Core Insights - The report titled "White Paper on the Risk Protection System of Chinese Families under the Background of High-Quality Development of the Insurance Industry" was jointly released by Great Wall Life Insurance Co., Ltd., Peking University, and Ipsos (China) Consulting Co., Ltd. on September 19 [1] - The research highlights a shift in risk perception among Chinese families, indicating a decrease in anxiety over traditional survival risks and a significant increase in awareness of wealth-related risks [1] Supply-Demand Mismatches - There are four major mismatches identified between insurance supply and consumer demand: - Mismatch between personalized needs and standardized supply, with 28% of respondents citing that insurance plans do not meet their needs as the primary reason for policy failure [1] - Mismatch between the need for adequate health coverage and low supply, as the median cost for major illness treatment has reached 300,000 yuan, while the average claim amount for critical illness insurance is below 100,000 yuan [1] - Mismatch between cross-cycle wealth needs and short-term supply, indicating insufficient long-term wealth management products for child-rearing and personal retirement [2] - Mismatch between diversified retirement needs and weak collaborative supply, with a growing demand for integrated solutions in "retirement + healthcare + caregiving" not being adequately met by the insurance industry [2] Recommendations for Improvement - The white paper suggests a comprehensive construction of the family risk protection system in China to address the identified mismatches: - Precise risk identification should shift from a "one-size-fits-all" approach to a "family needs-oriented" strategy, dynamically assessing risks at different life stages [3] - Scientific risk assessment through quantitative tools to balance adequate coverage with cost, including the establishment of a "Family Risk Defense Index Model" [3] - Efficient risk management by creating a product system that aligns with customer needs throughout their life cycle, continuously optimizing based on changing risks and responsibilities [3] - Long-term risk reduction management by integrating resources to build a high-quality service ecosystem, moving beyond traditional "post-compensation" business models [3] Company Initiatives - Great Wall Life aims to provide risk protection services that ensure consumer peace of mind through three key areas: - "Peace of Mind in Protection" by releasing the "White Paper on the Family Risk Protection System" every two years to track changes in family risk perception and responses [4] - "Peace of Mind in Enjoyment" by developing the "AI Home" service system, offering a range of services including health management and retirement planning [4] - "Peace of Mind in Investment" by focusing on asset-liability management and adhering to a long-term investment philosophy to create stable investment portfolios [4]

Core Insights - The white paper titled "White Paper on the Risk Protection System for Chinese Families under the Background of High-Quality Development of the Insurance Industry" was officially released, providing guidance for the scientific allocation of insurance for Chinese families in the new era [1] - The research highlights the need for the insurance industry to adapt to changing consumer demands and improve service capabilities to meet the new risk management needs of families [7] Industry Overview - As of the end of 2024, there are 239 insurance institutions in China, with total assets of 359,058 billion and net assets of 33,247 billion [2] - The comprehensive solvency adequacy ratio of insurance companies is 199.4%, and the core solvency adequacy ratio is 139.1%, indicating a solid foundation for sustainable development [2] - The insurance industry is currently undergoing comprehensive reforms, supported by favorable policies from the government aimed at enhancing the industry's service to the real economy [2] Consumer Insights - The white paper identifies that modern families' concerns are primarily focused on five areas: healthcare, retirement planning, children's education, wealth security, and wealth inheritance [4] - 75.8% of surveyed families are most worried about health issues, while 68.2% are anxious about retirement planning [4] Supply-Demand Mismatch - The insurance industry exhibits four major mismatches in supply and demand: 1. Mismatch between personalized needs and standardized supply, with 28% of respondents indicating that insurance plans do not meet their needs [5] 2. Mismatch between sufficient health coverage needs and low coverage supply, with the median treatment cost for critical illnesses reaching 300,000, while average claims for critical illness insurance are below 100,000 [5] 3. Mismatch between long-term wealth needs and short-term supply, with 31.8% preferring 1-3 year investment plans [5] 4. Mismatch between diversified retirement needs and weak collaborative supply, with only 25 nursing beds available per 1,000 elderly people [6] Recommendations for Improvement - The white paper suggests a comprehensive approach to building a family risk protection system, emphasizing the need for personalized risk identification and a shift from product-oriented to family demand-oriented services [7] - It proposes the development of a "Family Risk Defense Index Model" to help families balance adequate coverage with cost [8] - The establishment of a comprehensive product system covering various life stages and risks is recommended, including medical insurance, commercial annuities, and wealth transfer solutions [8] - The integration of resources to create a high-quality service ecosystem is essential, focusing on proactive health management and comprehensive retirement services [9]

Core Insights - The article emphasizes the importance of a comprehensive family risk protection system in China, especially in the context of ongoing economic transformations and changing family risk perceptions [1][3]. Group 1: Macro Environment Impact on Family Risk - Family risk awareness is influenced by multiple factors, including macroeconomic confidence, regional and industry outlooks, and household income stability [3]. - Key challenges faced by families include slowing income growth, increasing employment and debt risks, currency asset depreciation, and reduced investment returns [3]. - The white paper identifies six major impacts of macroeconomic changes on family risk, including income and debt risks, purchasing power risks due to inflation, wealth risk restructuring from low interest rates, and increased social security pressures from an aging population [3][4]. Group 2: Family Risk Protection Framework - A systematic risk management framework is proposed, considering the dynamic changes in family responsibilities and risk needs across different wealth levels [4]. - The family risk defense index model aims to maximize household utility by balancing consumption, savings, and insurance expenditures, providing a scientific basis for family risk management [4]. Group 3: Supply-Demand Mismatch in the Insurance Industry - The white paper's survey of nearly 10,000 families reveals that concerns primarily focus on healthcare, retirement planning, children's education, wealth security, and wealth inheritance [5]. - The findings indicate a shift in family risk awareness, with a decline in traditional survival risk anxiety and an increase in wealth risk perception [6]. - The insurance industry exhibits a supply-demand mismatch characterized by four phenomena: personalized needs versus standardized supply, adequate health coverage needs versus low supply, cross-cycle wealth needs versus short-term supply, and diverse retirement needs versus weak collaborative supply [6][7]. Group 4: Recommendations for the Insurance Industry - To address new family risk management needs, the insurance industry is encouraged to enhance compliance management, innovate product offerings, improve customer service, leverage technology, support national strategies, and strengthen talent development [7].