Buff叠满！保险业“十四五”：从规模狂飙到价值蝶变，筑牢金融强国压舱石

Core Insights - The period from 2021 to 2025 is pivotal for the development of China's insurance industry, marking a transition from scale expansion to value reconstruction [1] - The industry is evolving from a capital-intensive model to a technology-intensive, service-oriented, and governance-focused model [1] Group 1: Top-Level Design and Regulatory Restructuring - The establishment of the National Financial Regulatory Administration in 2023 signifies a fundamental restructuring of financial regulation in China, transitioning from institutional to functional regulation [2] - The Central Financial Work Conference in October 2023 set strategic goals for building a financial powerhouse, emphasizing the role of the insurance industry as an economic stabilizer and social stabilizer [2][3] Group 2: Third Pillar of Pension System - The insurance industry has created a multi-layered social security network, with total assets exceeding 40 trillion yuan by August 2025, reinforcing its position as the world's second-largest insurance market [4] - The personal pension system has evolved from pilot programs in 36 cities in 2022 to nationwide implementation by 2024, marking a significant milestone in the development of the third pillar of pension insurance [4][5] Group 3: Technological Insurance - Technological insurance is transitioning from traditional risk compensation to an innovative stabilizer, with significant advancements in policy support, market scale, and product innovation [8] - By 2024, the market for technological insurance provided over 9 trillion yuan in coverage for innovation activities, with premium income growing by 30% year-on-year in the first three quarters of 2025 [9] Group 4: Risk Reduction and Management - The insurance industry is shifting from passive risk compensation to proactive risk intervention, with a comprehensive risk reduction service framework established by 2025 [11][12] - The industry has implemented a tiered early warning system to identify and address potential risks, achieving a comprehensive solvency adequacy ratio of 186.3% by the end of the third quarter of 2025 [20][22] Group 5: Patient Capital - Insurance funds are evolving from passive allocators to active enablers, playing a crucial role in long-term investments and supporting national strategic initiatives [15][18] - By the end of the third quarter of 2025, the balance of insurance company funds exceeded 37 trillion yuan, with a year-on-year growth of 16.5% [16] Group 6: Future Challenges and Directions - The insurance industry faces challenges such as product homogeneity and insufficient depth in inclusive services, necessitating a focus on high-quality development in the upcoming "15th Five-Year Plan" [23] - The industry aims to enhance its support for technological innovation, green transformation, and rural revitalization while improving the multi-layered social security system [23]