Is there room for the insurance industry from 219? Is the market saturated?

(I) Further improvement of the overall strength of the insurance industry The improvement of the overall strength of China's insurance industry is mainly reflected in the following four aspects: First, the business continues to grow rapidly. In 26, the premium income was 564.14 billion yuan, a year-on-year increase of 14.4%. Among them, property insurance premium income was 15.94 billion yuan, a year-on-year increase of 22.6%; Life insurance premium income was 359.26 billion yuan, a year-on-year increase of LO.7%; Health accident insurance premium income was 53.94 billion yuan, a year-on-year increase of 19%. The insurance depth is 2.8% and the insurance density is 431.3 yuan. Second, the ability of economic compensation has been continuously enhanced. In 26, the insurance industry paid compensation and paid 143.85 billion yuan, a year-on-year increase of 26.6%. Third, the scale of assets has steadily expanded. The total assets of insurance companies were 1.97 trillion yuan, an increase of 29% over the end of 25. Fourth, the number of market players has gradually increased and the market vitality has increased. In the whole year, 9 new insurance companies opened, bringing the number of insurance companies to 98; * * * There are 367 new professional intermediaries, with 211 professional intermediaries; Four insurance asset management companies and one insurance fund utilization center were added, bringing the number of asset management companies to nine. (II) Significant achievements have been made in structural adjustment With the rapid development of China's insurance industry, insurance regulatory agencies have attached great importance to the structural adjustment of the insurance industry, and have taken some measures over the years and achieved remarkable results. First, the weak links of property insurance have been strengthened, and new business growth points have gradually formed. Agricultural insurance and liability insurance achieved rapid growth, with agricultural insurance premium income of 85 million yuan, up 16.2% year-on-year, and liability insurance premium income of 5.63 billion yuan, up 24.3% year-on-year. Second, the life insurance business structure was further optimized. Life insurance companies pay more attention to embedded value and its long-term steady development, and the forward payment business and long-term life insurance business develop rapidly. The new single payment of individual insurance accounts for 27.9% of the new single premium of individual insurance, and the new single payment premium income of more than 1 years is 33.66 billion yuan, up 19.9% year-on-year. Third, the role of the intermediary market has been further developed. The premium realized through intermediary channels accounts for 79.6% of the total premium income. Fourth, regional development is more coordinated. The premium income in the central and western regions increased by 15.9% and 2.7% respectively, which were 1.5 and 6.3 percentage points higher than the national average. (III) Steady improvement in operating efficiency The profitability of insurance companies continued to improve. The investment income has increased steadily. In 26, the investment income was 95.53 billion yuan, and the rate of return reached 5.8%, 2.2 percentage points higher than that in 25, which was the best level in the past three years. The competitiveness of the industry has gradually improved, listed companies have been generally recognized by technical investors, and the stock price has been rising. The market value of China Life Insurance has ranked first among listed life insurance companies in the world. (IV) Deepening Insurance Reform and Opening-up China's insurance reform and opening-up is also gradually deepening, mainly in the following aspects: First, according to the spirit of the State Council Document No.23, the China Insurance Regulatory Commission revised and improved the Outline of the Eleventh Five-Year Plan for Insurance Development and officially released it. Second, continue to promote the listing of insurance companies. On December 21, 26, Min 'an Holdings was listed in Hong Kong, and on January 9, 27, China Life's A shares were listed. At present, there are five Chinese-funded insurance companies listed at home and abroad. Third, continue to promote the structural reform of state-owned insurance companies. China Re Group received a capital injection of US$ 4 billion from Huijin, and the reform of China Joint Stock System was basically completed. The fourth is to steadily promote the comprehensive operation of insurance companies. China Life participated in Guangdong Development Bank and CITIC Securities, and China Ping An acquired Shenzhen Commercial Bank. Fifth, set up an insurance protection fund board to strengthen the collection and management of insurance protection funds. The insurance guarantee fund currently reaches 8 billion yuan. Sixth, opening to the outside world continued to expand. By the end of 26, there were 41 foreign-funded insurance companies in China's insurance market, and 133 foreign-funded insurance companies from 2 countries and regions set up 195 representative offices in China. The degree of internationalization of the insurance industry has been gradually improved, and international cooperation has been continuously strengthened, forming a situation in which Chinese and foreign insurance companies complement each other and develop harmoniously. Second, the particularity of the operation and management of insurance companies in China at present. Insurance companies are the suppliers of the insurance market, and their operation directly affects the development of the insurance market. Compared with other joint-stock companies, the operation and management of insurance companies have their own particularity. (A) the concentration of risk, no risk, no insurance. The insurance industry is a risky business, and its products and services are all kinds of material and interest loss risks that may occur in social and economic life. Insurance companies have gathered a lot of risks through underwriting activities, which requires appropriate risk management techniques and reasonable decentralization in time and space on the basis of risk identification. At the same time, insurance companies have accumulated a large amount of funds through the establishment of insurance funds, which will inevitably encounter risks in fund management and application in the process of maintaining and increasing value. This puts forward higher requirements for the risk management ability of insurance companies. (B) the cost of late in addition to management fees, the insurance industry's biggest achievement is insurance claims. The price (rate) of insurance company's products and services is based on the law of large numbers, which is determined by the past loss probability of the insured object as