Although the insurance industry has maintained a rapid development speed, there are still many shortcomings compared with the development of the national economy. The main performance is as follows:
1, the lack of correct demand and the proliferation of false demand coexist in the insurance market.
At present, due to the limitation of China's economic and social development level, many people have insufficient understanding of the importance of insurance, or think that nothing will happen, or that insurance companies aim at making money, and insurance actually has no benefits. They don't fully realize that insurance is a means to transfer and disperse risks, and they don't know enough about personal and property risks in their work and life, and they lack awareness of risk prevention, which leads to insufficient correct demand for insurance. At the same time, many people mistakenly believe that insurance can make more money and make people rich, or simply regard insurance as an investment means and ignore the essential characteristics of insurance products.
2. The effective supply of insurance market is insufficient.
Insufficient effective supply is mainly manifested in: few suppliers, high degree of monopoly, few insurance products and mistakes. At present, the total number of life insurance companies and property insurance companies in China is less than 100, while China People's Insurance Company, China Life Insurance Company and China Ping An Insurance Company account for 70%-80% of China's insurance market, while the market share of other insurance companies is only about 20%, which shows that China's insurance market belongs to oligopoly. Due to the high degree of monopoly, insufficient effective competition, few insurance products, serious homogenization of insurance products and poor service quality. On the one hand, some insurance products are in short supply; On the other hand, some insurance products are surplus.
3. The legal system of insurance market is not perfect.
China's insurance laws and regulations system has begun to take shape, basically covering all aspects of insurance contract behavior, insurance operation and supervision. Insurance management and insurance supervision basically have laws to follow, and to a certain extent, a legal and regulatory system has been established to adapt to China's insurance practice. Strict law enforcement by insurance regulatory agencies is of great significance for standardizing insurance business behavior, improving insurance management level, protecting the legitimate rights and interests of parties involved in insurance activities, strengthening and improving insurance supervision, and promoting the healthy development of insurance industry. But there are still some deficiencies in China's insurance legislation. The performance is as follows: (l) The legal system level is not high. At present, there is only one insurance law in China, and a large number of norms guiding insurance operation and supervision belong to regulations and general normative documents. Low-level regulations have affected the authority of supervising the insurance market. When there is a conflict with other relevant laws, the regulations specially formulated for the insurance market cannot be applied, which will affect the adjustment of the insurance market. (2) Some laws and regulations can not meet the needs of the innovation and development of the insurance market. At present, in view of some new situations and problems in the development of the insurance market, some of them still lack corresponding laws and regulations to make adjustments. Especially for the ever-changing business innovation in the insurance market, there is a lack of foresight, and sometimes there will be a phenomenon that one tube will die and one tube will be chaotic. With the changes in the internal and external situation of the insurance industry, some regulations can no longer meet the actual needs of insurance and are out of touch with the development of the insurance market. Some new insurance violations lack corresponding laws, and the original relevant regulations need to be revised. (3) Some laws and regulations conflict with the superior law, such as some regulations on supervision and market approval, which actually conflict with the insurance law or other laws. The supervision department has the impulse to expand its power, which leads to obstacles in the standardization and development of the insurance market. At the same time, some laws and regulations are too dogmatic and lack maneuverability, so it is necessary to formulate corresponding implementation rules.
4. Insufficient market competition.
Vicious competition in the industry has become a common phenomenon in China's insurance market. In order to achieve the goal of rapid growth (some insurance companies have not fully considered the actual situation of the market when formulating their development plans), many insurance companies have won customers in the market more or less by means of high returns, high handling fees and increasing the amount of protection. This reckless competition behavior not only leads to the increase of operating costs and risks of insurance companies, but also destroys the market order and affects the reputation of insurance companies.
There are many problems in the insurance market.
First of all, although many insurance companies attach importance to service, the service quality is not high, there is no good communication channel between enterprises and customers, and there are still many problems in the content, form and mode of service. Secondly, the company's violations are serious, and the phenomenon of fraud has been repeatedly banned. Some insurance companies raise or lower their rates without authorization, expand their underwriting responsibilities, increase preferential returns without compensation, raise insurance agency fees beyond the regulations, and launch new insurance products without the approval of the regulatory authorities. Third, the use of funds is not ideal. At present, China's insurance companies have narrow investment channels, simple capital utilization mechanism and mainly bank channels. Since 19%, forced by deflation and its expected pressure, the central bank has cut interest rates eight times in a row, and the annual rate of return on bank deposits can only be guaranteed to be around 2%-3%. In previous years, the rate of return on policies introduced by many life insurance companies was as high as 9%, which led to obvious spread loss (premium income and capital utilization rate) of insurance companies, especially life insurance companies. The data shows that in 2002, the rate of return on capital utilization of insurance companies was 3. 14%, which was lower than 3.59% in 2000 and 4.3% in 2006. In 2003, the bank deposits in the total assets of insurance companies were as high as 50%.
