寿险单月降幅收窄、产险保费稳增，保险业如何开启“下一场”

Core Insights - The insurance industry in China reported a total original insurance premium income of 5.76 trillion yuan for the first 11 months of 2025, reflecting a year-on-year growth of 7.56% on a comparable basis [1] - The life insurance sector's premium income reached 4.42 trillion yuan, with a year-on-year increase of 9.2% [3] - The decline in monthly life insurance premiums in November indicates a significant impact from the reduction in preset interest rates, with a 2.4% decrease compared to the previous year [4] Life Insurance Sector - In November, the original premium scale for life insurance companies was 154.8 billion yuan, showing a decrease of 2.4% year-on-year, although the decline was less severe than in October [4] - The reduction in premiums is attributed to the adjustment of preset interest rates, with the latest research value set at 1.99%, leading to a necessary decrease in the maximum preset interest rates for new products [4] - Insurance companies are adapting to the new interest rate environment by adjusting product strategies and enhancing market education, which has helped mitigate the impact of the interest rate cuts [5] Property Insurance Sector - Property insurance companies reported a premium income of 1.62 trillion yuan for the first 11 months, with a year-on-year growth of 3.88% [6] - The contribution of auto insurance to total premiums was 52%, while non-auto insurance accounted for 48% [6] - The growth of the property insurance sector is expected to be influenced by the penetration of new energy vehicles and the implementation of the "report and conduct together" policy, which is anticipated to reshape the market dynamics [6][7] Future Outlook - The property insurance sector is projected to maintain a low growth rate of 3% to 5% in 2026, largely dependent on the penetration rate of new energy vehicles and the impact of insurance rate reforms [6] - The implementation of the "report and conduct together" policy is expected to lead to a more regulated and competitive market, promoting high-quality development in non-auto insurance [7]