the basic basis (that is, pure rate), plus a certain trend correction coefficient, operating expense rate and expected profit rate (that is, additional rate). It adopts the management mode of charging first and paying compensation later. Therefore, the pricing based on historical statistical analysis may be different from the actual loss compensation cost after the expiration of insurance liability. This feature objectively requires insurance companies to have a high actuarial (loss rate cost prediction) management level, and also requires insurance companies to have a good homogeneity selection management level for underwriting risk targets. (III) Homogeneity of products and services Insurance products and services, in terms of their forms, are not exclusive of core technologies, nor are they protected by patents, so they are easy to imitate. Any new product and service initiative can be introduced, transplanted or transformed in a short time as long as competitors are willing. Therefore, it is extremely difficult in the insurance industry to create company differentiation by product differentiation. The differentiation characteristics between insurance companies depend more on the differentiation of management to form the differentiation of corporate behavior, and then are comprehensively manifested through its concept communication, organizational efficiency, employee behavior and so on. (D) the extensive sociality of business, there is insurance if there is risk. The customers of insurance companies are all over the narrow and all levels of society, and their operations are also characterized by a wide range of sociality. The diversification of types and customers' needs not only requires the insurance company's customers to be more adaptable, but also requires the insurance company to be targeted and flexible in its operation. Obviously, this special requirement is not only a great challenge to the company's management ability, but also a great challenge to managers, employees and service quality. (V) Greater flexibility in operation and management activities As mentioned above, due to the different situations of insurance clients, the losses caused by risk accidents are different, and China's current regulatory policy requires that insurance and its branches can only carry out business activities within the administrative area of the place of registration. Therefore, in their operation and management activities, the main links such as risk assessment before underwriting of the insurance subject matter and identification of the amount of losses after the insurance accident are different to varying degrees, which makes insurance companies in pricing management, cost management and personnel management. At the same time, insurance branches have a wide range of points, a large range of management and many levels of management, and there are many geographical differences in customers and their distribution, which also increases the flexibility of insurance company management. Iii. Operating characteristics of China's insurance companies in different stages of development under the current background (I) During the initial stage of the company, the sponsors were fully prepared for the allocation of various resources and had a thorough understanding of the market conditions. Therefore, at this stage, the company's main leaders have high prestige, employees have high expectations for the company's success, and the goals pursued by enterprises and employees are highly unified. Therefore, the main management characteristics of the company during this period are: (1) the decision-making power, resilience, pressure resistance and foresight of the company depend on the personal wisdom and experience of the leaders, and the on-the-spot decision-making opinions of the leaders are the company's decisions; (2) The scope of the company's hierarchical management responsibilities is not clear, but they are particularly cooperative and coordinated; (3) Employees are enthusiastic, working overtime without pay, and their work efficiency is high; (4) The company, from leaders to employees, takes care of each other, and immediately corrects problems when they encounter them. The public interest and the concept of right and wrong are highly consistent; (5) Strong cohesion, unprecedented unity of employees, forgetting the public and the private, giving up the family and caring for "everyone". At this time, it is the best time to take advantage of the situation, establish the personal prestige of leaders, create the influence of non-power factors and corporate cultural values. (II) The market share of the company has increased rapidly in the growth period, the company has grown stronger, the income of employees has obviously changed, the reputation of the company has gradually emerged, the management process has been gradually standardized, the cultural atmosphere of large enterprises has gradually formed, and the company has shown an exciting development state. Its characteristics are as follows: (1) The decision-making level, management level and grass-roots level of the company are in place, and the management responsibilities of each level are clear; (2) the benefits of the company's completion are initially distributed in place; (3) Realize the joint efforts of the power sources planned by the company in the near future; (4) The effect of resolving contradictions through development is obvious; (5) The scale and benefits of the company have developed rapidly; (6) The pagoda type of corporate power has rapidly formed, and the corporate leadership has changed from an equal type to an upward type, and its weight and deterrence have emerged. (III) The development period of the company is characterized by: (1) the rapid growth of business volume tends to be flat; (2) The employees' passion in the start-up period gradually fades; (3) Employees' desire for income gradually becomes rational, and their behavior tends to be rational; (4) The contradiction of power redistribution in the growth period has been resolved, and the hierarchical management organization of the company is refined and operates naturally; (5) The prestige of power established by the company leaders in the initial construction period and growth period gradually fades, and the influence of non-power can make the company "govern by doing nothing"; (6) What employees want for income is multiple bonuses, and the boss and employees have their own interests. Iv. Problems in Different Development Stages of China's Insurance Companies and Their Causes (I) Problems in Different Development Stages of China's Insurance Companies The initial stage is the development stage of the company from scratch to large. Due to its own immaturity and sensitivity to the external environment, it faces various risks. Generally speaking, during the initial stage, the company will mainly have the following problems: (1) The policy risks of entering the