（作者系国寿投资保险资产管理有限公司信用评估部高级经理） 在实际操作中，一是要建立组织独立、覆盖全面的保险资金另类投资评审管理体系。建立风控主导 的项目评审委员会，打造多部门参与的评审规则机制，将保险资金运用的管理要求传导至评审阶段，将 全面风险管理体系落实到评审层面，将项目投前、投中、投后全流程风控资源统筹到评审环节，向前联 动尽职调查、向后联动投后管理，一体强化前端把控。 二是要建立精细度高、实用性强的保险资金另类投资评审工具体系。完善项目评审标准，推进评审 流程、材料和评价的标准化，把握项目风控底线；完善项目评审模型，构建以评级为中心的主体信用风 险评审方案和以估值为中心的资产信用风险评审方案；完善项目评审系统，通过信息化管理使评审开展 规范、高效，推进智能化工具运用，精细、精准刻画项目风险特征。 三是建立涵盖面广、支撑性强的保险资金另类投资评审资源体系。完善数据资源积累，依托信息技 术扩大风险管理数据获取面，提高对评审的支撑能力。完善专家资源积累，建设评审专家库，提升对项 目细分投资赛道的把控程度。完善投研资源积累，深入开展评审研究，形成对评审的智力成果支持。 四是建立价值引领、持中守正的保险资金另类 ...

Core Insights - The release of the upgraded China Earthquake Catastrophe Model 3.7 by Zhongzai Catastrophe Risk Management Co., Ltd. enhances the precision of quantifying earthquake disaster losses and provides reliable data support for insurance actuarial work, disaster prevention planning, and emergency management [1] - The recent advancements in catastrophe risk management models reflect a broader trend in the industry, with multiple models being upgraded to improve disaster risk quantification [1][2] - The implementation of the "Action Plan" by the Financial Regulatory Bureau emphasizes the importance of developing catastrophe risk models for typhoons, floods, and earthquakes as part of a comprehensive disaster prevention and mitigation strategy [2] Industry Developments - The insurance industry is increasingly focusing on proactive disaster prevention measures, as demonstrated by the development of intelligent monitoring systems that can predict agricultural risks and provide timely warnings to farmers [3] - Emergency response capabilities have been enhanced, with insurance companies actively participating in disaster management, such as directing traffic during flooding events to prevent further losses [3] - The speed of claims processing has improved significantly, exemplified by rapid compensation for damages caused by natural disasters, showcasing the industry's commitment to efficient service [4] Regulatory Framework - The "Action Plan" has led to significant advancements in establishing a multi-layered catastrophe insurance protection mechanism, including the recent approval for domestic insurance companies to issue catastrophe-linked securities in Hong Kong [5] - The issuance of catastrophe-linked securities allows for better risk distribution and enhances the resilience of the insurance industry against natural disasters [5] Overall Impact - The insurance sector's role in disaster prevention, emergency response, and loss compensation has become increasingly prominent, with a closed-loop system being developed to enhance efficiency and societal resilience [6] - The industry is transitioning from passive compensation to proactive disaster reduction, supported by technological advancements and innovative mechanisms [6] - As catastrophe insurance systems deepen and emergency service mechanisms improve, the insurance industry's function within the national emergency management framework is expected to become more robust, providing stronger protection for public safety [6]

Core Insights - The Financial Regulatory Bureau released an action plan to promote high-quality development in the property insurance industry, focusing on business transformation and upgrades [1] - The action plan has led to significant reforms in the auto insurance sector, particularly addressing challenges in insuring new energy vehicles [1][3] - The introduction of a risk-sharing mechanism has helped alleviate the "difficult to insure" problem for high-risk models [2] Group 1: Policy and Regulatory Developments - The action plan aims to enrich new energy vehicle insurance products and optimize market pricing mechanisms [1] - A joint guidance document was released to enhance the quality of new energy vehicle insurance through data sharing, repair standards, and rate determination [1][2] - The "Car Insurance Good to Insure" platform was launched to support high-compensation model insurance, with over 37 insurance companies participating [2] Group 2: Industry Performance and Trends - Major insurers like China Ping An and China Pacific have reported that new energy vehicle insurance has entered a profitable phase [3] - The expected premium for new energy vehicle insurance is projected to reach 200 billion yuan, with a growth rate exceeding 30% [3] - The industry is experiencing a shift towards digitalization and AI integration, with significant advancements in automated claims processing [3] Group 3: Challenges and Future Outlook - The industry still faces challenges such as the division of liability in autonomous driving and the need for improved data sharing protocols [4] - Despite these challenges, the ongoing reforms are expected to enhance the industry's role in supporting the real economy and meeting public needs [4]

