健康险保费增速“不同天”：寿险几近停滞 财险仍增9%

Core Viewpoint - The growth rate of China's commercial health insurance premiums has slowed significantly in the first half of 2025, with a year-on-year increase of only 2.32%, compared to the overall insurance industry's growth of 5.04% [1][3][4]. Group 1: Market Performance - In the first half of 2025, health insurance premium income reached 622.3 billion yuan, continuing a trend of deceleration since 2019 [1][3]. - The health insurance market has seen a compound annual growth rate of 20% from 2014 to 2024, with health insurance premiums increasing from 158.7 billion yuan to 977.3 billion yuan [2]. - The proportion of health insurance in China's insurance market has risen from 8% to 17%, and the insurance density has increased from 116 yuan to 694 yuan [2]. Group 2: Challenges Faced - The slowdown in health insurance premium growth is attributed to various challenges, including macroeconomic conditions, market environment, product design, underwriting, and claims [4]. - Economic slowdown and reduced income expectations have led consumers to cut non-essential spending, resulting in decreased demand for health insurance [4]. - The rise of policy-based insurance (惠民保) has created competition for medical insurance, impacting the market [4]. Group 3: Future Outlook - Despite the recent slowdown, there is a consensus that the commercial health insurance market in China still has significant growth potential [5]. - The development of health insurance is expected to require systematic measures to promote high-quality growth, with a focus on policy support and market demand driven by chronic disease burdens and an aging population [6]. - Innovations in product offerings, particularly in mid-range medical insurance, are anticipated to become a new growth driver [10][11]. Group 4: Differentiation in Growth - There is a notable divergence in growth rates between life insurance companies and property insurance companies in the health insurance sector, with property insurance companies experiencing a 9.08% increase in health insurance premiums, while life insurance companies saw only a 0.15% increase [8][9]. - The difference in growth is attributed to the focus of property insurance companies on short-term medical insurance products, which are more adaptable and can expand rapidly [9]. Group 5: Innovation and Policy Support - The demand for innovative drugs and medical technologies is expected to inject new momentum into the health insurance market [10][12]. - Recent policy measures aim to enhance the role of commercial health insurance in supporting innovative drug accessibility, thereby clarifying the responsibilities and boundaries of health insurance [12].