保费收入不到人身险市场6％，年金保险如何“叫好又叫座”

Core Viewpoint - The development of commercial annuity insurance is crucial for addressing the financial challenges posed by an aging population in China, particularly in managing longevity risk and providing long-term income for retirees [1][2][3]. Group 1: Current State of Pension System - China's pension system consists of three pillars: basic pension insurance covering 1.07 billion people, enterprise annuities covering about 7% of basic pension participants, and personal pensions which are still in pilot stages [2][3]. - The average life expectancy in China reached 78.6 years in 2023, highlighting the need for improved pension structures to address the imbalance in pension levels and sustainability [2][3]. Group 2: Commercial Annuity Insurance - Commercial annuity insurance is characterized by long-term payouts, which can effectively mitigate the financial risks associated with longevity, yet it currently holds a small market share in China's insurance sector [1][4]. - In 2004, the premium income from commercial annuities was 17.86 billion yuan, representing only 0.15% of total household savings, which decreased to 50.73 billion yuan or 0.09% by 2015 [3][4]. Group 3: Challenges and Risks - The low demand for annuity products is influenced by various factors, including individual health status, financial literacy, and the perceived need for such products [5][6]. - Insurance companies face significant risks, including short-term interest rate fluctuations and the financial implications of increased life expectancy, which complicate the management of long-duration assets [5][6]. Group 4: Recommendations for Improvement - To enhance the appeal of commercial annuity insurance, insurance companies should innovate product designs to cater to diverse customer needs, while regulatory support is essential to create a conducive market environment [7][8]. - There is a need for tax policy optimization, such as allowing tax exemptions for certain annuity purchases, to increase the attractiveness of these products [8]. Group 5: Future Directions - Establishing a longevity risk management mechanism through risk securitization can help distribute systemic risks and improve the sustainability of insurance companies [9][10]. - The development of standardized mortality or survival indices is recommended to better manage longevity risk and facilitate the pricing of annuity products [10][11]. Group 6: Product Innovation - Insurance companies are exploring innovative products tailored to specific demographics, such as those with disabilities, to meet their unique financial and care needs [12]. - A new annuity product designed for families with disabled members offers enhanced benefits and support services, reflecting the need for products that address the complexities of aging populations [12].