人身险新版生命表实施在即，对年金保险有哪些影响？

Core Viewpoint - The implementation of the new life table in China's insurance industry is expected to enhance pricing accuracy for life insurance products, but the growing longevity risk associated with annuity insurance remains a significant challenge [1][5]. Group 1: Life Table Implementation - The new life table, known as the "Fourth Life Table," will be implemented starting January 1, 2024, and is based on over 3 billion insurance policies, providing a more accurate reflection of mortality rates and life expectancy in China [1][5]. - The life table switch is anticipated to lead to different pricing effects across various insurance products, with term life and whole life insurance potentially seeing price reductions, while annuity insurance may experience price increases due to extended payout periods [5][6]. Group 2: Longevity Risk Management - Longevity risk, defined as the financial risk arising from policyholders living longer than expected, is becoming increasingly critical as China's population ages and life expectancy rises [2][4]. - The insurance industry is urged to develop a comprehensive and dynamic model for predicting and assessing longevity risk, which would enhance pricing and actuarial capabilities [7][8]. Group 3: Annuity Insurance Market - Annuity insurance currently holds a market share of less than 6% in China's life insurance sector, indicating a lag in its development compared to other insurance products [7]. - The low interest rate environment poses challenges for the sustainability of annuity products, as they are particularly sensitive to interest rate fluctuations, impacting both the payment obligations and the asset-liability matching [7][10]. Group 4: Regulatory and Market Development - There is a call for the establishment of a reinsurance market for longevity risk, which would involve collaboration between reinsurance companies and financial institutions to develop innovative risk management tools [8][9]. - Regulatory frameworks, such as the "regulatory sandbox," are suggested to facilitate the testing of new financial products and services in a controlled environment, promoting innovation in the longevity risk management space [9].