From standardizing the "integration of reporting and banking" in bancassurance channels, to strengthening the management of auto insurance expenses, from optimizing the solvency supervision standards of insurance companies, to improving the long-term assessment ...... of insurance investment incomeIn the past 2023, despite the pains of transformation and upgrading, China's insurance industry still handed over a good and substantial development report card, and its ability to serve the national economy and people's livelihood has been continuously enhanced: according to the latest data from the State Administration of Financial Regulation, in 2023, the insurance industry will achieve 512 trillion yuan, a year-on-year increase of 913%；The original insurance compensation expenses of the insurance industry 189 trillion yuan, a year-on-year increase of 2194%。Entering 2024, in the face of the new atmosphere of high-quality development, a number of industry authorities said that there is a clearer consensus - China's insurance industry will usher in the broadest development prospects, and the development of the industry is in an important period of strategic opportunities. Since the beginning of the year, under the guidance of the spirit of the first economic work conference and the first financial work conference, and under the deployment of the State Administration of Financial Regulation, the insurance industry is seizing the opportunity, working hard, and moving forward with confidence and courage on the road of high-quality development. 
China's insurance market is strong and has great potential
The basic trend of China's economic rebound and long-term improvement has not changed, providing strong support for China's insurance market and containing countless new opportunities. "According to the 14th Five-Year Plan, by 2035, China's per capita GDP will reach the level of moderately developed countries, which will double compared with 2020, and is in the range with the greatest elasticity of insurance growth. Li Mingguang, member of the Party Committee, vice president and secretary of the Party Committee and president of the life insurance company of Chinese Life Insurance (Group) Company, recently said that at present, China's per capita premium is only 70% of the global average, and there is still a lot of room for improvement. It is foreseeable that with the rebound of China's macroeconomic recovery, it will provide a solid foundation for the continued growth of the industry. "China's economic and social development to this day, the economic structure, social structure and policy structure have gathered important conditions for the development of the insurance industry, and China's insurance industry will usher in the broadest development prospects. * Li Xiaolin, a professor at the University of Finance and Economics, said that with the development of the economy and society, the broad masses of the people have a fuller understanding of insurance, and risk protection has become a rigid demand of the broad masses of the people. The data demonstrates the strong growth momentum and resilience of China's insurance industry。As of the end of 2023, the total assets of insurance companies reached 2996 trillion yuan, a year-on-year increase of 104%；In 2023, various types of financing support will be provided for economic and social development254 trillion yuan, an increase of 2 from the beginning of the year9 trillion yuan; Indemnity and payment expenses189 trillion yuan, a year-on-year increase of 219%；Agricultural insurance provides risk protection for agricultural development498 trillion yuan. At the same time, the solvency of the insurance industry remained sufficient and liquidity remained at a high level. "Under the macro strategic layout of the State Administration of Financial Supervision and Administration, the development of China's insurance industry is stable and improving, and the potential is huge. Yao Yudong, chief economist of Dacheng, said that in the past three years, the average growth rate of total assets in the insurance industry has reached 87%, maintaining a good development trend. In the future, the insurance industry has great potential for development, its ability to serve the overall social and economic situation will continue to increase, and the industry will more effectively play the role of economic shock absorber and social stabilizer to serve the high-quality development of the economy and society.
