www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / Industries

Insurance sector needs innovation to aid supply-side reform

By Song Jingli | chinadaily.com.cn | Updated: 2016-11-21 15:14

Insurance sector needs innovation to aid supply-side reform

Wei Yingning, former vice-chairman of China Insurance Regulatory Commission, delivers a speech at the launch ceremony of the China Insurance and Pension Fund Research Center at the PBC School of Finance at Tsinghua University on Nov 20, 2016. [Photo provided to chinadaily.com.cn]

China is likely to surpass Japan in insurance premium this year, second only to the United States, predicted Wei Yingning, former vice-chairman of China Insurance Regulatory Commission, in Beijing on Sunday.

Total insurance premium in the first eight months of this year has reached 2.3 trillion yuan ($333.4 billion), close to last year's total of 2.4 trillion yuan, up by 34.68 percent year-on-year, according to Zhou Yanli, another former vice-chairman of the insurance watchdog.

However, the country is far from being an insurance superpower as penetration and density are still low, Wei added in his keynote speech delivered on the launch ceremony of the China Insurance and Pension Fund Research Center at the PBC School of Finance, Tsinghua University.

The country's insurance penetration, which is the ratio of total insurance premium to GDP which and which reflects the importance of the industry to the whole economy, was 3.57 percent in 2015, while the world average was 6.23 percent. The density, which is the ratio of total insurance premium to total population and which measures residents' willingness to buy policies, was $281 last year, compared to the global average of $621.

China has set a target of 4.5 trillion yuan in total insurance premium, 25 trillion yuan in total asset, five percent in penetration and 3,500 yuan in density in the insurance sector's 13th Five Year Plan (2016-2020) released in August. Wei said he thought this target is achievable as the sector expects large opportunities ahead due to four factors.

First, international experience shows that when per capita GDP ranges between $5,000 and $10,000 in a country, its insurance sector grows fast and China, whose per capita GDP was $8,016, is right in this group. When per capita GDP is below $5,000, residents do not earn much and do not have enough money to buy insurance policies and when per capita GDP is above $10,000, the market has become rather mature, he added.

Second, there is high demand as people have higher needs for better health, life quality and security when their income and wealth increase.

Third, China has many fiscal policies, including pretax deduction for commercial health insurance policy buyers, to aid this sector and will have more in the future. The country has allowed insurance companies to invest in more areas, including elderly care facilities and communities, leaving more room for the development of insurance companies.

Fourth, the internet has brought changes in insurance sales channel expansion, product design, business models and service. Technologies in big data, cloud computing, internet of things and blockchain will usher in next round of innovation.

However, Wei added that while internet finance has changed the fundamental model of finance as no banks are needed in borrowing and lending and the internet itself has become the medium, the internet insurance has not changed the nature of insurance, which indicates that internet insurance is still in the very early stage of development and will witness more innovations later. Furthermore, technologies in big data and cloud computing have not really entered people's daily life and the insurance sector, which means there is still plenty room for development.

Li Kemu, former vice-chairman of China's insurance watchdog, said that insurance companies should improve product design to better meet people's needs, responding to the country's supply-side reform.

Zhou Yanli, also former vice–chairman, agreed him on insurance sector's important role in the country's supply-side reform as mismatch in the supply-side and demand-side is obvious. He said that insurance products offered are homogenous and citied Chinese mainland people's enthusiasm in Hong Kong insurance policies as a counterexample. In 2015, Chinese mainland residents bought insurance policies worth HK$ 31.6 billion in Hong Kong, up by 29.5 percent year-on-year.

He added that property and liability insurance still plays a very limited role in protection against key accidents.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 色精品视频 | 一区二区三区亚洲视频 | 正在播真实出轨炮对白 | 特级毛片免费观看视频 | 99精品一区二区三区 | 中文字幕国产一区 | 中文精品久久久久国产网址 | 欧美5g影院天天爽天天看 | 国内交换一区二区三区 | 亚洲日产2021三区 | 韩国欧洲一级毛片免费 | 精品在线99| 最近手机中文字幕1 | 亚洲欧美一区二区三区国产精品 | 性欧美在线 | 国产男女乱淫真视频全程播放 | 欧美日韩国产高清一区二区三区 | 97视频在线观看免费播放 | 久草中文视频 | 久久成人网18网站 | 中文字幕免费在线视频 | 呦女精品视频 | 成人欧美一区二区三区视频 | 亚洲人成网国产最新在线 | 高清一区二区 | 高清在线亚洲精品国产二区 | 欧美成人做爰网站 | 日韩不卡一二三区 | xxx国产hd| 欧美白人和黑人xxxx猛交视频 | 久久se精品一区精品二区 | 免费欧美黄色 | 51久久夜色精品国产 | 欧美成人一级毛片 | 精品午夜国产在线观看不卡 | 亚洲系列 | 国产精品男人的天堂 | 日韩一级视频在线观看播放 | 亚洲国产免费 | 国产成人一区二区在线不卡 | 亚洲精品久久久久影 |