The era of low growth in health insurance continues: the growth rate of half a year has dropped to 4%, and the potential of insufficient protection coverage is to be tapped

(Picture source: Oriental IC)

The growth rate of health insurance is further slowing down. Recently, the China Banking Regulatory Commission disclosed the industry premium data in the first half of 2022. Among them, the health insurance premium income was 534.1 billion yuan, the year -on -year growth rate was 3.99%. %And 7.9%compared to contraction. The data of the insurance company also reflects this trend. In the first half of the year, the premium premium of the long -term insurance period of people's health care was reduced by 40%year -on -year, causing investors' attention. In this regard, the explanation of Chinese security is mainly due to the expected consumption of customers. The decline in the decline in health insurance and service, while the agent's exhibition industry is more difficult.

On the other side of the slowing down of health insurance, the level of insurance is insufficient, and critical illness protection covers limited market potential. From the perspective of breakthroughs, such as the industry can develop from multiple directions such as benefiting civil insurance, with disease insurance, and nursing insurance to expand the service population and further shift economic compensation to solve the health problems of customers. As a result, the industry also proposed that the slowdown in health insurance growth will be a short -term performance, and it will still return to a relatively high -speed growth level in the long run.

The growth rate of health insurance premiums continues to slow, sales are blocked, and products lack innovation

According to industry statistics, my country's original health insurance premium revenue reached 28%from 2015-2020, far exceeding the growth rate of 13%and accident insurance from 13%. However, since 2020, the income of health insurance premiums has slowed down significantly. Compared with half -year data, in the first half of 2020, the health insurance business of the personal insurance industry achieved 397.6 billion yuan in premium revenue, a year -on -year growth rate of 19.72%, the growth rate of the same period in 2021 fell to 7.9%, and the first half of this year fell to 3.99%to 3.99%this year to 3.99% Essence

The premium data disclosed by each listing also revealed that the growth of health insurance is weak.

For example, in 2019, among Xinhua Insurance's business structure, the first annual premium of long -term insurance for health insurance accounted for 45.8%of the first annual insurance premiums, but since then, it has declined year by year. In 2021, the first annual premium revenue of Xinhua Insurance Insurance Insurance Insurance Insurance was 8.405 billion yuan, a year -on -year reduction of 18.8%. The reason was "the influence of the industry's health insurance business and the company's manpower actively clearing".

For example, in the first half of 2020, the annual premiums of the PICC's long -term insurance period still maintained a year -on -year growth rate of 31.4%. In the same period of 2021, the annual premiums of the long -term insurance period of Human Career Kang had a decline of 28 percentage points. One year later, in the first half of 2022, the growth rate fell to -40.1%again.

This also attracted the attention of investors. On July 26, some investors asked questions on the Chinese people's guarantee on the public platform, pointing out that the annual premiums of the long -term payment period have contracted by 40%. In this regard, the replies of Chinese people's insurance is that the first half of the annual premiums in the first half of the year -on -year premiums of people's health care is mainly affected by factors such as repeated epidemic conditions and increasing economic downlink pressure. Customer consumption expectations are more cautious. , The company's agent's exhibition industry is more difficult.

"In recent years, the insurance industry is in the stage of decline, and health insurance will also be affected. Secondly, early health insurance has grown too fast, and it also has the requirements for regression adjustment." It is pointed out that from the perspective of policy, the introduction of a series of new rules of health insurance and Internet insurance supervision in recent years has also been introduced to prevent risks brought about by excessive health insurance growth in the short term.

In the opinion of Zou Wei, deputy general manager of the New One Station Insurance Network, before, millions of medical insurance and a group of "Internet celebrities" critical illness insurance heat, which made consumers shine, driving the development of health and insurance, especially in large -scale large -scale The holding rate of per capita insurance policies in cities is very high. However, in the past two years, there are no innovative products in the market, and old customers holding insurance policies enter a relatively saturated state. Therefore, if there is a lack of products that actually guarantee value supplementary value for risk gaps, health insurance will be healthy, and health insurance will also be. There will be no growth rate.

Also from a product perspective, Zhu Junsheng, Research Director of the China Insurance and Pension Research Center of the Wudaokou Financial College of Tsinghua University, pointed out to the blue whale insurance analysis that the growth rate of health insurance premiums is mainly related to the high critical illness insurance. The impact of contraction has caused sales to be blocked, and the average premium of critical illness insurance is relatively high, which has formed a high threshold for insurance.

On the other hand, Zou Wei proposed that with the popularity of information systems, the risk control measures of insurance companies have gradually improved. In the face of the current situation of most consumers in the state of sub -health, it is difficult to use the dilemma of insured difficulties through underwriting links.

