In recent years, with the rapid growth of China's economy, Ping An Insurance Group of China has also made significant progress. According to the latest global total assets ranking, Ping An Insurance Group of China ranks second largest in the world. Not only that, according to public reports, in the "2023 Fortune Global 500 List" released by the famous "Fortune" magazine, Ping An Insurance Group of China jumped to the fifth place of Chinese mainland enterprises and ranked 16th in the world. All of this is impressive.
Ping An Insurance Group's extensive business covers life insurance, property insurance, trust, financial leasing and many other fields, and continues to innovate and launch a series of insurance products suitable for the needs of different people. With the development of society, the insurance industry has gradually become an important part of most people's lives.
The insurance industry has become the focus of public attention. Although in the past few years, due to the misconduct of insurance salesmen and the negative impact of certain accidents, some people have doubts and troubles about this. However, a closer look at the recently released data shows that the total revenue of China's insurance industry has exceeded 2700 million RMB, and this number is still ongoing**; The amount of compensation exceeded 700 billion yuan. These data show that China's insurance market is still vibrant, and the profit model of insurance companies is relatively simple, and they mainly make profits by attracting consumers to buy insurance products. Then, for those customers who have already taken out insurance, once the purchased insurance takes effect, the insurance company needs to fulfill certain compensation responsibilities; Conversely, if the insurance is not in force, the insurance company is not responsible for further compensation.
There is an increasing demand for vehicle insurance and personalized insurance purchases. We all know that no one can guarantee when the unexpected will happen, but insurance can help us effectively prevent possible risks and reduce the financial stress caused by accidents. As a result, even established companies such as Ping An Insurance Group of China face challenges.
At the beginning of this year, Guosen Life, a long-established insurance company, was the first to declare bankruptcy, followed by Oriental Life Insurance and Anbang Insurance in succession. These three companies have performed well in their respective life limits, but why so many years of hard work are difficult to compete with the reality of unfavorable management, which has caused us to think deeply. Therefore, for insurance practitioners, the stability of funds is crucial. While some insurance companies have earned a good reputation, the longer they have been in operation, the more likely they are to encounter difficulties. This is undoubtedly a wake-up call for us.
It is also worth noting that although Oriental Life has declared bankruptcy, the company has been actively preparing for the listing, but it has faced a crisis due to its failure to go public. Anbang Insurance, once one of the world's top 500 enterprises, has been accused of a number of illegal operations, including serious problems such as the inconsistency between the registered capital and the actual situation. As a result, the company's operating conditions deteriorated, and eventually it was unable to escape bankruptcy.
Looking back, Anbang was once brilliant, and its business covered a wide range of industries, making it a leader in its peers. However, today, for various reasons, this former insurance industry giant has entered a situation of bankruptcy, which is very emotional. Although the insurance industry has gradually stabilized, there are still insurance companies such as Guosen Life Insurance, Orient Life Insurance and Anbang Insurance, which are struggling and unfortunately going bankrupt.
Let's talk about Guosen Life. The insurance company has been around for 16 years and has grown rapidly. However, due to the rupture of the capital chain, the company's situation deteriorated, and finally it could only face bankruptcy liquidation. Similarly, as a well-known Oriental Life Insurance Company in China, it has only been established for 10 years, and in the context of increasingly fierce market competition, due to the combined effect of a variety of factors, it has finally fallen into a deep predicament.
In summary, whether it is an insurance company or an individual, when devoting themselves to the insurance business, maintaining financial stability is the top priority. Every year, many new insurance companies are established, and some old brands are also facing business difficulties and will inevitably go bankrupt in the end. This reminds us again that any one.