来源：险企高参 非车险市场将逐步告别内卷，迈入高质量发展的新阶段。 2025年末《非车险综合治理有关问答（一）》（以下简称：《问答》）下发，为11月1日起实施的非车 险"报行合一"政策提供详细补充。作为继车险、寿险之后"报行合一"监管的第三大战场，非车险综合治 理细则落地，标志着财险全业务线费用管控将得到进一步完善。 从内容上看，《问答》对"见费出单""分期缴费"等关键条款给出明确标准。 《问答》明确，保险公司须在收取保费后签发保单并开具发票，保险中介机构代收保费不视为"见费出 单"。针对地方财政吃紧背景下的政策性业务难题，《问答》允许党政机关等使用财政资金投保的业 务，凭政府签章文件灵活签发保单。但明确企事业单位及个人投保、政府仅提供补贴的业务仍须严格执 行"见费出单"。 在分期缴费方面，《问答》禁止"前低后高"的缴费结构，要求首次缴费后，其余各期金额原则上保持一 致或递减，最后一期缴费金额不超过总保费除以缴费次数的金额，扭转部分险企将缴费条件异化为竞争 砝码的乱象。 针对专项业务，《问答》也明确了差异化规则：财政补贴性农险附加费率不得超过25%，且不列支手续 费，须确认收到农民或农业生产经营组织自缴保费后 ...

近日，金融监管总局发布2025年11月保险业经营情况表。数据显示，2025年前11个月，保险业原保险保 费收入5.76万亿元，可比口径下同比增长7.6%。其中，人身险原保费规模为4.42万亿元，同比增长 9.2%。财产险原保险保费收入1.34万亿元，同比增长2.5%。 近年来，保险行业整体实力增强，资产规模持续提升。2025年前11个月，保险业净资产3.68万亿元，总 资产40.64万亿元，其中人身险公司总资产35.75万亿元，财产险公司总资产3.15万亿元。 业内专家分析指出，人身险保费增长主要得益于储蓄型产品的销售带动。在投连险方面，由于利率持续 下行与权益市场整体表现较好，经营稳健的保险公司相关产品结算利率具备一定竞争力，对消费者吸引 力增强。此外，"报行合一"政策落实后，银保渠道销售费用显著下降，不少公司因此加大该渠道投入， 有力拉动了新单销售。 财险公司保费收入1.62万亿元，同比增长3.9%。其中，机动车辆保险原保险保费收入8432亿元、责任险 原保险保费收入1336亿元、农业保险原保险保费收入1494亿元、健康险原保险保费收入2187亿元、意外 险原保险保费收入546亿元。 专家认为，财险公司业 ...

近日，金融监管总局发布2025年11月保险业经营情况表。数据显示，2025年前11个月，保险业原保险保 费收入5.76万亿元，可比口径下同比增长7.6%。其中，人身险原保费规模为4.42万亿元，同比增长 9.2%。财产险原保险保费收入1.34万亿元，同比增长2.5%。 从险企类别来看，人身险公司保费收入4.15万亿元，同比增长9.1%。其中，寿险业务原保险保费收入 3.39万亿元；健康险原保险保费收入7252亿元；意外险原保险保费收入346亿元。 业内专家分析指出，人身险保费增长主要得益于储蓄型产品的销售带动。在投连险方面，由于利率持续 下行与权益市场整体表现较好，经营稳健的保险公司相关产品结算利率具备一定竞争力，对消费者吸引 力增强。此外，"报行合一"政策落实后，银保渠道销售费用显著下降，不少公司因此加大该渠道投入， 有力拉动了新单销售。 财险公司保费收入1.62万亿元，同比增长3.9%。其中，机动车辆保险原保险保费收入8432亿元、责任险 原保险保费收入1336亿元、农业保险原保险保费收入1494亿元、健康险原保险保费收入2187亿元、意外 险原保险保费收入546亿元。 专家认为，财险公司业务中，车险整体 ...

