Core Insights - The insurance industry in China has achieved significant growth during the "14th Five-Year Plan" period, with a total compensation of 9 trillion yuan, marking a 61.7% increase compared to the "13th Five-Year Plan" period [2] - The industry has played a crucial role in supporting economic development and social stability, with a total insurance liability amounting to 12.104 trillion yuan and daily compensation reaching 1.1 billion yuan, a 32% increase from the previous period [3] - The insurance sector has expanded its service capabilities, focusing on various demographics, including the elderly and rural populations, with significant investments in health and pension sectors [6][7] Industry Development - The insurance industry has become the second-largest in the world, with a total fund utilization balance of 33.26 trillion yuan by 2024, reinforcing its role as an economic stabilizer [3] - Insurance funds invested in stocks and equity funds exceeded 5.4 trillion yuan, reflecting an 85% increase from the end of the "13th Five-Year Plan" [2] - The average insurance coverage per mu (unit of area) for major crops has increased by 72% during the "14th Five-Year Plan" [2] Risk Management - The industry has prioritized risk prevention, enhancing its risk management frameworks and utilizing technology to mitigate both new and existing risks [8] - China Life Insurance has implemented a comprehensive risk management upgrade plan, focusing on compliance and risk monitoring [8] - China Pacific Insurance emphasizes proactive and precise risk management strategies to strengthen compliance and internal controls [8] Service Enhancement - The insurance sector has introduced over 100 pension insurance products and has provided coverage for more than 1.366 million elderly individuals through its "Silver Care" program [6] - By mid-2025, China Life Insurance had provided risk protection for nearly 1.1 billion elderly individuals and 1.6 billion rural residents, significantly reducing medical burdens [6] - The industry has also focused on green insurance and inclusive insurance, achieving global leadership in these areas [6]