Core Insights - The signing of 11 multilateral cooperation memorandums for cross-border payment collaboration in Shanghai marks a significant step towards enhancing global payment connectivity and collaboration among various financial institutions [1][2][4] Group 1: Cross-Border Payment Cooperation - China UnionPay has established partnerships with 11 key institutions, including banks and payment networks from countries such as Malaysia, Uzbekistan, and Brazil, to facilitate cross-border payment cooperation [1] - The cooperation aims to create a new blueprint for a globally interconnected payment industry, enhancing economic fluidity and collaboration [1][2] Group 2: Global Payment Network Development - China UnionPay is expanding its cross-border payment network, having already collaborated with around 50 countries, including those in Asia and South America, to build a world-class payment interconnectivity network [2] - This network is expected to benefit millions of small and medium-sized enterprises by providing them access to global purchasing power, thereby stimulating economic recovery and growth [2][6] Group 3: New "Four-Party Model" - A new "four-party model" has been proposed by China UnionPay, incorporating wallet institutions and mobile manufacturers to create a more inclusive and open payment ecosystem [3] - The collaboration between China UnionPay and various banks, such as the Industrial and Commercial Bank of China, exemplifies successful cross-border payment initiatives, including the mutual recognition of QR code standards between China and Vietnam [3][4] Group 4: AI Integration in Payment Systems - The integration of artificial intelligence (AI) is being emphasized to enhance the efficiency and security of cross-border payments, with AI models improving transaction monitoring and fraud detection [5] - AI is expected to significantly reduce the time required to address cross-border fraud cases, enhancing overall transaction security [5] Group 5: Principles of Cooperation - The principles of mutual benefit and equality are highlighted in cross-border cooperation, with a focus on cost-saving through local currency settlement models [6] - The commitment to building a world-class payment interconnectivity network is aimed at ensuring efficient, secure, and accessible payment services for the global economy [6]

Core Insights - The report indicates that the investment assets of insurance companies in China reached 30.55 trillion yuan in 2024, reflecting a year-on-year growth of 16.93% and accounting for 91.85% of the industry's total fund utilization [2][4]. Group 1: Asset Growth and Allocation - The investment asset scale of insurance companies has shown steady growth, with a significant portion still concentrated in the bond market, holding 15.21 trillion yuan in bonds, which is 50.7% of the total [2][3]. - The allocation structure is becoming more diversified, with stock investments and public funds (excluding money market funds) totaling 5.6 trillion yuan, and cash and liquid assets at 3.11 trillion yuan [2][3]. - The growth rates for various asset categories are notable, with mixed products (stocks and hybrids) growing by 43.25%, stocks by 30.60%, and credit bonds by 27.92% [2]. Group 2: Investment Returns - The overall investment returns for insurance companies have significantly improved, with over 60% of companies achieving a comprehensive return rate of over 4.5% [4]. - The median investment return rate is between 5% and 5.5%, with 34% of companies reporting returns above 6% [4]. - Companies with comprehensive return rates exceeding 7% tend to have a higher allocation in interest rate bonds, indicating a stable asset structure supporting returns [4]. Group 3: Equity Investment Trends - By the end of 2024, the equity investment assets of surveyed insurance companies reached 1.92 trillion yuan, representing 6.35% of total investment assets, with a year-on-year growth of 12.95% [4][5]. - The growth rate of equity investment funds is particularly strong, with an increase of 36.2%, while insurance-related equity investments in unlisted companies grew by 29.76% [5][6]. - Different types of insurance companies exhibit distinct preferences in equity investment, with life insurance companies favoring equity investment funds, while property insurance companies lean towards non-insurance unlisted company equity [6]. Group 4: Talent Structure and Development - The number of investment personnel in the surveyed insurance companies reached 3,669 by the end of 2024, with a slight growth rate of 1.36% among the companies surveyed from 2022 to 2024 [7]. - The distribution of personnel shows that larger life insurance companies and insurance groups have a higher proportion of middle-office staff, while front-office staff proportions have decreased in some cases [7].