market, such as market frustration and demoralization, lead to chain reactions of all parties, and the cost is immeasurable; (2) The post setting of hierarchical management is unreasonable; (3) The personal factors of leaders determine the fate of the company. In the growth period, the company has weathered the storm and gradually got on the right track, and is familiar with market competition and regulatory policies. At this time, the focus of contradictions often appears in the company's management. In the growth period, the company will mainly have the following problems: (1) The unfair distribution of positions leads to the loss of the other party's interests; (2) The unfair distribution of the company's achievements leads to the formation of interest teams; (3) The company leaders' right to use is not balanced enough in the initial construction period, which creates natural communication between shareholders and some members of the management and forms a bond of interest. Once the company has business symptoms, it can make waves, and investors and managers form alliances, which is easy to turn over; (4) Improper employment leads to different opinions among senior officials and cracks in online auto insurance; (5) Insufficient investment in innovation ability leads to weak follow-up. In the development period, it should be said that the company has established a relatively perfect corporate governance structure, the distribution of rights is balanced and reasonable, and the business volume is gradually saturated. In this case, problems often appear in details, but they cannot be ignored. Specifically, during the development period, the company will mainly have the following problems: (1) The support of policies for business has shrunk significantly; The company pursues high profits and then high profits; Unreasonable product structure; Employees' hearts are floating; (2) The stylization of the company's work is obvious, and the bureaucratic habits of the yamen are strong, and the efficiency is far less than before; (3) The joint leadership of the leading group is divided, and the division of labor and cooperation has turned into block cooperation; (4) The centrifugal of people's heart leads to the regenerative dysfunction of the company's development. (II) Reasons for the problems in the operation and management of insurance companies in China There are three main reasons for the problems mentioned above in the operation of insurance companies. 1. The domestic insurance market, which is still in the primary stage of development, has not formed efficient and orderly market operation rules. Since the reform and opening up, the domestic insurance industry has made great progress, with the rapid growth of insurance business, the continuous development of insurance market and the continuous improvement of insurance legislation. However, compared with the developed countries, the domestic insurance industry is still in the primary stage, with fewer market players, higher degree of market monopoly and lower level of market competition. The standardized and orderly market environment has not yet been formed, and the role of the law of value in the insurance market has not yet been played normally, so the awareness of national insurance needs to be further improved. In this imperfect insurance market environment, the market supply exceeds the demand, and the traditional market tends to be saturated, which leads to fierce competition. The emerging market sector has not formed the scale demand effect because of the great difference between the national income level and the industry development level. Grass-roots units of direct business and market-oriented insurance companies are driven by the pressure of their respective planned tasks and economic interests. Under the condition of insufficient market supervision and management, it is inevitable to lead to short-term behavior and illegal behavior in operation and management. 2. The fine management of insurance companies is not high, and the internal control management system is not perfect. (1) Some grass-roots companies lack the analysis of factors such as the local economic development level and the development level of the insurance market when formulating the annual business development plan indicators, and the plan indicators issued are inevitably simplified and not targeted, which leads to the excessive pressure on grass-roots companies to complete the premium task and blindly pursue the scale of business development, with low business quality and low efficiency; Or it is illegal to operate and take some improper means to attract business. (2) Grass-roots companies lack the vision of long-term development in the process of operation and management, have no long-term plans and measures for the development of the insurance market, and focus on short-term interests. For example, in the development of emerging markets and the promotion of new insurance products, because it takes a long time for the market to know about insurance, and insurance companies are required to carry out a lot of publicity and increase initial investment, some grass-roots companies lose their enthusiasm because of the large investment and slow results, and retreat when they encounter difficulties, so it is difficult to start the development of emerging insurance markets. (3) The internal control system of grass-roots companies is not perfect, the implementation of unified legal person system is not effective, and the requirements of superior companies are not in place. Some grass-roots companies do not pay enough attention to management, do not improve and perfect the internal control management system according to the changes of the situation, and some systems lack practical operation and exist in name only, which leads to chaotic management. Some grass-roots companies don't have a strong sense of unified legal person, and the rules and requirements for underwriting claims, standardized operation, financial management and other aspects formulated by higher-level companies sometimes exceed their authority and violate regulations. (4) backward management technology. Some grass-roots companies have a low level of electronicization, and there are gaps in understanding and measures for using electronic management. Some companies also rely heavily on and use manual operations, which hinders the refinement of management. 3. The overall quality of employees in insurance companies is not high. According to the survey, more than 9% of the business personnel of some grass-roots companies have not received formal insurance professional knowledge education, and their educational level is low, so their ability to accept new things is poor. There is no effective system and long-term plan for staff training. At present, most salesmen in grass-roots companies rely on experience and network to develop their business, and recognize the functions and functions of insurance.