Unexpected financial crisis in attendant, the world's largest insurance company AIG in struggling on the verge of bankruptcy, the largest U.S. life insurance companies - Metropolitan "or AIG into the second," the rumors spread like wildfire, then Japan and Japan are also life Life Fell.
Wind an atmosphere of the tower, China's insurance sector is not alone.
According to our statistics, although the January to September of this year's premium income is still growing, however, the industry's monthly premium but a sharp decline in sales of insurance for even close to freezing point ... ...
Sword of Damocles
As early as in the first half of August, Shanghai Bao Jianju released in the first half of the insurance industry data show that Shanghai's life insurance business, in the last year, investment-type insurance at the top of the vote has not even been replaced by omnipotent.
Our statistics of the Shanghai area from October 2007 to September 2008 during the vote and even the universal risk insurance premium income volatility (see Figure 1), can be seen from the map, in fact, from the beginning of May this year, Even for insurance premiums began a free-falling-down trend, as of September this year, Shanghai has been reduced premiums even voted to 180,000,000 yuan. The universal insurance is all the way through this wave of bear market higher, since the beginning of November, the month of universal insurance premium income is higher than even the vote.
Shanghai Insurance Association statistics show that even the oldest Chinese-funded voted 1-9 for the month of Taikang Life insurance premium income for even close to the 1.4 billion average monthly sales volume of 150,000,000, but in the month of September to vote even premium Income of less than 40,000,000 yuan, the highest for the month even those who voted for the vote even in the ancestor of the domestic market, only less than 50,000,000 of the proceeds.
In the first half of this year, Shanghai Taikang after another few months to keep about 200,000,000 for the loud volume performance.
Over the same period, many foreign life insurance investment and even offensive is also close to failure. Which, with the exception of Fidelity Life, the Thai city of the month there are still tens of millions of dollars more than premium income even vote, other than foreign life insurance company's revenue even voted in only hundreds of thousands or even millions of yuan.
For example, Cathay Life Insurance, Haier New York in September two premium income of 131,000 yuan and 117,900 yuan; investment and CIGNA Health Day and the Radio, Film and Television, even for the month premium income has only a few hundred million.
A life insurance company in charge of the Department of Banking and Insurance said that the capital market downturn led to even vote in a comprehensive anti-fever is a dangerous thing to be expected, however, because of the early companies even account for the difference between the performance of the operation, the extent of the affected companies will There is a big difference.
"At this time, the company's poor performance, the impact is twofold: One is the old customers may surrender, and the other is very difficult to attract new customers access to incremental capital investment." He said.
According to our statistics, in September there are 20,000 yuan to vote even on revenue of Radio, Film and Television of Health (Shanghai), and its possession of large gold / Kim Boo exchange for the stability of even the value-added account, the net on October 15 has been below 6 gross, this year's decline More than 40%, hitting a new all cast the net even sound account of the lowest in the fall, as well as the highest on record.
Paul Silver double Jicha
A senior official said the life insurance industry, as the Bank of security channels for even misleading the public, leading to the original silver pattern of security cooperation may have been broken, he said, out of consideration of risk control, after several major Chinese banks have been Across the country with an insurance company canceled all of the Bank of security cooperation.
China Insurance Regulatory Commission also issued a few days ago, said, "if not 100% sure now until the end, companies will have to vote to stop even the risk of Bank and Insurance sales, it is necessary to carefully carry out other sources of risk even for sale."
Data from the China Insurance Regulatory Commission show that in the first three quarters of this year, the national premium income 793,960,000,000 yuan, up 49%, of which life insurance premiums for 545,593,800,000 yuan.
At first glance, this is a good report card. However, in fact, as even the vote, short-term financial risk, the risk of universal fall one after another, Banks and Insurance Companies has been a step ahead of a recession over the same period of data showing the other side of the hideous face.
For example, National Life Insurance premium income in September than in August reduced life insurance 890,000,000 yuan. Even though no more details of the national data for anatomy, but one can not deny the fact that these figures increase or decrease premiums by the story behind every silver and security channels of income fluctuations in solidarity.
Shanghai region, for example, the Shanghai Insurance Association statistics show that in September this year in Shanghai on a single premium of 37 billion yuan, of which, Bank and Insurance premium income accounted channels are still more than 1 / 3, close to 1.4 billion. This "peak" period, has been quite different: in February this year, one in Shanghai on premium income of 45 billion yuan, of which nearly 2.6 billion Bank of security, or the total monthly premium of nearly 60%!
In fact, according to the Shanghai Insurance Association statistics, the publication of statistics in Shanghai in October 2007 -2008 in terms of premium income in September Paul Silver and income changes (see Figure 2), can be seen from the chart, The two fundamental changes in the line.
More details of the data shows that even after following the vote, short-term risk management and insurance sales of universal access to the severe winter has been one after another.
An example of this is, as the Bank of channels of high-security protection at the end of the short-term interest rates linked health insurance "often worry-free" moratorium on the sale of the first 7 months of Security Bank were leading the growth of health insurance, the premium income shrink sharply. China Insurance Regulatory Commission statistics show that its sales this year, the highest peak in June, the monthly premium income of more than 2,600,000,000 yuan in the previous 3 months, 2.0 billion in the performance of a firm platform.
