continue to enjoy the right to possess, use, benefit and dispose of the house, and receive the pension according to the agreed conditions until their death; After the death of the old man, the insurance company has the right to dispose of the mortgaged property, and the proceeds from the disposal will be used to pay the related expenses of the old-age insurance in advance.
The insured population of this product is over 60 years old and has completely independent property rights. The institution that provides reverse mortgage pension insurance for the elderly is an insurance company with certain qualifications.
2065438+June 2004, the former China Insurance Regulatory Commission issued "Guiding Opinions on Launching the Pilot Project of Housing Reverse Mortgage Endowment Insurance for the Elderly", which officially started the pilot project of housing reverse mortgage endowment insurance. The pilot cities are Beijing, Shanghai, Guangzhou and Wuhan. From 2065438 to March 2005, Happiness Life's first housing reverse mortgage endowment insurance product was approved for sale, and the pilot entered the substantive operation stage. On July 3, 2065438, KLOC-0, the reverse mortgage pension insurance for the elderly was officially extended to the whole country.
However, since the launch of the business, the overall process is not too fast. In the past four years, * * * four insurance companies have been qualified to carry out housing reverse mortgage pension insurance, but only two insurance companies have launched related products. At present, only 1 company is actually engaged in business.
Securities Times reporter learned from Happy Life that as of April 20 19, the product of "Happy Home Lai Bao Old People's Housing Reverse Mortgage Pension Insurance (A)" launched by Happy Life has covered 194 (133 households). Among them, Beijing, Shanghai and Guangzhou account for a large part of the policy. According to statistics, the average monthly pension of this insurance product is nearly 8,000 yuan per household. According to the different regional real estate prices, each household receives a maximum of 30,000 yuan per month and a minimum of nearly 2,000 yuan.
Chen Lei, senior commissioner of the reverse mortgage pension insurance office of Happy Life, said that the reverse mortgage pension insurance is more suitable for the widowed, widowed, empty-nesters or people supported by their children. For example, Aunt Liu, 77 years old, has a small house in Shanghai, remarried and has no children. After retirement, she lived on the monthly welfare in 850 yuan. After seeing the news report about the reverse mortgage pension insurance, her nephew came to consult and finally insured. The value of her property was assessed as 6.5438+0.4 million yuan. Now, in addition to the relief fund, Aunt Liu Can has an extra income of 6,000 yuan per month.
According to the product design, Aunt Liu Can lived in this house and received a pension until her death; After his death, the insurance company obtained the right to dispose of the mortgaged real estate, and after repaying the expenses related to the old-age insurance paid by the insurance company, the remaining part still belongs to the heir agreed at the time of insurance; If the income from property disposal is not enough to pay the related expenses of endowment insurance paid by the insurance company, the insurance company shall bear the risk of insufficient house price and shall not recover from the family members.
The expansion of niche business
Judging from the development of the business itself, the number of insurance policies for the four-year exhibition industry 194 is not much. However, from the perspective of happy life, the process of reverse mortgage pension insurance is more complicated than general insurance products, and it is not easy to do at present.
The first reason is that reverse mortgage pension insurance itself is a niche business. Happiness Life said that over the past four years, tens of thousands of families have come to consult reverse mortgage pension insurance. In the end, most of them can't complete the insurance. There are three main reasons: first, the age is not suitable, second, the house is not suitable, and third, the insurance resistance is large.
According to the design, the insured age of reverse mortgage pension insurance is 60 ~ 85 years old, and most of the people who come to consult are middle-aged people in their 50 s; Secondly, the problem of housing property rights also affects insurance, for example, some houses are unit property rights houses, which cannot be circulated to the outside world and do not meet the mortgage conditions; There are also elderly people who have been divorced or widowed, and the property rights of the house do not completely belong to the elderly. There are also many uncontrollable factors in the process of analysis and production, which will affect the success rate of insurance.
Another main reason why reverse mortgage pension insurance is difficult to implement is that reverse mortgage pension insurance is a complex business involving quite a few subjects. It mainly includes two aspects: first, it takes time for the insured to understand the product, and second, the handling process involves multiple external links. Because the proportion of real estate in family assets is quite heavy, it not only involves various evaluation, notarization and legal issues, but also involves complex family issues. For example, there is a case in which an old man who lost his spouse wanted to take out insurance, but the insurance failed because his children and grandchildren disagreed.