Core Insights - The global insurance industry is entering a phase of slowed growth and profit pressure, moving away from a decade driven by scale [6][8] - External factors such as economic fluctuations and geopolitical tensions continue to impact traditional profit models, while climate change poses significant risks to property insurers [6][8] - The competitive landscape is shifting from a focus on licensing and scale to one centered around technology, capital, and service capabilities [8][35] Non-Life Insurance Sector - The non-life insurance sector is facing a new pressure phase after exiting a difficult underwriting cycle, with global premium growth expected to slow down [10] - The underwriting cost ratio in the U.S. is projected to rise from 97.2% in 2024 to 99% in 2026, further compressing profit margins [10] - Factors driving cost increases include tariffs, supply chain disruptions, labor shortages, and rising material prices, particularly affecting auto and property insurance [10][11] - Legal risks are increasing complexity in non-life insurance, with rising litigation financing leading to higher claims rates and severity [10] Life and Annuity Insurance - Life insurance premium growth is slowing in developed markets, while annuity sales in the U.S. are expected to reach $432.4 billion in 2024, continuing strong growth [13] - The asset management size in the insurance industry is projected to grow by 25% to $4.5 trillion by 2024, with personal credit becoming a larger share [14] - The integration of private equity into the insurance sector is accelerating, reflecting dual pressures on both asset and liability sides [15][16] Group Insurance Sector - The group insurance sector is evolving towards a tighter integration of employee benefits and insurance services, with new growth areas emerging [20] - The B2B2C model in group insurance emphasizes the importance of user experience for both employers and employees [21] - Digital access capabilities are becoming critical in group insurance competition, with companies needing to integrate products into employer benefit platforms [23] AI and Technology Integration - The report highlights that the main barrier to scaling AI in the insurance industry is not the algorithms but rather data quality and system infrastructure [26][29] - Successful AI applications are being implemented across various functions, such as underwriting and claims processing, enhancing efficiency and service delivery [30] - The future insurance workforce will need to focus on complex problem-solving and customer engagement rather than routine tasks [30] Customer Experience Transformation - Customer expectations are shifting towards speed, convenience, and personalization, necessitating a move from "omni-channel" to "channel adaptation" [33] - Insurers must provide seamless service experiences, with simple requests directed to self-service channels and complex inquiries handled by experienced professionals [33] - The overall competitive structure of the insurance industry is being redefined, with technology, capital flexibility, and customer-centric service systems becoming key competitive factors [35]

Core Insights - The "2025 China Enterprise Competitiveness Conference" was held in Beijing on December 9-10, focusing on the role of insurance institutions in supporting new productive forces through comprehensive transformation and restructuring [3][7]. Group 1: Role of Insurance Institutions - Insurance institutions are urged to evolve from being mere risk protection providers to becoming comprehensive value companions and creators for new productive force enterprises [3][7]. - The risks faced by new productive force enterprises vary significantly across different stages: R&D, results transformation, and production, necessitating tailored insurance products such as guarantee insurance and credit insurance for R&D, and liability insurance and enterprise property insurance for production [3][7]. Group 2: Financial Support Mechanisms - Insurance institutions can provide full-cycle financial support, starting with early-stage funding through mother funds, angel funds, and science and technology innovation funds, and continuing with targeted financing options like strategic placements and industry funds as enterprises grow [3][7]. Group 3: Research and Evaluation System Upgrade - The upgrade of the investment research system is identified as a core support for empowering new productive forces, requiring a shift from traditional financial assessment to a comprehensive research mechanism that includes macro, industry, and technology research [4][8]. - A transition from short-term financial evaluation to long-term value assessment is essential for aligning with the development cycles of new productive force enterprises, thereby enhancing the long-term enabling role of capital [4][8].

