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 fourth life table by the National Financial Supervision Administration is expected to enhance the pricing accuracy of life insurance products, but it may increase the pricing challenges for longevity risk management in annuity insurance products [1][2][4]. Group 1: Life Table Implementation - The fourth life table, based on over 3 billion insurance policies, will be implemented starting January 1, 2024, and is expected to reflect the declining mortality rates and increasing life expectancy in China [1][4]. - The life table serves as a crucial tool for insurance companies to determine mortality rates and set product pricing accurately [3][4]. Group 2: Longevity Risk Challenges - Annuity insurance, which is primarily focused on survival benefits, may see price increases due to extended payout periods as life expectancy rises [5][6]. - The shift to the new life table may create price volatility, affecting both consumer willingness to purchase and insurance companies' premium income [5][6]. Group 3: Regulatory and Market Environment - The Chinese insurance market has a low market share for commercial annuity insurance, consistently below 6%, indicating a need for development in this area [7]. - The industry faces challenges such as low premium scale, high interest rate risk, and difficulties in managing longevity risk, necessitating the establishment of a dynamic longevity risk assessment model [7][8]. Group 4: Recommendations for Improvement - To address the challenges posed by low interest rates, insurance companies should focus on product design to lower liability costs and expand investment ranges [10]. - The development of a national longevity risk index and the encouragement of reinsurance companies to innovate in risk management are recommended to enhance the market ecosystem [8][9].