近日，广东省保险行业协会发布《广东保险业防止"内卷式"竞争自律公约》（下称《公约》），提 出抵制恶性价格战、滥用渠道手续费和不合理考核等行为，具有较强现实性和示范效应，有助于规范行 业行为、保护消费者、维护市场秩序。 事实上，福建、安徽、河北廊坊等地也相继出台相关公约，非车险领域还酝酿推行"报行合一"。这 反映出行业对"内卷"危害的警觉，正以自律方式推动改革、树立新风，展现破除旧习、开创新局的决 心。 当前保险业"内卷式"竞争主要集中在恶性价格战、虚列费用、高额手续费等领域。这种竞争给保险 业带来了诸多负面影响：侵蚀经营效益，损害消费者权益，加剧市场乱象，损害行业形象，冲击长期健 康发展。例如，通过虚增会议费、假理赔等方式套取资金补贴低价，导致成本失真、财务结构畸形，进 而引发定价混乱和不规范行为，如虚列中介费用、违规套现返点、以"赠油卡、旅游券"等方式绕开合同 返利，最终导致全行业亏损的恶性循环。此外，一些保险公司为冲规模，不惜成本地开展"价格 战"和"手续费战"，以远高于合理水平的手续费"抢人""抢单"，进一步加剧了市场的无序竞争。 因而，"行不行看行动"，《公约》发布反映了当前保险业需净化市场环境、建立 ...

Core Viewpoint - The insurance industry is experiencing "involution" competition characterized by illegal practices such as providing false materials, using unapproved insurance terms, and engaging in price wars, which reflects a lack of strategic direction and innovation capabilities among companies [1][3][4]. Group 1: Involution Competition - Involution competition in the insurance sector is marked by severe product homogeneity, intense channel competition, and price wars, leading to compressed profit margins [2][3]. - The root cause of this involution is an imbalance between supply and demand, with slowing premium growth and an increasing number of market players, compounded by economic downturns affecting asset returns [3][9]. Group 2: Regulatory Measures - Regulatory bodies are actively implementing policies to guide healthy competition, such as the "reporting and operation integration" approach and controlling commission fees to prevent disorderly competition [4][6]. - Various regional industry associations have introduced "anti-involution" charters, urging insurance companies to resist malicious price wars and focus on product and service innovation to build differentiated competitive advantages [5][7][8]. Group 3: Industry Self-Regulation - The insurance industry is adopting self-regulatory measures to maintain healthy competition, with associations emphasizing the need to avoid excessive competition and unethical practices [6][9]. - Specific guidelines have been established by associations in multiple regions to prevent practices like false advertising, excessive commissions, and other forms of malicious competition [7][8]. Group 4: Future Directions - To address the issue of involution, the industry needs to shift from zero-sum competition to value co-creation, leveraging data sharing and technological collaboration to reduce overall costs and achieve high-quality development [1][9].

Core Viewpoint - The insurance industry is facing severe "involution" challenges characterized by strategic homogeneity, vicious competition, and regulatory responses aimed at promoting healthy development [1][2]. Group 1: Industry Challenges - The insurance sector is plagued by issues such as price wars, excessive competition, and a lack of differentiation among companies, particularly among small and medium-sized insurers [2][3]. - The trend of "small but comprehensive" strategies among many small insurers has led to increased operational costs and intensified homogeneity in competition [2][3]. - The overall growth rate of insurance premiums has slowed, with a projected increase of approximately 5.7% in 2024, down 3.43 percentage points from 2023, indicating a significant decline from previous years [3]. Group 2: Regulatory Responses - Regulatory bodies across various regions have implemented measures to combat "involution," including negative lists for involution-style competition and guidelines to curb price and fee wars [1][3]. - There is a call for a more refined and directive regulatory framework that encourages differentiation and innovation within the insurance sector [4][5]. - Recommendations include establishing a tiered regulatory system that adjusts oversight based on company ratings and encourages regional innovation and the development of specialized insurance products [4][5].

Core Viewpoint - The insurance sector in the A-share market experienced a significant surge, with major companies like Xinhua Insurance, China Pacific Insurance, and China Life Insurance seeing substantial gains, driven by favorable regulatory changes regarding insurance product interest rates [1][4]. Group 1: Market Performance - As of July 28, Xinhua Insurance's stock price rose by 4.72% to 66.80, while China Pacific Insurance and China Life Insurance also saw increases of 4.00% and 2.89% respectively [2]. - In the Hong Kong market, Yunfeng Financial surged over 7%, and AIA Group rose nearly 5%, with other major insurers following suit [3]. Group 2: Regulatory Changes - The China Insurance Industry Association indicated that the current benchmark interest rate for ordinary life insurance products is set at 1.99%, triggering a necessary adjustment in the maximum preset interest rates for new products [4]. - Major insurers like China Life, Ping An Life, and China Pacific Life have already announced reductions in their traditional life insurance product rates from 2.5% to 2.0%, and the guaranteed rate for participating insurance has been adjusted from 2% to 1.75% [4]. Group 3: Industry Outlook - Analysts predict that the adjustment in preset interest rates will alleviate the pressure on insurers' interest margins and lower liability costs, enhancing the profitability of new business [5]. - The dynamic adjustment mechanism for preset interest rates is expected to improve the liability costs and net investment returns for life insurance companies, thereby reducing asset allocation pressures and interest margin risks [5]. Group 4: Anti-Competition Measures - The insurance industry has been receiving signals to combat "involution," with the central government emphasizing the need to regulate low-price competition [6]. - The Guangdong financial sector has taken steps to prevent "involution" by issuing self-regulatory agreements to resist malicious price wars and ensure fair competition [6]. Group 5: Future Prospects - Analysts from CITIC Securities believe that regulatory guidance will encourage the development of participating insurance, allowing leading insurers to achieve healthy balance sheet expansion while reducing liability costs [7]. - The market outlook remains optimistic, with expectations of continued growth in new business value (NBV) for life insurers and significant improvements in the combined operating ratio (COR) for property insurers [7].