1. The current status of the development of my country’s insurance market. First, China’s insurance market is basically still in an oligopoly.

From the analysis of China's current insurance market situation, the four major insurance companies, People's Insurance Company of China, China Life Insurance Company, Ping An Insurance Company of China, and China Pacific Insurance Company, already account for 96% of China's current insurance market share.

Among them, the wholly state-owned PICC and China Life account for almost 70% of the insurance market share.

China Life accounts for 77% of the life insurance market share, and PICC accounts for 78% of the property and casualty insurance market.

The People's Insurance Company of China alone accounts for 82% of the motor vehicle insurance market.

This means that although China's insurance market has initially formed a competitive pattern, this situation of highly monopolized market by state-owned insurance companies, especially the oligopoly of a few insurance companies, is the current characteristic of China's insurance market.

one.

Second, the development of China's insurance industry is still at a low level.

According to the development pattern of the insurance industry, premium income generally accounts for 3-5% of the GDP of that year.

Judging from the current Western developed countries, the annual premium income generally accounts for about 8-10% of the country's GDP. However, in 1998, my country's total premium income accounted for only about 1.5% of the GDP, ranking around 70th in the world. .

Calculated in terms of per capita premium, it is only 100 yuan. Although it has changed dramatically from less than 10 yuan per capita in the early days of the resumption of insurance business, it still ranks around 80th in the world.

Of course, we still have a long way to go before we can reach the per capita premium level of more than US$2,000 in Western developed countries.

Because, generally speaking, our economy is still underdeveloped and the per capita income level is low. However, it also shows that in the process of establishing a complete market economic system, the insurance awareness and investment awareness of Chinese residents still need to be improved.

Third, the structure of China’s insurance market is unevenly distributed.

Judging from the current distribution of Chinese insurance companies, the headquarters of the 30 Chinese and foreign insurance companies are basically located in Beijing and China's coastal cities.

Although insurance company branches have been widely established in mainland China, most of them are concentrated in densely populated and economically developed regions and cities, which has resulted in uneven development of the insurance market.

Fourth, the professional management level of China's insurance industry is not high yet.

Extensive management and single sales methods, simple product structure and insufficient supply, as well as lack of professional talents are the salient features of low management level.

At present, various insurance companies have developed and sold many varieties of life insurance products, but similar product structures and insufficient insurance liability are common voices in the industry.

Less than 30% of China’s insurance practitioners are insurance professionals who have truly received systematic insurance professional education and have insurance expertise. Among them, senior talents who understand both the international insurance market and actuarial and computer technology are even rarer.

This all shows that the current level of China's insurance operations is still in its primary stage of development.

In order to further improve the legalization of the market and make it more legal for foreign-funded companies to enter the market, the China Insurance Regulatory Commission has also worked hard to improve the professional supervision level of the insurance market and further improved the transparency of the formulation of insurance laws and supervision work in accordance with the transparency requirements of the World Trade Organization.

, and strengthened the procedural and large-scale construction of supervision work.

In the past two years, foreign-funded insurance companies have been advancing significantly faster in China. The involvement of a large number of personnel and funds from foreign-funded institutions has made China's insurance industry move toward internationalization faster.

The market is huge. When we are growing, domestic insurance companies are also growing rapidly. The level of domestic insurance companies is also improving rapidly.

2. Strategies for the development of my country’s insurance industry 1. Deepen reform and improve corporate governance structure The main idea for the reform and development of my country’s insurance industry is to continue to deepen the enterprise reform of the insurance industry, continue to implement various change measures, continuously introduce and deepen the reform, and encourage joint-stock insurance The company improves the corporate governance structure by absorbing foreign capital and social funds, supports qualified joint-stock companies to be listed at home and abroad, and establishes modern insurance companies that meet the requirements of market economy development.

Continue to cultivate a multi-level insurance service system, continue to cultivate and develop large international insurance groups, allow insurance companies to integrate internal resources based on market status and business development needs, and become an enterprise group with outstanding main businesses and complementary advantages.

Improve the access mechanism of the insurance market, increase market entities, and inject vitality into the insurance market.

Actively cultivate the reinsurance market, support insurance companies and other types of investment entities to participate in the establishment of insurance companies, and enhance the overall underwriting capacity of my country's reinsurance market.

Regulate the development of the insurance intermediary market, encourage and promote professional insurance intermediaries to innovate business models, give full play to their professional operating advantages, and gradually establish an insurance market system with Chinese characteristics that is open, open, and orderly competitive.

2. To improve the level of supervision and prevent risks, we need to improve the level of supervision of the insurance industry and strengthen international insurance supervision cooperation.

The first is to strengthen the system construction of solvency supervision, increase penalties for illegal institutions, and effectively protect the interests of policyholders.

The second is to strengthen the supervision of the use of insurance funds, actively explore supervision methods and means that are compatible with the channels for the use of insurance funds, and establish a dynamic risk monitoring model for the use of insurance funds.

The third is to strengthen cooperation with the International Insurance Regulatory Association.

Continue to learn deeply and extensively from the advanced experience of international insurance supervision, accelerate the pace of integration with international practices, and gradually realize the internationalization of insurance supervision.