6. The insurance intermediary market is underdeveloped.
The business scale and market position of insurance intermediaries in China are in the initial stage; At present, the development of insurance intermediary market is still very irregular; The market share of insurance intermediary is too low, and its due role in China's insurance market has not been fully played. Despite the rapid expansion of China's insurance intermediary team in the past two years, the disharmony in the market is still concerned by all parties, and seeking development breakthroughs has become an urgent problem for the healthy development of China's insurance intermediary market. According to statistics, 74.5% of China's insurance business comes from insurance intermediaries, but mainly through insurance salesmen and part-time agents of banks, and the share of professional insurance agencies is low. Among them, China's insurance brokerage companies account for less than 3% of the property insurance business sources, and life insurance accounts for a lower proportion, while in some western countries with more developed insurance industries, this proportion is close to 80%. In addition, the nonstandard development and insufficient innovation of insurance intermediaries themselves are also the main reasons for the low market share of insurance intermediaries in China. On the one hand, some insurance intermediaries in China still have some irregularities, such as expanding the scope of insurance coverage without authorization, it is difficult for public assessment agencies to stand in a neutral perspective when making claims, and the settlement of handling fees between insurance intermediaries and insurance companies is not standardized. All these have caused adverse effects on the insurance market to varying degrees; On the other hand, most of the businesses involved in China's insurance intermediaries overlap with those of insurance companies, and intermediaries are relatively weak in exploring new fields and their market positioning is inaccurate.
Solutions to insurance market problems;
1, strengthen the correct publicity of the insurance industry.
After China's reform and opening-up, insurance has not really entered people's lives for a long time. In addition, China's economic and social development level is still very uneven, the overall education level is relatively backward, and people's risk awareness is not strong. Some people have not got rid of the dependence on the state and organizations in the past planned economy era, and have not realized the importance of insurance and the necessity of risk prevention. At the same time, due to the interests of some insurance institutions and insurance practitioners, they have made some false propaganda on the insurance industry and insurance products, and even intentionally misled them, resulting in many disputes among a large number of people in insurance production, wealth management and investment, and the order of the insurance market has been disturbed. To solve this problem, the fundamental measure is to improve the correct understanding of insurance in the whole society on the premise of strengthening insurance supervision. Insurance regulatory authorities, insurance industry and all walks of life should strengthen the correct publicity of insurance-related knowledge, fully explain the important role, significance and characteristics of insurance in the market economy, and clarify the wrong understanding of insurance. While intensifying the crackdown on illegal activities in the insurance market, we should improve people's ability to distinguish misleading and deceptive insurance propaganda.
2. Urge insurance companies to establish information disclosure system.
Due to the lack of information disclosure, it is difficult for the insured to make a correct evaluation of the financial strength, credit rating, operating conditions, service quality and development prospects of the insurance company, resulting in asymmetric information of the insured. Therefore, insurance companies are required to disclose relevant information to insurance demanders, including detailed information on the operating conditions and terms of enterprises (especially new life insurance products). At the same time, the insurance supervision department should also strengthen the internal information disclosure of the insurance industry and establish an information base for insurance practitioners (including agents and senior managers of insurance institutions) to facilitate social inquiries. In the collection of resources, these resources are inseparable from some kind of continuous possession, and this kind of network is familiar to everyone. The ways to get public disclosure are: (l) establishing an open information carrier, such as newspapers and websites, and the regulatory authorities will release some information within the industry; (2) Establish rules and regulations to guide insurance companies to regularly disclose enterprise dynamics through the media; (3) Establish a sound rating system, promote the establishment of rating agencies, evaluate the asset size, financial stability, management and credit of insurance companies, and make them public.
3. Improve relevant laws and regulations to create a good legal environment for the construction of the insurance market.
A perfect system of insurance laws and regulations is the guarantee for the healthy development of a national insurance market. experience
Law, so that China's insurance mechanism has established a legal track at the initial stage, in order to achieve standardized operation and healthy development within the framework of laws and regulations. At present, in view of some problems in China's insurance market, such as information asymmetry, serious illegal business operation and moral hazard, it is necessary to introduce China's basic insurance supervision law, insurance credit evaluation law and other insurance supervision legal systems as soon as possible, so that China's insurance supervision can truly be based on laws, strictly enforced, and offenders will be prosecuted, and the insurance credit mechanism will play a role.
