文章推荐：结构性风险：保险业面临的机遇与挑战｜保险学术前沿

Core Viewpoint - The insurance industry is currently facing five major structural risks: declining institutional trust, aging population, social inflation, mortality risk, and digital transformation [3][5]. Group 1: Structural Risks - Structural risks arise from fundamental changes in economic, social, and environmental trends, such as demographic shifts and climate change [5]. - Managing these risks is crucial for insurance companies to protect policyholder interests, ensure operational stability, and maintain macroeconomic stability [5]. Group 2: Declining Consumer Trust - Consumer trust in institutions, including insurance companies, is declining, impacting sales and company reputation. In 2025, 61% of respondents expressed moderate to severe dissatisfaction with enterprises and governments [9]. - Trust is a key factor in purchasing decisions, with over 80% of corporate clients indicating it influences their choice of insurance providers. A lack of trust can lead to policyholders switching providers or opting out of coverage [9]. - Recent surveys show that less than two-thirds of consumers trust insurance companies, with only 50% believing that insurers will compensate for losses from natural disasters [9]. Group 3: Social Inflation Risk - Social inflation, defined as factors leading to increased severity of insurance claims beyond economic explanations, accounted for 57% of the growth in U.S. liability claims over the past decade [13]. - Since 2020, the number of "nuclear verdicts" (awards exceeding $10 million) has more than tripled, with median award amounts rising from $21.5 million to $51 million [13]. - The profitability of personal injury liability insurance has been declining, with cumulative underwriting losses reaching $43 billion from 2020 to 2024, partly due to rising litigation costs [13]. Group 4: Excess Mortality Rate Fluctuations - Excess mortality rates, exacerbated by the COVID-19 pandemic, are expected to remain positive in the U.S. and the UK until at least 2027, potentially impacting life insurance claims and reserves [19]. - In 2023, the U.S. life expectancy increased by 0.9 years to 78.4 years, but remains below pre-pandemic levels [19]. - The ongoing rise in excess mortality may challenge the life insurance industry, affecting long-term performance and pricing of new life insurance policies [19][20]. Group 5: Aging Population - Global population aging, driven by increased life expectancy and declining birth rates, is expected to pressure death benefit and savings products. By 2050, the population aged 65 and older in high-income countries is projected to rise significantly [28]. - The growing longevity risk pool presents a substantial premium opportunity for the life insurance industry, as the retirement period for those aged 65 has increased by 16% compared to 2000 [28][29]. Group 6: Digital Technology - The development of digital technology is reshaping the risk landscape and may drive demand for first-party and third-party liability insurance. Reports of AI-related incidents have surged, with a 60% increase from 2023 to 2024 [31]. - The rise in litigation related to AI, particularly concerning intellectual property and defamation, could become a significant driver of social inflation [31]. - The insurance industry is still in the early stages of product development related to digital risks, with unclear definitions regarding coverage, exclusions, and standardized terms [31].