I. Current situation of insurance industry in China:
1, the business is developing rapidly. Since 1980 resumed domestic insurance business, China's insurance industry has maintained a good momentum of sustained, rapid and healthy development. In 2003, the total premium income reached 388.04 billion yuan, an increase of 27. 1%, equivalent to 1999.
2.8 times; The total assets of the insurance industry reached 912.28 billion yuan, an increase of 41.5% over the previous year; The balance of insurance funds reached 873.9 billion yuan, an increase of 5 1.4% over the previous year. In 2003, the insurance density was 287.44 yuan (that is, the average premium of each citizen), and the insurance depth was 3.33%. The insurance industry in China presents a good trend of vigorous development.
2. The market system has been gradually improved. By the end of 2003, there were 665,438+0 insurance companies in China, including 24 Chinese insurance companies and 37 foreign insurance companies. According to the nature of business, there are 25 property insurance companies, 30 life insurance companies, 5 reinsurance companies and/kloc-0 policy insurance companies. In addition, there are 6 insurance group (holding) companies and 2 insurance asset management companies. There are 705 professional insurance intermediaries, including 507 insurance agents, 5 insurance brokers1/kloc-0, 83 insurance assessors and 0.5 million insurance employees.
3. The system reform is progressing smoothly. Significant progress has been made in the shareholding system reform of state-owned insurance companies such as China People's Insurance Company, China Life Insurance Company and China Reinsurance Company. By absorbing foreign capital and private capital, some joint-stock insurance companies have optimized their ownership structure, gradually improved their governance structure and further improved their management level. A breakthrough was made in the reform of the management system for the use of insurance funds. With the approval of the State Council, China People's Insurance Holding Company and China Life Insurance Group Company respectively set up insurance asset management companies to carry out professional management and centralized and unified use of insurance funds. Exploring the reform of insurance fund management has taken important steps.
4. The laws and regulations were initially improved.
1995 "People's Republic of China (PRC) insurance law" was promulgated and implemented, which marked that China's insurance industry entered the stage of legal compliance and legal operation. In order to meet the needs of China's entry into the WTO, the State Council promulgated the Regulations on the Administration of Foreign-funded Insurance Companies in 20001,and the CIRC actively cleaned up the laws, regulations and rules inconsistent with the WTO rules. In 2002, the new Insurance Law was promulgated and implemented. At the same time, according to the relevant provisions of the new Insurance Law, the China Insurance Regulatory Commission has formulated and revised a series of supporting rules and regulations such as the Insurance Company Ordinance. A system of laws and regulations suitable for the development of China's insurance market has gradually taken shape.
5. Insurance supervision is gradually in line with international standards. Substantial steps have been taken in solvency supervision, with the promulgation of the Provisions on the Management of Solvency Limits and Supervision Indicators of Insurance Companies, the establishment of a solvency early warning index system, and the initial establishment of a solvency supervision system framework in line with China's national conditions. At the same time, a series of regulatory rules and regulations have been implemented, such as regulatory indicators of branches of property insurance companies, regulatory reports of different types of property insurance companies and actuarial provisions of new life insurance products. Strengthened the system construction of insurance supervision.
Second, the development prospect of China insurance industry:
1. Institutionalization of the insurance market. Judging from the promulgation and implementation of 1995 Insurance Law, especially since the establishment of 1998+0 1 China Insurance Regulatory Commission, the pace of the construction and improvement of China's insurance market system is accelerating, and a China insurance market system with complete system, complete categories and sound regulations is being established.
2. Specialization of business operation. With the deepening of China's insurance system reform, export credit insurance, agricultural insurance and other policy insurance businesses will be separated from commercial insurance companies, and special policy insurance companies will be established by the state. At the same time, a franchise insurance company will be established in the next few years, specializing in fire insurance or motor vehicle insurance.
3. Orderly market competition. Starting from 1997, the People's Bank of China adjusted the refund and handling fees of aviation accident insurance and motor vehicle insurance by reorganizing its agencies, and vigorously reorganized the insurance market. Many violations were stopped. After the establishment of the CIRC, it further emphasized the need to gradually standardize the market order and intensify the crackdown and punishment on illegal institutions and violations, and achieved remarkable results.
4. Characteristics of insurance products. In a mature market, products can only occupy the market by brand+price+service, which is character. As far as the quality of insurance products is concerned, it not only includes the functions of interest protection or investment, savings or product portfolio, but also includes its price level and service level.
5. Insurance system innovation. According to China's specific situation, China's insurance innovation mainly includes product development, marketing methods, management, organization, electronic technology, service content, employment system, distribution system and incentive mechanism. Through the innovation of the above contents, the development of China's national insurance industry will be promoted, and domestic insurance companies will be invincible in the competition with foreign insurance companies.