五大重点机遇！瑞再展望“十五五”中国财险市场趋势

Core Insights - The insurance industry in China is poised for growth aligned with the "14th Five-Year Plan," focusing on five key areas: disaster prevention and reduction, green development, rural revitalization, enterprises going global, and industrial modernization [1] Group 1: Disaster Prevention and Reduction - The natural disaster insurance protection gap in China is estimated at 90%, compared to a global average of 50%, indicating significant market potential [2] - Annual insurance losses from natural disasters have exceeded $100 billion, approaching $150 billion, with potential global losses reaching $300 billion [2] - The Chinese government is implementing measures to reduce this protection gap, emphasizing collaboration between insurance companies and government to enhance disaster risk management [2] Group 2: Green Development - China is actively promoting renewable energy and green transformation, with the energy-saving and environmental protection industry expected to reach 15 trillion yuan by 2030 [3] - The insurance penetration rate in green energy projects is already high, with most solar and wind facilities insured [3] - The green insurance sector is projected to experience high growth over the next five years, driven by the expansion of infrastructure rather than increased penetration rates [3] Group 3: Rural Revitalization - The focus on rural revitalization aims to enhance food security and agricultural modernization, which will lead to increased investment in agricultural assets and machinery [4] - Two growth directions for agricultural insurance are identified: natural growth due to increased risk awareness among larger farm operators and the need for simplified insurance products for smallholders [4] - Index insurance is highlighted as a promising solution for small farmers, offering a straightforward loss assessment mechanism [4] Group 4: Enterprises Going Global - More Chinese enterprises are expected to accelerate their overseas expansion, diversifying investments beyond traditional infrastructure projects [6] - The changing risk landscape presents opportunities for reinsurance companies to support these enterprises by addressing various overseas risks [6] Group 5: Industrial Modernization - China's push for technological self-reliance and industrial upgrading is creating new risk management demands in emerging technology sectors [7] - Insurance can provide targeted coverage for new risks associated with research, supply chains, and advanced operations, supporting industrial upgrades [7] - The insurance industry must adopt cautious underwriting strategies to adapt to the evolving risk landscape and ensure alignment with future client needs [7] Group 6: Market Growth Projections - The property and casualty insurance sector in China is expected to grow at a rate of 5%-6% from 2025 to 2030, outpacing GDP growth [8] - Non-auto insurance is anticipated to be the main growth driver, while auto insurance remains a stable support for the market [8] - The industry is focusing on improving underwriting quality and operational efficiency to achieve sustainable profitability [8]