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 2023, reflecting a year-on-year growth of 7.56% [1][3] - The life insurance sector's premium income reached 4.42 trillion yuan, with a year-on-year increase of 9.2%, although there was a decline in November's monthly premium income [3][4] - The decline in life insurance premiums is attributed to the reduction in the preset interest rate, which has led to a shift in product offerings and sales strategies among insurance companies [3][4] Life Insurance Sector - In November, the monthly premium income for life insurance companies was 154.8 billion yuan, showing a year-on-year decrease of 2.4%, although the decline was less severe than in October [3][4] - The adjustment of preset interest rates, with the latest value set at 1.99%, has prompted many insurance companies to lower their maximum preset interest rates for new products, impacting sales [3][4] - Despite the challenges, the industry is adapting through product strategy adjustments and market education, which is helping to stabilize premium income [4][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 "reporting and operation integration" policy [6][7] Future Outlook - The insurance industry is entering a critical period for new business, with optimistic expectations for new single premiums and business value growth due to sustained market demand [5] - The development of new energy vehicle insurance is seen as a key factor for future growth, with projections indicating a stable growth rate of 3% to 5% for property insurance premiums in 2026 [6][7] - The "reporting and operation integration" policy is expected to reshape the non-auto insurance market, promoting a shift towards more reasonable pricing and improved service quality [7]