多地保险行业协会发文“反内卷” 费用管理首当其冲

Core Viewpoint - The insurance industry is taking measures to combat "involution" competition, focusing on strict cost management and compliance with business norms to enhance market stability and protect customer interests [1][2][3]. Group 1: Anti-Involution Initiatives - The Guangdong Insurance Industry Association has introduced a self-discipline convention aimed at preventing "involution" through measures such as strict cost management, adherence to business norms, and establishing differentiated advantages [1]. - Other provinces, including Hebei and Fujian, have also issued initiatives to resist "involution," emphasizing the need to avoid malicious price wars and false advertising [2]. - The initiatives highlight the importance of compliance and innovation in product offerings to prevent low-level competition and protect the industry's integrity [2]. Group 2: Impact on Costs and Profitability - The phenomenon of "involution" in the insurance industry is leading to increased sales costs, as companies engage in irrational competition by exceeding commission levels and offering unapproved benefits [2]. - The introduction of "reporting and execution consistency" is a key measure to mitigate risks and improve the financial health of insurance companies by aligning actual insurance terms with regulatory filings [3]. - Recent adjustments in commission rates have seen a reduction of approximately 30% in average commission rates for bancassurance channels, with some products experiencing even greater reductions [3][4]. Group 3: Regulatory Changes and Future Outlook - The National Financial Regulatory Administration has lowered the preset interest rates for life insurance products to prevent potential "interest margin losses" caused by price wars [3]. - Major insurance companies have announced adjustments to their new product interest rates, with maximum preset rates for ordinary insurance products set at 2.0%, down by 50 basis points [4]. - These regulatory changes are expected to optimize the profit margins for insurance companies, enhancing the competitive advantage of leading firms and promoting better quality in the insurance market [4].