3moon21On the day, the Insurance Association of China released the2021Annual Analysis Report on Internet Insurance Business Operation of Life Insurance Companies (hereinafter referred to as the “Report”). The report shows,2021In 2018, the Internet life insurance business continued to maintain steady growth, and accumulated large-scale premiums2916.7billion, compared to2020Year-on-year growth38.2%。
According to the report,2021Annual life insurance is still the main type of Internet life insurance, accounting for65.1%; the proportion of annuity insurance is14.2%a year-on-year decrease9percentage point; health insurance replaced annuity insurance as the second largest type of insurance, accounting for18.9%。
2021year10moon22On July 1, the China Banking and Insurance Regulatory Commission issued the “Notice on Further Regulating Matters Concerning the Internet Personal Insurance Business of Insurance Institutions” (hereinafter referred to as the “Notice”), which regulates the Internet personal insurance business. As the “Notice” sets clear requirements on the entry threshold, product design, pricing standards, service standards, etc. of Internet life insurance, the insurance industry predicts that the pattern of Internet life insurance will change, and the advantages of multiple channels will be extended to more qualified companies. tilt.
The “Daily Economic News” reporter noticed that due to the new regulations on Internet life insurance, more than 10 life insurance companies have officially announced the suspension of Internet insurance business. Some market participants predict that with the decline in the number of market entities and products,2022The scale of Internet personal insurance will shrink sharply in 2018.
Health insurance scale premiums rise551billion
The report shows,2021In 2018, the structure of Internet life insurance products continued to adjust, and life insurance was still the main line of insurance, accounting for65.1%an increase of nearly10percentage points; annuity insurance accounts for14.2%a year-on-year decrease9percentage; accident insurance accounted for1.8%a year-on-year decrease1.6percent.
From the perspective of premium scale, life insurance realizes large-scale premiums1899.3billion, a year-on-year increase61.8%;Health insurance realizes scale premium551billion, a year-on-year increase47%;Annuity insurance realizes scale premium414.3100 million yuan, a year-on-year decrease15.5%; Accident insurance realizes scale premium52.1100 million yuan, a year-on-year decrease28%。
The “Daily Economic News” reporter noted that,2018Over the past year, the Internet life insurance business has continued to grow.2018year-2021Years, respectively realize scale premium1193.2billion,1857.7billion,2110.8billion,2916.7billion. However, with the implementation of the new Internet personal insurance regulations, this scale of growth may not be sustainable.
The aforementioned “Notice” clarifies that the scope of life insurance business that insurance companies can carry out through the Internet includes: accident insurance, health insurance (except nursing insurance), term life insurance, ordinary life insurance for ten years or more, and ordinary life insurance for ten years or more. Annuity insurance and other products prescribed by the China Banking and Insurance Regulatory Commission.
The reporter of “Daily Economic News” has previously learned from the industry that from the perspective of the main product categories of online sales in the industry, the first category is participating insurance, in addition to investment-linked insurance, whole life insurance, critical illness insurance, etc. This also means that after the implementation of the new regulations, investment-linked insurance, universal insurance and other products with strong wealth management attributes will not be included in the scope of Internet life insurance products, the overall premium scale of the industry will decline, and the Internet life insurance business will return to the source of protection.
It is worth mentioning that,2021In 2018, health insurance replaced annuity insurance to become the second largest type of insurance, with a year-on-year increase in share1.1percent. According to the judgment of the industry, due to the low threshold requirements, the new regulations have little impact on critical illness insurance.
A number of life insurance companies have suspended related businesses
The report shows,2021Year total60Family life insurance companies develop Internet insurance business, more than2020yearly decrease1home, accounting for 10% of the total number of life insurance member companies of the Insurance Association65.9%. From the perspective of the growth rate of large-scale insurance premiums,35The scale of the company’s premiums has achieved positive growth to varying degrees.
Due to the new regulations, insurance companies should2021year12moon31Recently completed the rectification of the existing Internet personal insurance business,2022In 2010, the main body of Internet life insurance business may continue to decrease.
According to the “Notice”, an insurance company applying for approval or using the newly filed ordinary life insurance (except term life insurance) with an insurance period of more than 10 years and ordinary annuity insurance products with an insurance period of more than 10 years must meet the requirements of four consecutive quarterly comprehensive Solvency ratio exceeds150%the core solvency is not less than100%; For four consecutive quarters, the comprehensive solvency premium exceeded30RMB 100 million; comprehensive risk rating for four consecutive quarters (or six quarters within two years)AClass or above; no major administrative penalties were imposed on Internet insurance business operations in the previous year; the corporate governance of insurance companies was assessed asBGrade (Good) and above requirements.
Based on the strict qualification requirements of the new Internet personal insurance regulations, industry statistics show that only20Yujia Insurance Company can sell five products online, including ordinary life insurance and ordinary annuities with a term of more than ten years.
The “Daily Economic News” reporter noticed that with the new regulations in2022year1moon1It will be implemented from today, including Xintai Life, Kunlun Health, Centennial Life, Qianhai Life, Union Life, Three Gorges Life, Xiaokang Life, Peking University Founder Life, Bohai Life and many other life insurance companies announced the suspension of Internet insurance business.
It is worth mentioning that,2021In 2018, United Life achieved Internet life insurance premiums169.2100 million yuan, ranking eighth in the industry.2021In 2019, the top ten companies in terms of Internet life insurance premiums were: China Post Life Insurance, Guohua Life Insurance, China Life Insurance, CCB Life Insurance, ICBC-AXA, Taikang Life Insurance, PICC Life Insurance, United Life Insurance, PICC Health, and Ping An Life.
Source of cover image: Photo ID-500520324
