合力推动保险业“反内卷”

Core Viewpoint - The recent notification from the National Financial Supervision Administration aims to strengthen the regulation of non-auto insurance business, addressing irrational competition in the insurance industry and promoting a more sustainable competitive environment [1][2]. Group 1: Industry Overview - As of June 30, the total assets of China's insurance industry reached 39.2 trillion yuan, with 13 insurance groups, 88 property insurance companies, 75 life insurance companies, and 35 insurance asset management companies, indicating significant industry growth and structural optimization [2]. - The industry is facing challenges such as market slowdown and intensified competition, leading to "involution" characterized by product homogeneity, frequent sales expense wars, and short-term incentives for agents [2][3]. Group 2: Regulatory Measures - Regulatory authorities are promoting "reporting and operation integration," requiring insurance companies to align product pricing and expense management to eliminate compliance discrepancies [3]. - The insurance industry is encouraged to enhance self-discipline and avoid malicious competition, with industry associations playing a key role in coordinating these efforts [3]. Group 3: Strategies for Sustainable Development - Companies are advised to focus on innovation to drive growth and explore new market segments, such as chronic disease management and insurance for the elderly, which are currently under-supplied [4]. - Embracing national strategies, the insurance sector can contribute to the construction of the pension security system and engage in emerging fields like green insurance and climate risk management [4]. - The industry must shift from low-level competition to high-quality development through self-regulation, innovation, and strategic upgrades, thereby fulfilling its role as a stabilizer for society and an economic booster [4].