第四套生命表“十年磨一剑” 人身险迈入精细化定价新时期

Core Insights - The release of the "2025 Experience Life Table" marks a significant update in the actuarial foundation of the life insurance industry in China, set to be implemented from January 1, 2026, which will lead to more scientific pricing, fairer protection, and diverse products in the life insurance sector [1][3][4] Data Iteration - The new life table is based on nearly a decade of comprehensive policy data, creating four core tables that cover various insurance risks, reflecting the survival and mortality probabilities of the insured population [2][3] Key Features of the New Life Table - Compared to the first life table released in 1996, the new table shows a 10-year increase in life expectancy, significant improvements in child mortality rates, and a notable decrease in mortality rates in economically underdeveloped regions [3] - The introduction of a single life table allows for cross-company and cross-insurance type analysis, enhancing comparability with population mortality rates [3] Value of the New Life Table - The new life table enables more precise risk pricing, enhances transparency in actuarial regulation, and improves the alignment of insurance products with actual life expectancy and health conditions, thereby supporting sustainable long-term insurance supply [4] Impact on Pricing and Risk Management - The implementation of the new life table will lead to a more refined pricing structure based on risk categories, potentially lowering rates for healthier demographics while increasing rates for long-term and pension products due to extended life expectancy [6] - Insurance companies are expected to enhance their risk management and product pricing accuracy, reducing operational risks associated with mortality discrepancies [6][7] Industry Transformation - The new life table will drive the insurance industry towards a more data-driven approach, requiring companies to improve their data collection, research, and product pricing capabilities [7][8] - Companies must establish high-quality mortality monitoring databases and ensure transparency in their pricing assumptions and adjustments, necessitating a collaborative governance mechanism across departments [8]