告别规模驱动的黄金十年，全球保险业正集体驶入一个增长放缓、利润承压的深水区。 过去几年影响保险业的外部力量并未消退，经济波动与地缘政治摩擦持续叠加，侵蚀着传统利差损益模式；气候变化带来的巨灾风险，直击财产险公司的 盈利底线。 与此同时，行业内部的边界不断被技术、渠道和资本重塑；科技公司、私募股权机构等"新玩家"携资本与技术优势入场，不断向保险领域渗透。 保险业的竞争范式正在发生根本性转移，从依赖牌照与渠道的规模博弈，转向围绕技术、资本与服务能力的深度变革。 12月3日，德勤发布《2026年全球保险业展望》报告，从非寿险、寿险与年金险、团险到AI技术、客户体验与税制变动等方面，系统展示了行业正在经历 的深层变革，勾勒出未来几年保险生态的演变路径。 其一，是非寿险领域，围绕技术与成本演变的"科技战"。 非寿险行业在走出承保难周期后，再度进入压力叠加阶段。全球非寿险保费增速在2026年预计继续放缓，美国市场的承保成本率将从2024年的97.2%上升 至2026年的99%，利润空间被进一步压缩。 推动成本上行的因素来自多个维度：关税上调、供应链中断、劳动力短缺和材料价格上涨，使汽车保险与家财险赔付成本持续攀升；贸易政 ...

Group 1 - The core viewpoint of the report indicates a decline in the premium scale of life insurance companies in October, with a year-on-year decrease of 4.6%, attributed to a shift in focus towards preparations for the 2026 "opening red" campaign [1][2] - For the period from January to October 2025, the original premium of life insurance reached 42,519 billion yuan, showing a year-on-year increase of 9.6%, while the total premium was 48,010 billion yuan, up 8.8% year-on-year [1] - The report highlights that the market demand remains strong, with the expected growth in new single premiums due to the attractiveness of insurance products compared to bank deposits [2][5] Group 2 - In October, the health insurance premium showed a slight year-on-year increase of 0.5%, although the growth rate decreased by 2.8 percentage points compared to September [3] - The health insurance sector's share reached 21% by the end of October, up 0.4 percentage points from the end of September, indicating a positive trend in the market [3] - The China Banking and Insurance Regulatory Commission's recent guidelines are expected to stimulate growth in the health insurance market by supporting various product developments [3] Group 3 - The property insurance sector experienced a year-on-year decline of 5.5% in October, with both auto and non-auto insurance premiums decreasing [4] - The auto insurance premium growth turned negative in October, with a year-on-year decrease of 6.6%, influenced by a high base from the previous year [4] - Non-auto insurance premiums also saw a decline, with a year-on-year drop of 3.4% in October, reflecting pressures from regulatory changes and market conditions [4] Group 4 - The report notes improvements in both the liability and asset sides of the insurance companies, with significant upward potential in valuations [5] - The anticipated optimization of liability costs due to a shift in product offerings and a potential recovery in long-term interest rates could alleviate pressure on investment returns [5] - The insurance sector is currently undervalued, with estimated valuations for 2025 ranging from 0.55 to 0.94 times PEV and 1.07 to 2.00 times PB, indicating a historical low [5]

Core Viewpoint - The approval of China Post to operate insurance agency business marks a significant development in the insurance intermediary market, being the first insurance agency license granted directly by the Financial Regulatory Bureau since its establishment, and highlights the growing role of postal services in the insurance sector [1][6][9]. Group 1: Approval Details - The Financial Regulatory Bureau has granted China Post the license to operate as an insurance agency, following the approval of Postal Savings Bank, making it the second agency license for a postal entity [1][6]. - The scope of the insurance agency business includes various types of insurance such as auto insurance, liability insurance, life insurance, and health insurance, similar to other agency institutions [2][4]. - The approval document specifies that the agency business must be conducted through designated agency outlets, which raises questions about the historical role of postal outlets in selling insurance [2][18]. Group 2: China Post's Insurance Layout - China Post currently holds one life insurance license and two agency licenses, indicating a strategic positioning in the insurance market [3][9]. - The number of insurance intermediaries has been decreasing, with a drop from 2,642 to 2,539 institutions from 2019 to the present, reflecting a consolidation trend in the market [4]. Group 3: Historical Context - China Post has a long history in the insurance sector, having started selling insurance in 1987, which contributed to the growth of the insurance industry, especially in rural areas [10][12]. - Following the establishment of Postal Savings Bank, China Post ceased to engage in insurance agency business to avoid competition, leading to the voluntary cancellation of several agency licenses since 2010 [14][17]. Group 4: Operational Framework - The agency outlets for insurance sales are primarily those of Postal Savings Bank, which has a network of 31,000 outlets, significantly larger than its self-operated outlets [18][20]. - The commission and fees from insurance sales through these agency outlets are projected to reach 640 million in 2024, with a structured payment system in place for commissions based on sales [20].