Taking Shanghai as an example, from the successful signing of the insurance policies by the first batch of elderly people on 20 15 to March 20 19, Happiness Life received more than 600 first-time customer inquiries, and more than 200 households were interested in further insurance and conducted in-depth interviews. According to the three principles of low-income, old-age security and widowed priority insurance and the wishes of customers, only more than 60 households have initially reached their intentions. There may be problems such as unclear property rights of potential houses, difficult definition of inheritance relationship, difficult acquisition of survey information, and substandard comprehensive situation of houses and customers. In the end, 59 contracted customers * * * 79 people participated in reverse mortgage insurance business, and 46 insured customers * * * 63 people.
Chen Lei has 265,438+0 years working experience in the insurance industry. She said it was the most complicated product she had ever seen. "Not one, but the most complicated." She stressed.
Reverse mortgage pension insurance is essentially a complex transaction around real estate and pension, involving multiple external institutions. Under normal circumstances, it takes two months for a single reverse mortgage loan business to successfully complete the process. At present, the most time-consuming single reverse mortgage pension insurance business takes 9 months from the intention to complete all the processes.
In traditional insurance sales, it is the most important step to realize the insurance intention, but in reverse mortgage pension insurance, it is only the beginning, and the follow-up also involves many important external links such as property value evaluation, property ownership relationship investigation, property mortgage registration, will notarization and so on. The communication cost is very high. If any link gets stuck, the time will be pushed back.
For example, due to the limited social popularity of housing for the aged, many external institutions have no management methods and clear processes for this business, and it takes time and energy to communicate with various windows. In case of institutional reform and functional adjustment, it is necessary to re-communicate with relevant agencies and personnel from scratch.
Call for policy support
According to the latest data released by the National Bureau of Statistics, at the end of 20 18, there were 249 million people aged 60 and over in China, accounting for 17.9% of the total population, and the population aged 60 and over exceeded 0 ~ 15 for the first time. With the aging population in China, it is urgent to improve the old-age security system and improve the quality of old-age services.
Zheng Bingwen, director of the World Social Security Research Center of China Academy of Social Sciences, believes that the reverse mortgage loan for providing for the aged with housing is certainly a niche product, but as an integral part of the old-age security system, it has two irreplaceable functions: First, it increases the irreplaceable source of retirement income for some groups; Second, the retirement mode of home-based pension is irreplaceable.
He believes that theoretically, there is a potential market for housing reverse mortgage loans in China, and the potential demand is obvious, which can be seen from the fact that Zhongan Minsheng can easily defraud many elderly people in such a short time. However, at present, whether it is the demand side or the supply side, the wait-and-see mood is very strong, and it is too difficult to advance.
An insurance industry person said that in terms of this business, the risks and uncertainties faced by insurance companies are numerous and complex, including longevity risk, market risk, interest rate risk, policy risk, uncertainty risk and so on. As an insurance product, housing reverse mortgage also needs a certain amount as the basis, but the current market scale is not enough to spread the above risks. This is also an important reason why insurance companies have stopped.
Zheng Bingwen added that, compared with some other countries, there is still a disadvantage in developing housing reverse mortgage loans in China, that is, the grassroots legal environment, social credit system and the quality of intermediary service institutions are not perfect.
Zheng Bingwen suggested that the fundamental way to completely solve the problem of "the market is very cold and the swindlers are very hot" is to formulate relevant policies to encourage supply and meet demand, so that there is no room for swindlers to exploit loopholes, that is, to formulate and introduce a reverse mortgage guarantee policy for housing for the elderly as soon as possible, and to incorporate it into China's old-age security system as a national policy business.
Specifically, it still adopts the "American model", and the state entrusts a Ministry to provide "two-way insurance" for policyholders and insurers, which is the most powerful policy support model; Or adopt the "Hongkong model" of China, and the state authorizes a financial institution to provide "one-way insurance" to insurers with the endorsement of national credit. In addition, in terms of legal environment, China's current inheritance law, property law and guarantee law need to be improved, and there is a certain gap in legal convergence. It is urgent to amend relevant laws and regulations to create a good legal environment for reverse mortgage loans. At the level of insurance companies, there is also a lot of room for improvement, such as standardization of products, modularization of compensation, calculation of value, flexibility of term, etc.
In fact, policy-level support has been put into action. On March 29th, the General Office of the State Council issued the Opinions on Promoting the Development of the Aged Care Service Industry, clearly proposing to support commercial insurance institutions to carry out reverse mortgage pension insurance business for the elderly in cities above prefecture level, and set up green channels in real estate transactions, mortgage registration, notarization and other institutions to simplify procedures and improve service efficiency.
Zheng Bingwen said that after several decades, when China's economic development enters a stable state, the real estate market will also enter a stable state. After the external environment of the housing reverse mortgage market in China has been greatly improved, the housing reverse mortgage market may gradually enter a stable state.
(The original title is "It is difficult to implement housing-based old-age insurance: four years 194 single insurance).