WTO accession on China's insurance industry may affect the
1, and the opportunities.
First of all, foreign insurance companies enter the Chinese market, will increase the supply of insurance capital, thus increasing the financial and insurance industry in the national economy as a whole structure of Gao Jihua. Second, foreign trade insurance company to enter China's insurance sector is bound to bring a strong external pressure, forcing the insurance industry on China's national re-structure, re-perfect roads, in market structure, organizational elements, the intermediary system, and management aspects of development , Improved to promote and guide the Chinese insurance industry to the high level of operational goal, to achieve China's insurance industry upgrade at the same time, foreign companies advanced management ideas, expertise, management experience, quality products and after-sales service to their Chinese counterparts will be a good model And enlightening. Third, opening up the insurance will enable a large number of employees to receive training and training opportunities so as to enhance China's national insurance practitioners of overall quality. All types of competition between the insurance and publicity, will be to a certain extent, to educate the broad masses of national insurance knowledge and ideas to improve foster national insurance awareness and to promote China's insurance sector development. Finally, the Chinese insurer to go out of the country, to the international market information to show skill, and created a convenient conditions.
2, challenges.
First, the entry of foreign insurance companies, strengthen the insurance market competition, resulting in margins of insurance companies premiums declining rapidly. Secondly, a part of the premium outflow. From the Chinese insurance market has entered a number of foreign insurance companies operating situation, the premium income to grow steadily in recent years, but in 1997 the former Poly basic belief is not a book partial profits, The reason is relatively small premium retention, and some Through re-insurance premiums outside the outflow channels. The high cost expenditures, thus underwriting profits low. Although in 1995 the "Insurance Law" Section 102 provides for "the need for insurance companies to tell the insurance business, priority should be given to the Chinese position within the insurance companies for", but the actual operation, the more difficult. Current insurance supervision department for foreign insurance companies retention premium of not less than 30 percent, coupled with the statutory 20 percent of the reinsurance, there are still 50 percent of the premium by the foreign insurance companies for reinsurance calendar. Again, with domestic insurance companies for a certain market share. The objective of foreign insurance companies have the capital strength, advanced management, technology advantages of a higher level of service, despite the current business scope also subject to certain restrictions, but the momentum is still relatively good. From the national market structure, the proportion of foreign insurance companies in less than one percent, but in an open area of the market share of foreign insurance companies have close to 10 percent, and the trend has continued to expand. In addition, foreign insurance companies due to the treatment of domestic insurance companies have a favourable than the conditions caused by domestic insurance companies will be part of the loss of talents.
3. Insurance market to further open up the possibility.
(1) China's insurance market still has great potential for development, further opening up of existing space. China's insurance industry as a whole remains relatively low level of development, from the insurance density (per capita premium expenditures) and depth of insurance (insurance premium income accounted for the proportion of gross domestic product) of these two indicators to measure, we can see that China's national insurance industry is In the initial stage of development. According to statistics, developing countries in general insurance depth of 4 percent, per capita premiums in general more than 200 U.S. dollars, the developed countries like the United States for nine percent, while China's current insurance depth of only 1.486 percent, to 1.08 U.S. dollars per capita premium, these data On the one hand, that the insurance industry in China lag behind the status quo, on the other hand shows that the industry in China is still a huge potential for development.
(2) China's national insurance industry already has a strong competition and the means of operation gradually beginning with the international markets. First of all, from the strength of the insurance company, PICC Group, China Pacific Insurance Company, China Pingan Insurance Company has developed into a large national insurance company. According to statistics, the country's 1997 premium income, accounting for 69.2 percent of PICC Group's share, accounting for 15.8 percent of Ping An Insurance Company, Pacific accounted for 11.9 percent, the three companies in the insurance industry also has a certain reputation. To PICC Group as an example, the production was completed in 1996, the business of life will be after the restructuring, its registered capital reached 20 billion yuan in the whole country a total of 6,000 branches, 1997, for the life insurance premium income 76.9 billion yuan. According to Standard & Poor's net income on premiums, the world's largest insurance company with annual statistical tables, 17th out of PICC Group. This shows that China's insurance companies have already contend with the strength of foreign investment. Secondly, China's insurance industry practice of the basic step by step in accordance with international practice to run.
