Core Insights - The white paper indicates a shift in family risk awareness, with a decline in traditional survival risk anxiety and a notable increase in wealth risk perception [1][2] - Families are moving beyond the traditional insurance compensation function to seek comprehensive solutions that include "products + services," reflecting a demand for professional services, smart decision-making, and personalized tools [1][7] Evolution of Family Protection Needs - The research conducted by Great Wall Life Insurance, Peking University, and Ipsos China reveals that while health, retirement, and accidental risks remain the top concerns, their attention has decreased compared to previous years. Conversely, awareness of wealth security and management risks has significantly increased, particularly regarding unemployment and wealth depreciation [2][5] - The study highlights that modern families' worries are concentrated in five key areas: healthcare, retirement planning, children's education, wealth security, and wealth inheritance, with 75.8% of families most concerned about health issues [5] Supply-Demand Mismatch - The white paper identifies four major mismatches between supply and demand in the insurance industry: 1. Mismatch between personalized demand and standardized supply, with 28% of respondents indicating that insurance plans do not meet their needs [8] 2. Mismatch between sufficient health coverage demand and low coverage supply, as the median cost of critical illness treatment is 300,000 yuan, while the average payout for critical illness insurance is below 100,000 yuan [8] 3. Mismatch between long-term wealth management needs and short-term supply, with 31.8% preferring 1-3 year investment plans and 30.9% preferring 3-5 years [8] 4. Mismatch between diversified retirement needs and weak collaborative supply, with only 25 nursing beds available per 1,000 elderly people, highlighting the need for integrated solutions [9] Strategic Opportunities for the Insurance Industry - The core finding from the research group suggests that the Chinese insurance industry is at a critical transformation point, transitioning from institutional-driven growth to economy-driven growth, with significant opportunities for expansion as the per capita GDP approaches 13,500 USD [10] - The white paper emphasizes that the ability of families to manage risks is crucial for social stability and that the insurance industry is evolving from a focus on risk compensation to comprehensive management tools for quality of life and wealth management [10] Recommendations for the Insurance Industry - The research group proposes several pathways for the insurance industry to adapt to family risk management needs: 1. Shift from a "single product-oriented" approach to a "family demand-oriented" approach to identify risk priorities at different life stages [11] 2. Implement scientific risk assessment and quantification tools to balance adequate coverage with cost [11] 3. Develop a comprehensive product system that aligns with customer needs throughout their life cycle [11] 4. Focus on long-term risk management by integrating resources to create a high-quality service ecosystem [11]

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]