4. Rebuilding the social integrity of the insurance market.
Insurance contract is a kind of trust-related contract, which requires high integrity. At present, the lack of the overall social credit culture system in China has become one of the bottlenecks in the further development of the market economy, and the issue of honesty has aroused the concern of the whole society, thus setting off a wave of rebuilding the social credit system at all levels. From the essence of market operation, credit or honesty is actually a kind of "social capital", and the meaning of the latter actually or implicitly refers to an institutionalized network. Obviously, according to this definition, the characteristics of honesty should be a long-term collection of resources that are recognized by society but need constant maintenance and investment. In the insurance industry with "utmost honesty" as the primary principle, the significance of honesty lies in that it provides a competitive factor for the insurance industry, that is, an investor embedded in products and services, based on the positioning of * * * *, will bring sustainable profit sources to the company's operation. We take the transaction items of the insurance policy as an example for analysis. What the insured buys is a promise, and the payment (premium) determined now is in exchange for the payment (insurance compensation) in the event of an uncertain accident in the future. From the policyholder's point of view, the basis of ensuring the legitimacy of its transaction lies in the contract of the insurance policy. Behind the insurance policy, a legal contract, especially the basis for realizing a long-term transaction commitment, is the social credit capital element. Obviously, in the process of maintaining social capital elements, the effective operation of the institutionalized network to which it is attached includes the continuous investment and careful maintenance of insurance regulatory departments, insurance operating institutions and insurance stakeholders. This kind of investment includes the influence of laws and policies, the good order and atmosphere of various social customs, and even the popularization of social concepts and consciousness.
5. Standardize the insurance intermediary market.
Improve the intensive operation of the insurance market. The connotation of intensive management is mainly reflected in the division of labor between insurance companies and insurance intermediary companies. First of all, we should strengthen the reform of the insurance company system, learn from the advanced experience of foreign counterparts, change the management concept, and gradually divest those businesses that should be undertaken by insurance intermediary companies to insurance brokerage companies, insurance assessment companies and insurance agencies. For example, in Britain, there are more than 3,000 independent insurance brokers and more than 70,000 direct insurance brokers and reinsurance brokers. In the United States, there are more than 170 insurance brokerage companies, and independent brokers control about% of the insurance market. In the United States and Japan, the claims and underwriting assessment business operated by insurance assessors accounts for more than 80% of the whole insurer's claims and risk assessment business. In China and Hongkong, the proportion is as high as over 90%. How can this accelerate the economic development of intensive management of insurance companies to adapt to specialized management and socialized division of labor and provide space for the development of insurance intermediary industry? Secondly, we should give full play to the professional advantages of insurance intermediary companies, put ourselves in the insurance company's shoes, and often give risk management training to policyholders to control the accident rate of risks to a minimum. Only in this way can insurance companies welcome and accept insurance intermediary companies and work together to develop the insurance industry in China. To achieve this, it is necessary to strengthen the quality training of intermediaries, conduct regular political and moral education, and seriously consider the interests of insurance companies and policyholders.
6. Standardize insurance supervision procedures and formulate scientific supervision contents.
Insurance market, like other financial markets, the significance of supervision is much more important than other industries and markets. In China, the formal supervision department of the insurance industry, the China Insurance Regulatory Commission, was not formally established until 1998, and the previous supervision responsibility was always assumed by the central bank. Due to the short-term establishment of China's insurance supervision department, the supervision experience and understanding of the insurance market are not sufficient, and the administrative and bureaucratic awareness of the supervision institutions is still very strong. There are some problems such as nonstandard supervision procedures, unscientific supervision contents and inability to meet the needs of the rapid development of the insurance industry. In addition, some regulatory agencies and departments still have a tendency to generalize their power and hold on to some unnecessary problems in the insurance market, which has caused obstacles to the further development of the insurance market. At the same time, some regulatory contents are outdated, which objectively makes the insurance market have to take circuitous or even illegal measures to deal with it, affecting the normal operation of the insurance market. In addition, for the problems that should be discovered and supervised in time, the current supervision is sometimes not in place, which also makes some problems in the insurance market not solved correctly, leaving risks and hidden dangers.
Therefore, great efforts should be made to study and formulate standardized supervision procedures and scientific supervision contents. For example, according to the current situation of the insurance market, solvency supervision and behavior supervision can be considered as the supervision center together, and the supervision procedures and contents can be designed accordingly, so that the supervision procedures can be standardized and the supervision contents can be scientific, which can not only restrain the supervisors, but also make the insurance market have clear expectations for supervision, thus adjusting the market operation behavior and promoting the healthy development of the market; At the same time, strengthen the research on the content of supervision to ensure that supervision can promote the standardized operation and rapid and healthy development of the insurance market while protecting the interests of the insured and the insured. Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.