Strict supervision provides a solid guarantee for the high-quality development of the insurance industry
The policies of the Party and the state to promote the development of the financial and insurance industry are unprecedented. Li Xiaolin commented that from the first financial work conference and economic work conference, to the important speech delivered by the first comrade at the opening ceremony of the special seminar on promoting high-quality financial development by the main leading cadres at the provincial and ministerial level, as well as the measures continuously introduced by the regulatory departments, all levels and departments to support the development of finance and insurance, it has unprecedentedly demonstrated the motivation, determination and implementation path of China's high-quality development of the financial and insurance industry. Li Xiaolin further said that in recent years, the insurance industry has anchored the direction of high-quality development and formed an insurance market system with reasonable structure, complete functions, scientific governance and orderly competition; The industry focuses on its main business, works hard to improve internal skills, reduces costs and increases efficiency, and greatly improves the efficiency of operation services and sustainable development. Insurance institutions actively participate in the construction of a multi-level health care service system, promote the development of the silver economy and contribute to the construction of a healthy China; Promote the "integration of newspapers and banks", continue to deepen the reform of motor insurance, and promote the establishment of a catastrophe insurance system; For flood disasters and major accidents in Beijing, Tianjin and Hebei, etc., the realization of quick compensation and advance compensation, and full compensation due to compensation, etc., have demonstrated the new look of the insurance industry. “The development environment is constantly standardized, providing a solid guarantee for the high-quality development of the industry。Li Mingguang said that in recent years, the industry has been more focused on the main business, the ability to serve the real economy has been significantly enhanced, the sales behavior has continued to be standardized, the cost of debt has declined in an orderly manner, and the market has been opened up to expand, especially the financial work will comprehensively strengthen the party's leadership over financial work, strengthen financial supervision and make a comprehensive deployment, and the market supervision force has been further enriched, which will provide strong support for the whole industry to form honesty and trustworthiness, righteousness and profit, prudence, integrity and innovation, and compliance with laws and regulations. "Financial institutions in the regulatory policy to promote the comprehensive deepening of diversified, multi-level, multi-pillar security system construction work, insurance companies and other financial institutions in the inclusive finance, pension finance, science and technology finance integration and development, for the 'three rural', urban low-income, new citizens to enrich the security services, for the third pillar of the pension system construction to improve the policy system, for the balanced development of scientific and technological innovation to maintain the risk bottom line. Gu Qian, a partner of Baker Tilly International's insurance business, said that the risk-oriented and refined supervision method has the characteristics of international leading prudential supervision, combined with China's better at centralized resource allocation than other economies to "do big things", financial institutions and even the whole society should maintain sufficient strategic confidence.
Doing a good job in five major articles has become the consensus of the industry
Give full play to the function of the insurance industry as an economic shock absorber and social stabilizer", "do a good job in science and technology finance, green finance, inclusive finance, pension finance, and digital finance" ......The first financial work conference held at the end of last year pointed out the direction for the development of the insurance industry at present and in the future. “The insurance industry has broad prospects in the field of inclusive finance and pension finance。Yao Yudong said that in terms of inclusive finance, we should strive to build an inclusive financial system with Chinese characteristics that is universal and beneficial, easy to use and inexpensive, adhere to the perspective of improving efficiency and facilitating the masses, continue to improve the level of financial services, and give full play to the function of the insurance industry as an economic shock absorber and social stabilizer. In terms of pension finance, it is necessary to vigorously develop commercial pension insurance as the starting point to actively meet the needs of new industries and new forms of personnel pension security; Further optimize the supply of personal pension-related financial products, continue to promote the pilot of commercial pension finance, steadily promote the transformation and development of pension insurance companies, guide and promote the company to give full play to its professional advantages, and better participate in and serve the construction of China's multi-level and multi-pillar pension insurance system. Similarly, Li Xiaolin also said that under the aging of the social age structure and the trend of longevity, pension insurance will have a greater role. He believes that the time period for the need for various levels of care and other services in the life cycle has begun to lengthen, and the family has become increasingly unable to solve the multiple needs of the elderly, and it has become a rigid demand of the whole society to solve the problem of physical health care services for the elderly through the exchange of social services. In Li Xiaolin's view, there is also huge room for improvement in the insurance protection of various disasters and accidents. The core of risk governance is the mobilization of resources and finance, and insurance is the most basic mobilization tool. Of the approximately $275 billion in economic losses caused by natural disasters in a single year, about 45% are covered by insurance. In 2008, the total insurance compensation accounted for only 0About 2%. After continuous development, the proportion of insurance compensation in the total loss in the heavy rain in Henan in 2021 has risen to about 10%, but there is still a lot of room for development. At the same time,The transformation and upgrading of insurance companies has also provided inexhaustible impetus for the high-quality development of the industry。Li Mingguang said that in recent years, the insurance industry has accelerated transformation and upgrading around the reform of the marketing system, ecological construction and digital transformation, and the results have begun to appear. Taking Chinese Life as an example, the reform of the sales system has been carried out in an orderly manner, the team has stabilized and rebounded, and the production capacity has been greatly improved; The "insurance + pension service" ecology has been accelerated, with more than 5,800 beds added; The level of digital sales and service efficiency have been greatly improved; The popularity of intelligent operation and risk management and control is increasing. As the transformation and upgrading of the industry continues to advance, it will further accelerate the release of customer demand, which is conducive to the endogenous growth of the industry and the realization of long-term sustainable development. Everybody is watching
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