Health guarantee coverage is particularly insufficient, to benefit people's insurance, and to make breakthroughs with disease insurance

The B side of the growth rate of health insurance premium income is a huge potential market.

Policies, this year, the national policies that have facilitated the long -term development of health insurance have been introduced densely. "Opinions on Deepening the Reform of the Medical Security System", "Fourteen Five -Year Plan" National Medical Security Plan "," Fourteen Five -Year Plan "National Health Plan", "Fourteenth Five -Year Plan", and other series of documents, which clearly propose to speed up Develop commercial health insurance and enrich the supply of health insurance products.

In demand side, insufficient health guarantee is an important issue facing my country. From the perspective of 2021 data, the proportion of my country's commercial health insurance expenditure accounted for 5.33%of the total health expenses, but the proportion of personal hygiene expenditures reached 19.23%. At the same time, from the recent disclosure of insurance agencies in the first half of 2022, from the first half of the 2022, many companies have proposed a common phenomenon of serious deficiencies in critical illness protection. According to data, the average treatment cost for treating cancer is 22-5 million yuan, and the average treatment cost of major organs or hematopoietic stem cells is 22-5 million yuan, but the industry data is that about 8 percent of the critical illness insurance amount is less than 20 people with less than 20 people. For 10,000 yuan, nearly 6 % of the crowd's insurance amount is less than 100,000. With market demand and policy encouragement, the layout of insurance institutions in the field of health insurance is very promising. How can we break through?

First of all, from the perspective of the industry. Exercise benefits for the people's protection is one of the directions. "Continue to develop inclusive medical insurance for benefiting people's insurance categories, and filling the market space left after the withdrawal of the health and mutual assistance platform," Li Wenzhong suggested. Zhu Junsheng also pointed out that Huimin Insurance is an effective connection of basic medical insurance and commercial health insurance. Its characteristics of "high damage and high compensation" can resolve the risk of catastrophic medical expenditure.

The expansion of the service population from a healthy body to a belt is also one of the directions for industry forecasts. The current status of my country's health insurance market is that the willingness to allocate insurance for health body configuration is not high, but the medical decision -making pressure on the background of payment pressure, high -quality medical resources, and medical service supplier information has strong urgent needs Based on this, Zhu Junsheng suggested to expand the object of health insurance services and make up for the gap of the patient's protection.

The core of "disease insurance", Zhu Junsheng pointed out that not only does it provide probability risk protection, but also efficiently provides and promote the integration and use of medical resources with the needs of the disease, and promotes the reasonable allocation of resources.

"Many insurance companies currently make breakthroughs in products, such as providing insurance products or services for non -standard people and sub -health customers." Zou Wei also pointed out that at the same time, the latest therapy, medicine, and technology are included in the innovative medical insurance products. For example, CAR-T therapy has gradually increased to product guarantees for millions of medical insurance. Each insurance company is studying how to turn economic compensation to solve the health of customers.

Another example is the health protection expansion of the aging group. With the exacerbation of the national aging, the group of aging customers is huge, but there are relatively few health insurance products for the elderly or products combined with related services. At present, my country's disability insurance and nursing insurance premium income account for only about 2%of health insurance premiums.

"If nursing products are mainly applicable to the disabled people, but the crowd's economic strength at this stage is relatively limited, thereby forming a mismatch of supply and demand." Zou Wei proposed that consumers have not experienced related services, so they have not experienced related services, so Most of the products are mainly economic compensation, and the increase in nursing benefits to ensure future care services.

As a result, Li Wenzhong also suggested that he should vigorously develop long -term nursing insurance and welcome the huge nursing protection needs brought by the aging of the population. While providing health risks to the public and improving their accessibility for medical care services, they can also share concerns about the government, and can bring new business growth points to insurance companies.

From the perspective of the institutional perspective, in the answer to investors, the Chinese insurance proposes that the next step will take care of the "health engineering" as a traction to continuously optimize the business structure and promote the high -quality development of the business. First, in terms of products, the company's lifelong care insurance is the main product of long -term payment business, strengthen marketing planning, and highlights nursing guarantee attributes. The second is that in terms of teams, while stabilizing the traditional sales team, we will strengthen the construction of the general pioneering team and improve the team's production capacity. Third, in terms of customers, actively tap the potential needs of stock customers and provide customers with more insurance products and services.

"After a period of adjustment of health insurance, it may restore a higher growth rate after adjustment." Li Wenzhong concluded. "Because the degree of aging of the population is accelerating, the demand for health guarantee will continue to grow, and this part of the protection demand is difficult to have other other demand for other protection demand. Risk management tools are replaced. Of course, if there is no policy stimulus support, it is difficult to reproduce the growth rate of more than 50%, 60%, or even more than 70%in previous years. "

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