Vice Chairman of the CBRC: The scope is not completely suitable for the insurance industry, and it is dangerous to deviate from the main business.

On September 3, at the 2022 China Insurance Industry High -quality Development Forum with the theme of "escorting the economic market and promoting the high -quality development of the insurance industry", Xiao Yuan, vice chairman of the China Banking Regulatory Commission, said that my country is already the world's second largest insurance market market The industry's total assets are close to 27 trillion yuan, and the main indicators remain in a reasonable range. At present, the entire insurance industry has sufficient solvency, stable operation, and completely controllable risks.

Xiao Yuan Enterprise said that the current insurance density and depth of my country still have a large gap with developed countries in Europe and the United States, and the market development potential is huge. The insurance company must be cautious in terms of investment and operation, and must not breed the fluke of "as long as there is premium injection".

Xiao Yuan Enterprise also pointed out that insurance companies must focus on the main business, and the non -main business must be supplemented and enhanced by the main business. Some insurance companies believe that diversified expansion can generate a scope economy, which is very one -sided. Practice has proved that the scope economy is not completely suitable for the insurance industry. It is very dangerous to deviate from the main business and even anti -customer.

Talking about the development of the insurance industry, Xiao Yuansheng proposed that insurance companies must have the spirit of craftsmen, and they must abandon short -term impulses; they must pay attention to market segments and follow the road of characteristic development; we must also shape responsible and respected corporate culture.

The following is a record of Xiao Yuan's speech (slightly abolished):

I will talk about today's theme for your reference.

First, insurance companies must meet the real needs of customers on the debt side and adhere to the prudent operation on the asset side. my country's insurance density is 3179 yuan per person, 6%of North America and 16%of the EU. The depth of insurance is 3.9%, which is 1/3 of North America and 1/2 of the European Union. The market development potential is very huge. The insurance company should be centered on the customer to analyze and understand what kind of insurance products and insurance services the customer needs. The insurance supply must be able to directly meet and meet the real needs of customers, rather than rely on marketing or raising channel handling fees. Only when the needs of customers are truly met can insurance operations achieve sustainable, and the quality of insurance liabilities can be truly guaranteed. Insurance is based on actuarial and large -scale laws. The premium income charged in the current period depends on asset management to resist future expenditure. Insurance companies must be cautious and secure in terms of investment and operation. There are many factors, and the choice of risk preferences should be relatively lower. Never breed that there is no problem with the problem that there is a premium injection.

Second, the insurance company must focus on the main business, and the non -main business must be supplemented and enhanced to the main business. The essence of insurance is to help each other. Risk guarantee is always the most basic and important function. It is the most fundamental feature that is different from other financial industries. Insurance companies must focus on the main business of protection, transform from risk management to risk reduction services, and provide customers with a package of guarantee solutions. Any company should not consider themselves universal. The insurance industry is the same as other industries. It is like a mountain across the mountains, and the touch category may not be bypass. Due to the extensive investment scope of insurance funds, it is easy to get involved in unfamiliar areas. An important reason. Some insurance companies believe that diversified expansion can generate a scope economy, and this understanding is also very one -sided. Practice has proved that the scope economy is not completely suitable for the insurance industry. It is very dangerous to deviate from the main business and even anti -customer.

Third, insurance belongs to the industry with a small work, and insurance companies must have the spirit of craftsmen. There are some special operating rules for insurance. First of all, from customer needs, we have learned from customer needs that product research and development, actuarial rates, investment operations, and claims services are all intertwined chains. Any link requires a long time. The smooth operation of the chain. Secondly, insurance is a highly professional industry, and the majors needed in different links are not exactly the same. It can be said that insurance is a combination of multiple professional. There is also a long period of insurance products, which spans different cycles, and changes in different cycles. There must be fine design and accurate judgments. These characteristics determine that insurance must abandon short -term impulses, quitting the impatience, and the spirit of craftsmen, slower and thinner, in order to stabilize and far away.

Fourth, insurance companies must segment the market and follow the road of characteristic development. The insurance market is large and the demand is diverse. Except for very few companies that can provide comprehensive insurance services, most companies cannot achieve the world. They must subdivide the market. According to their own resource endowment, choose specialized business strategies, in specific customers, and in specific customers , Specific cultivation in specific regions, specific products and specific businesses to enhance its core competitiveness and market influence. For example, the elderly population over 60 years of age has reached 264 million, and the endowment insurance market is very large. How to tailor the elderly products for the pension needs of these people and provide intimate pension services that can meet their real needs. A major issue that must be answered carefully. If some insurance companies can truly sink their bodies in pension insurance and understand the elderly's pension needs, it can not only create value for themselves, but also give full play to the unique advantages of insurance, serve the elderly needs for the elderly The elderly enjoy their old age. If so, the insurance industry will definitely achieve the perfect unity of economic value and social value.

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