上海金融法院近期发布的一起案件也显示，尹某某在确诊肺部肿瘤前曾在体检环节查出肺部结节， 并向保险公司如实告知相关事实，理赔时被保险公司以"既往症"为由拒赔。上海金融法院审理认为，案 涉"既往症条款"系由投保人与某保险公司经自主磋商后订立，合法有效。但保险公司并未在案涉既往症 条款中对其中所指的"疾病"进行明确定义，由此导致疾病范围不明的不利责任，应由某保险公司自行承 担。 上海金融法院表示，截至确诊前，尹某某的历次就诊记录均显示相关部位的磨玻璃结节无明显变 化，无须进行针对性的治疗。保险公司未能举证证明上述结节属于医学定义上的疾病，故其关于不予赔 付保险金的主张不能成立。 在重疾险领域，"既往症"争议频发，不少投保人因"疑似病症""未确诊体征"等理由被拒赔。 11月25日，广东省阳江市中级人民法院公布的一则案例显示，2025年2月，李某在某电商平台投保 了一份百万医疗险。3个月后，她被确诊为恶性肿瘤并接受手术治疗，申请理赔时被保险公司以"投保前 影像报告疑似癌症""属遗传性疾病引发"等理由拒绝。 李某认为，其病理报告为投保后出具，符合合同中"初次确诊"的定义，并将保险公司诉至法院。保 险公司则称，根据保险条款 ...

Group 1 - The core idea of the article is that the insurance industry is increasingly focusing on the "travel and health" sector as a new opportunity in the aging economy, integrating health protection, travel experiences, and quality living for the elderly [1][3][4] - Xinhua Insurance has launched a new health and wellness base in Huizhou, enhancing its travel and health strategy, and has established a network covering 45 cities and 55 projects nationwide [2][4] - The market for travel and health services is expected to grow significantly, driven by government policies aimed at promoting elderly welfare and the integration of tourism and health services [3][5] Group 2 - The insurance industry has adopted a "light asset, heavy service" model, collaborating with hotels and third-party service providers to expand travel and health communities [4][5] - Challenges in the travel and health industry include service standardization, emergency support, and talent supply, which companies like Xinhua Insurance are addressing through rigorous partner selection and ongoing project evaluations [5][6] - The future of the insurance travel and health sector is expected to see increased competition, a growing elderly demographic, and higher consumer expectations for service quality [6]

崔勇，太平人寿芜湖中心支公司的一名员工。时至今日，谈及当时的情景，他依然有些激动。"那 天我正收拾行李，塑料收纳箱刚装了一半，门就被推开了。""崔书记，你不能走！"村民们七嘴八舌地 说，"枇杷园刚挂果，虾稻田还没升级，你走了我们心里没底啊！"看着那些熟悉的面孔，我的眼泪一下 子涌了上来，当场把收纳箱推到墙角："不走了，只要大家信得过，我再干一届！" 2021年，刚到缸窑村时，崔勇是个彻头彻尾的"门外汉"。"嘴上说一百次为人民服务，不如实实在 在办一件事。"从进驻的第一天开始，崔勇带着工作队的一班人，揣着笔记本和联系卡，开始了挨家挨 户的走访，记录每一户的情况。"如今村民们见了我，总要和我们聊一聊，说些心里话。我知道，我已 经从'外来客'变成了'自家人'"。 现在的缸窑村，有了自己的"缸窑枇杷""缸窑枇杷膏""缸窑虾稻米""缸窑小香薯"等"一村一品"产 业，注册了"缸窑燕玉"和"缸窑艺农"两个品牌商标，实现从"卖一季"到"卖四季"的转变。 如今，崔勇说得最多的是，"不后悔，这里的老百姓太淳朴了，他们的信任就是我最大的动力。每 当看到田垄上硕果累累，看到村民们脸上洋溢的笑容，我就觉得，所有的辛苦都值得。" 像崔勇 ...

