The key indicators of the insurance industry are lower than the world average, and the source guarantee conversion rate is low. In 2003, the insurance density in China was 300.3 yuan, and the insurance depth was 3.33%. In the same period, the world average insurance density was 469.6 USD (about 3887. 1 RMB), and the average insurance depth was 8.06%. In 2003, China's premium income accounted for 3.5% of residents' savings balance, which was lower than the world average of 7.4% in 2002. In 2003, the actual premium in China was 388 billion yuan, which was lower than the theoretical premium of 499.3 billion yuan at the same level of economic development (the theoretical premium was calculated by logarithmic model according to the premium and GDP data of all countries in the world)11300 million yuan. In 2002, the conversion coefficient (actual premium/potential source protection) of enterprise property insurance in China's insurance market was 46. 12%, the conversion coefficient of import and export freight insurance was 65.438+06.46%, and the underwriting rate of family property insurance was less than 5%. Less than 200 million people in China buy life insurance, accounting for only 15% of the total population.
The development of insurance industry is unbalanced. From the perspective of regional development, the development of the insurance market in the central and western regions is obviously insufficient. In 2003, the proportion of premium income in eastern, central and western China was 3.6∶ 1.2∶ 1, of which the proportion of non-life insurance premium income was 2. 1∶0.6∶ 1, and the proportion of life insurance premium income was 4.5 ∶1.6 ∶ The insurance densities in the eastern, central and western regions are 508.6 yuan, 193.6 yuan and12.9 yuan respectively, and the insurance depths are 3.94%, 3.0/7% and 2.018% respectively. From the perspective of insurance development, investment life insurance business and vehicle insurance business are highly concentrated. 1999 from 2003 to 2003, more than 80% of life insurance premiums came from investment business. At the end of June 2004, motor vehicle insurance accounted for 65% of property insurance business income. Policy insurance has not been fully developed, and there are blind spots in insurance services. There are many risks affecting social stability and economic development in the fields of low-income people, agriculture and rural areas, natural disasters, high technology, social credit and responsibility, and these risks lack professional management and deep participation of insurance.
The functions of the insurance industry need to be further developed. From the perspective of coverage, in 2003, only 27.49% of motor vehicles in China participated in insurance, and the family property insurance rate was only about 5%, while more than 85% of households in the United States participated in insurance in the same period. In 2003, residents' insurance consumption expenditure accounted for 3.62% of the total consumption expenditure, which was much lower than the 14.06% in the United States in 2002. From the perspective of economic compensation, according to the statistics of China International Decade for Disaster Reduction, the number of people affected by disasters in China exceeds 200 million every year, and the direct economic losses caused by disasters in recent years exceed 200 billion yuan every year. However, the proportion of insurance claims in disaster losses in China is about 1%, and that in Europe is 20%. Judging from the allocation of financial resources, the total assets of China insurance industry at the end of 2003 were 912.28 billion yuan, accounting for only 3.30% of the total assets of banking financial institutions of 27.64 trillion yuan, which is about half of the world average. In the United States, the market value of listed companies held by insurance companies accounts for about 25% of the total market value, about 40% in Europe and about 50% in Japan.
The solvency of the insurance industry needs to be improved. In 2003, after China People's Property Insurance Co., Ltd. was listed in Hongkong, the ratio of net premium to shareholders' equity was 2.3, while the internationally comparable property insurance company MercuryGeneralCorp. 、AllstateCorp、Chubb、SAFECOCorp。 The travelers are 1.8, 1.3, 1.5 and 65438 respectively. Compared with international insurance counterparts, the solvency of China insurance companies is still insufficient. It is estimated that by 2020, the scale of insurance premiums in China will reach 2.8 trillion yuan. If the leverage ratio of capital is 1∶2, the net assets of the insurance industry will reach 1.4 trillion yuan. In 2003, the capital of China insurance industry was about 60 billion yuan. If we want to reach the scale of 1.4 trillion in 2020, we need an average annual growth rate of 20%.
The application level of insurance funds needs to be improved. Judging from the situation in 2002 and 2003, the return on investment of non-life insurance funds in the United States and Britain is about 1 1%, and the return on the use of life insurance funds is about 12%, which is much higher than the levels of non-life insurance and life insurance in China of 2.5% and 3.5% respectively. In addition, due to the lack of derivative financial instruments such as stock index futures and bond futures, it is difficult for domestic insurance companies to make scientific portfolio investment and avoid systemic risks, which leads to large fluctuations in the use of insurance funds. By the end of June 2004, the balance of funds used by domestic property insurance companies was 654.38+009.558 billion yuan, of which bank deposits accounted for 56. 16%, national debt accounted for 654.38+07.45%, financial bonds accounted for 4.78%, and securities investment funds accounted for 654.38+065.438+0.98. In the first half of 2004, the securities investment of the three major domestic listed insurance companies all lost 500-800 million yuan.
The comprehensive competitiveness of the insurance industry needs to be improved. There is a big international gap in capital strength. In 2003, the net assets of PICC P&C Insurance were US$ 2.2 billion (including subordinated debts), China Life Insurance was US$ 7.543 billion, and Ping An Group was US$ 65.438+US$ 56.5 million. In 2002, AIG's net assets were $591030,000; in 2003, it was $186.97 million for British Huawei and $401520,000 for ING. In the domestic financial field, it is difficult for the insurance industry to compete with banks and securities industry, and its ability to resist external shocks is very poor. In the first quarter of 2004, investment increased rapidly and the stock market recovered strongly. Open-end funds raised about 654.38+000 billion yuan, and book-entry treasury bonds issued 3865.438+600 billion yuan, which brought great pressure to the development of insurance business, especially life insurance business, resulting in a negative growth of 654.38+0.654.38+09% in life insurance business, with a sharp drop in growth rate, with a year-on-year decrease of 38.