Core Viewpoint - The Shenzhen Municipal Financial Management Bureau and the Shenzhen Financial Regulatory Bureau jointly issued an action plan to promote the high-quality development of the insurance industry in Shenzhen, focusing on four key areas: serving people's livelihood protection, supporting the real economy, deepening reform and opening up, and enhancing sustainable development capabilities [1] Group 1: Action Plan Details - The action plan outlines 20 specific measures aimed at achieving the aforementioned goals [1] - By 2029, the plan aims to implement and promote no less than 30 insurance innovation projects annually in key areas of the city [1] - By 2035, the goal is to create a number of iconic insurance innovation achievements with Shenzhen characteristics, establishing a new insurance industry framework that is complete in market systems, rich in product services, scientifically regulated, and highly competitive internationally [1]

Core Viewpoint - The insurance industry is undergoing a significant transformation with a notable reduction in branch offices, reflecting a strategic shift towards digitalization and high-quality development [1][4][6]. Summary by Sections Branch Office Closures - Over the first five months of this year, 1,028 branch offices were closed nationwide, marking a year-on-year increase of over 20% [4]. - Life insurance companies accounted for a significant portion of these closures, with 805 branches shut down, while property insurance companies closed 223 branches [4]. - The closures are primarily concentrated in county areas and some third- and fourth-tier cities [4]. Industry Trends - The trend of branch office closures indicates a shift from extensive expansion to refined operations, driven by intensified competition [4][5]. - The operational costs of traditional branch offices exceed one million yuan annually, and closing inefficient branches can reduce the comprehensive cost ratio by 0.3 to 0.5 percentage points [5]. - The online insurance purchasing rate is projected to reach 78% by 2024, further diminishing reliance on physical branches [5]. Future Outlook - The pace of branch office closures is expected to slow down, with a significant number of inefficient offices already eliminated [7]. - The insurance industry is anticipated to focus on "selective layout" in economically active areas moving forward [7]. - Despite the closures, branch offices still hold core value in providing customized insurance solutions and fostering customer trust [8]. Differentiated Development - Different scales of insurance companies exhibit significant differences in branch office establishment, with large companies maintaining extensive networks while smaller firms focus on core regional sales and services [9]. - Large insurance companies are encouraged to upgrade branches into experience centers, while smaller firms should leverage third-party channels and focus on regional specialties [9].