Core Viewpoint - The insurance industry in Hong Kong has demonstrated its critical role as a stabilizer in society by effectively responding to the recent fire incident at Hongfu Garden, showcasing the importance of emergency response and claims processing in the face of major disasters [2][5][9]. Group 1: Emergency Response and Claims Processing - China Taiping Insurance (Hong Kong) has completed the first batch of home insurance claims related to the fire, paying out 5.372 million HKD [1]. - Following the fire on November 26, multiple insurance companies activated emergency claims services, including green channels for claims, rescue assistance, and simplified procedures [3][4]. - The total insured amount for the property insurance of Hongfu Garden and its public areas is 2 billion HKD, with industry assessments indicating that losses may approach this payout limit [1][5]. Group 2: Reinsurance System and Risk Management - The reinsurance system has played a vital role in sharing the risk associated with the 2 billion HKD insurance coverage, preventing any single insurer from facing overwhelming financial burdens [5][7]. - China Taiping and other reinsurers have confirmed their involvement in the reinsurance of the Hongfu Garden project, ensuring that claims processing is expedited and efficient [6][8]. - The reinsurance mechanism allows for effective risk dispersion, which is essential for maintaining market confidence during significant disaster events [7][9]. Group 3: Importance of Comprehensive Insurance Coverage - The incident highlights the necessity for building managers to prioritize adequate insurance coverage for public properties, especially during high-risk periods such as renovations [8]. - Homeowners are encouraged to recognize the importance of home insurance to protect personal belongings, as building insurance primarily covers structural and communal areas [8][9]. - The event serves as a reminder of the need for a mature and multi-layered insurance market to effectively mitigate social risks and support post-disaster recovery [8][9].

Core Viewpoint - The emergence of urban commercial health insurance, represented by "Beijing Puhui Health Insurance" and "Shuhui Bao," has significantly increased participation but faces sustainability challenges as a supplementary basic medical insurance product [1][2]. Group 1: Current Status and Challenges - "Beijing Puhui Health Insurance" has seen a substantial increase in participants compared to last year, indicating a growing acceptance of such products [1]. - The product addresses gaps in basic medical insurance, particularly for high-cost imported drugs and advanced medical technologies, which are significant risks for families facing severe illnesses [1]. - However, the sustainability of these products is under scrutiny due to structural issues in the participant demographics, leading to adverse selection where unhealthy individuals are more likely to enroll, increasing the payout ratio [2]. Group 2: Policy and Governance - The "14th Five-Year Plan" emphasizes the need for a multi-tiered social security system, highlighting the importance of commercial insurance as a supplementary measure [3]. - Transitioning from a phenomenon to a stable institutional arrangement for "惠民保" is crucial for enhancing the social security system, requiring collaboration between local governments and the insurance industry [3]. Group 3: Role of Local Governments - Local governments should evolve from being mere promoters to planners and stabilizers, focusing on top-level design and actuarial guidance to avoid blind competition and ensure a balance between affordability and sustainability [4]. - Establishing regional risk adjustment funds or reinsurance mechanisms could provide backup support for projects facing high payout rates, similar to social security fund operations [4]. Group 4: Insurance Industry Transformation - The insurance industry needs to shift from aggressive market expansion to meticulous management, emphasizing proactive health management and enhancing the claims experience for participants [5]. - By integrating technology and offering value-added services, insurance companies can reduce the risk of disease occurrence and improve customer satisfaction through transparent and efficient claims processes [5]. - The future of "惠民保" hinges on collective efforts to ensure it becomes a vital component of China's multi-tiered medical security system [5].