Group 1 - The core viewpoint of the article highlights the steady growth and development of Jintai Property Insurance Co., Ltd., which is a state-owned enterprise controlled by the Chengdu State-owned Assets Supervision and Administration Commission, established in January 2011 with a registered capital of 3.188 billion yuan [2] - In 2024, the company achieved a premium income of 2.96 billion yuan, representing a year-on-year growth of 5.4%, and a total profit of 63.808 million yuan, reflecting a year-on-year increase of 25.3% [2] - The company has a service network covering nine provinces and cities, including Sichuan, Guizhou, Shaanxi, and Chongqing, with over 140 branches, achieving full coverage in Sichuan [2] Group 2 - Jintai Insurance is committed to enhancing financial service levels and capabilities, focusing on specialized operations to improve core competitiveness while consolidating traditional businesses like auto insurance and actively developing agricultural insurance, credit guarantee insurance, liability insurance, and health insurance [2] - The company aims to provide various risk guarantees amounting to 51.3 trillion yuan for the real economy and social welfare in 2024, fulfilling its mission as a state-owned financial insurance institution [2]

Core Insights - The insurance industry in China has shown significant improvement during the "14th Five-Year Plan" period, particularly through the implementation of the "reporting and operation integration" policy, which has led to a notable reduction in the comprehensive cost ratio of property insurance companies [2][3] Group 1: Industry Performance - The comprehensive cost ratio of property insurance companies has dropped to its lowest level in nearly a decade, with the average ratio for 85 companies falling below 97% by mid-2025, reversing a previous trend where the ratio exceeded 100% [2] - The net profit of 76 non-listed property insurance companies reached over 9.2 billion yuan in the first half of 2025, an increase of nearly 4 billion yuan year-on-year, with 68 companies reporting positive net profits [2] - The "reporting and operation integration" policy has been crucial in enhancing the internal development dynamics of the industry by promoting cost control and moving away from a scale-driven business model [2][3] Group 2: Policy Impact - The initial focus of the "reporting and operation integration" policy was on the core area of auto insurance, with regulatory measures introduced to strengthen cost management and supervision in this sector [3] - The successful implementation of this policy in auto insurance has provided a replicable model for non-auto insurance sectors, with recent notifications extending the policy's application to non-auto insurance [3][4] - The non-auto insurance sector has historically underperformed, with the top three property insurers consistently reporting a weighted average non-auto cost of risk (COR) above 100% since 2019, indicating a need for improved cost management [4] Group 3: Growth Opportunities - The insurance industry is shifting focus towards new growth areas, particularly in the fields of new energy vehicle insurance and non-auto insurance, as traditional auto insurance markets become saturated [5][6] - The market for new energy vehicle insurance has seen rapid growth, with premiums expected to exceed 100 billion yuan by 2024, reflecting a compound annual growth rate of over 50% since 2015 [6] - Non-auto insurance premiums accounted for over 51% of the total in the first eight months of 2025, highlighting its role as a key driver for growth in the property insurance sector [6][7] Group 4: Risk Management - The "reporting and operation integration" policy also serves as a risk management tool, helping to prevent liquidity risks and compliance issues within property insurance companies [9][10] - Regulatory measures have been introduced to address specific operational risks in various insurance sectors, such as improving precision in agricultural insurance underwriting and claims [9] - The regulatory framework encourages mergers and acquisitions among smaller insurance firms to optimize resource allocation and mitigate risks, particularly as the market becomes increasingly competitive [10][11]