However, August is often the month moratorium on the sale of worry-free, the national premium income suddenly reduced to 475,000,000 yuan, to September has been less than 160,000,000 yuan, completely fail to see a few months ago Paul Pioneer traces of silver.
Shanghai's basically similar to the situation. January-September were of the Shanghai branch of the total health insurance premium income amounted to 3,860,000,000 yuan, of which nearly 3.5 billion contribution to the channel for the Bank of security, and in June this year, most of the peak of their monthly premium income reached alarming 770,000,000 Yuan, but in September the month (also a "worry-free regular" moratorium on the sale of the second month), the monthly total premium income of only 31,710,000 yuan, less than one-twentieth of the peak period.
Almost the same time, in September a comprehensive universal insurance settlement rate cut, its premium income, the impact immediate.
For example, the Shanghai Insurance Association statistics show that the major risk everything Taikang Life in September universal insurance premium income has 50,000,000 yuan less than in the previous three months are more than billion.
In response, the industry said to a large extent due to regulatory authorities for pre-operational control over the expansion of the Greater efforts have been made to start the second half of a number of radical silver moratorium on the sale of insurance products across the board. "In the first half of this year, in the end security and high interest rates to stimulate the types of products, the emergence of bancassurance 'blowout' growth, but this business can continue, as well as their corresponding operational risks in the end how much, are worthy of scrutiny." Heč¯´.
However, he also said that Bulgaria Ag revenue growth in itself is no problem, in fact, many Western European countries, the bank's insurance premium income accounted for the total life insurance premium ratio of more than 60%, and even some close to 80 %.
The silver and domestic security "blowout" The reason why the growth will cause Jian Guanceng great attention was mainly due to growth in its sales may be behind the charges of misleading and vicious competition.
He believes that the capital market is just taking Bear investment-insurance of poor sales of the main incentives for a deeper reason is that insurance companies selling grass-roots units of sales is still not in place to control risk, resulting in sales out of control behavior.
In September this year, the China Insurance Regulatory Commission promulgated the "Regulations on the bank to carry out postal insurance agent to inform the special inspection" in order to rectify the misleading sales as the breakthrough point, in order to focus on supervision fees for major postal outlets silver conduct a special inspection.
"Next, the bank would be more careful selection of Banks and Insurance business partners, which have been pre-recorded non-performing companies, is a fatal blow." He said, "The next can be expected that the Bank will happen in the field of security Re-shuffle. "
He also pointed out that almost all the small and medium-sized insurance companies have too much to rely on bank insurance business, if there are no other channels to follow up the business, banking all of a sudden, "weaning" may cause some of the size of a sharp contraction.
Another practical problem is that the capital market downturn, as well as the rate cut cycle kicked off, which means that investment banks insurance companies, universal selling point for the time being lost.
"Next year, the Bank to sell insurance in the end?" He asked.
Friends fall low
In mainland China, the world's storm were driven directly to the two, first voted in Fortis China's Ping An 23.8 billion; another, and AIG is a blood relationship is 100% of the Assurance.
October 9, AIG in order to avoid the recurrence of a shortage of funds bankruptcy, the Fed also had difficulties in the AIG provided additional 37,800,000,000 U.S. dollars loan, which is nearly a month for the second time the Federal Reserve to provide financial support to the AIG .
In fact, as AIG's wholly-owned subsidiary of China International Assurance is the only wholly foreign-owned life insurance companies, and has been occupying foreign insurance "lead" position, although in the last year as a result of the vote even dangerous hot Merchants CIGNA, foreign companies such as the Metropolitan line has been beyond our allies, the monthly premium income to become champion, but in the end are short-lived.
According to the China Insurance Regulatory Commission show that in the first three quarters of this year, is still friendly to 1.85 times the runner-up premium-scale advantages, foreign companies continue to sit tight for the top spot in the Sino-British life, followed by Fidelity Life.
However, this is not the whole truth.
According to the China Insurance Regulatory Commission data, the statistics our friends in Shanghai in September last year to September of this year's premium income changes (see Figure 3): The company's premiums since last December, has begun to edge down, although occasionally there Pick-up, the overall trend is downward, in August this year, before the company's monthly premiums are generally maintained at between 6-7 billion, but noticeable decline in two months. In August, its premium income fell to 573,000,000 yuan; in September on the single premium is nearly a year since dropped to the lowest point, only 442,000,000.
However, in mainland China, after all, have been friends for 16 years deep, in a dangerous accumulation in the area of family property to make a lot of strong foreign competitors in the short term can not even hold a candle.
Shanghai Insurance Association statistics show that in September 2008, the AIA Shanghai branch of the new contract insurance premium income of 10,610,000 yuan, with the peak of a monthly income of more than 4000 high to none, but it is in the same period of renewal Premium income is still more than 100,000,000 yuan, almost on a par China Life Shanghai Branch.
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