分红型重疾险重启：外资险企试水，中资头部备战

Core Viewpoint - The recent policy relaxation by the Financial Regulatory Bureau marks the return of participating critical illness insurance products, which could stimulate new growth in the health insurance market amid high protection gaps and weakening growth in traditional critical illness insurance [1][2][3]. Policy Relaxation and Market Context - The return of participating critical illness insurance is a significant shift after a two-decade ban, with the first introduction of such products in 2001, which quickly gained a 49.8% market share by 2002 [2]. - The regulatory crackdown in 2003 aimed to address marketing issues and protect consumers, leading to the withdrawal of participating health insurance from the market [2]. Industry Response and Product Innovation - Major insurance companies like China Ping An, China Pacific Insurance, and New China Life have begun developing participating health insurance products in response to the new policy [7]. - Foreign insurers such as AIA and Cigna have already launched innovative products combining whole life insurance with critical illness coverage, emphasizing the dual benefits of protection and value growth [4][5]. Market Potential and Challenges - The introduction of participating critical illness insurance is seen as a key strategy to revitalize the sluggish critical illness insurance market, addressing the dual consumer demand for risk protection and asset appreciation [9]. - The market for health insurance is projected to have a significant demand gap, estimated at $143 billion in 2024, driven by factors such as aging population and ongoing medical reforms [9]. - Challenges include the complexity of product design, the need for clear communication to consumers regarding the dividend mechanisms, and the necessity for robust investment management capabilities to ensure sustainable returns [10].