3, China's insurance industry, opening up the problems faced.
(1) insurance market structural imbalance. China's insurance market development not balanced, there is a social insurance after commercial insurance, life insurance business lags behind-insurance business, reinsurance lagging behind in direct insurance, international business lags behind domestic business is not balanced development of the situation. First of all, from the insurance industry in China's overall present situation, the Chinese life insurance market to the development of China's insurance sector lower than the overall level of development. For example: in 1994 China's insurance premium income to 63 billion yuan, of which life insurance income accounted for 31.5 percent. It is also Swiss Re "Sigma" magazine in 1996 published the first four of the 1994 World statistics show that the study report, the 69 fee income of more than 100 million U.S. dollars in countries and regions, per capita life insurance premiums (that is, TING Insurance density) 320 U.S. dollars, China's life insurance density is only two U.S. dollars in 69 countries ranked 66. This 69 countries, the average depth of life insurance 2.07 percent, China 0.2 percent, which is below the world average, but lower than China's insurance industry as a whole, lags far behind even in some developing countries. And foreign insurance companies to open China's market demands, first of all aim at China's life insurance market in the People's Bank of China (CIRC) declarations in most of the life insurance business operating requirements. Therefore, as China's further opening up the insurance market, foreign insurance companies enter the Chinese life insurance market, will be China's national insurance industry bring great impact. Second, the reinsurance market is not fully developed. Reinsurance is the insurance companies spread, the responsibility to control risk and increase underwriting strength, expanding an important means of operating capacity. A sound insurance market can not be separated from re-insurance, reinsurance costs and the market capacity is also restricting the development of the insurance market. However, China's insurance industry has yet to establish a truly perfect market of the re-insurance system. Therefore, the Chinese national insurance industry's development from the total amount and structure Rongren not optimistic. (2) lack of a reasonable premium rate. First, the overall level of high premiums. Second, the premium set and the adjustment mechanism has a fundamental flaw. At present, China's insurance industry out of the adjustment of premiums and changes in market supply and demand, the premiums can only be approved in accordance with the People's Bank of China People's Insurance Company under the flat rate for limited changes, and premium rate irrespective of regional differences, Implementation of the unified national rate. Therefore, the formation of such rate adjustment mechanism and did not play a regulating market, and promote the healthy development of the market leverage, but also prompted enterprises to adopt unreasonable to the commission, kickbacks and other forms of undesirable conduct the competition in the market, disrupting market order The benign development.
(3) the use of insurance funds by the scope and manner restrictions. China's financial management departments only allow insurance funds to invest in government bonds, bank savings, financial bonds and restricted market. Although such funds invested in certain procedures to ensure the safety of the fund, but these low-yield investment, it is difficult to guarantee the value of the insurance fund, but also lead to rapid growth in inflation and depreciation in the passive. Britain and the United States and major insurance funds to invest in stocks, bonds, mortgages, loans, government bonds, real estate investment projects, which guarantee the Fund in high-yield investment in value-added to constantly. This inequality had led to the operating conditions in a dominant position on the status of foreign insurance companies more freedom, they can use to attract customers. This will result in unfair competition in the insurance industry in their national insurance market further in the competition at a disadvantage.
(4) of the total reserve enough to stay in science. China's total reserve tax profits from the enterprise is to extract, making the total reserve accumulation of low starting point, the slow, if some years the company has a loss, then these transactions few years there will be negative. Therefore, the total reserve of China's current method of extracting the insurance industry in China has increased the operational risks.
(5) serious imbalance in the insurance rate structure. Insurance rate structure can be divided into the main insurance tax structure and insurance rate structure. Insurance rate structure can be divided into one of insurance: from the body is, the Chinese insurance industry, the level of taxes than other countries in the world of similar industries. In countries around the world, the general insurance industry will have with other sectors treated differently, to adopt a more lenient tax policies to support its development, such as U.S. corporate income tax rate of 24 percent, Canada rate of 15% to 30%, and implemented in accordance with the scale of different The progressive tax rate. However, China's insurance industry, such as the People's Insurance income tax rate is as high as 55 percent. Performance of two: tax-funded insurance companies are not unified. PICC now pay 55 percent of the income tax, and Pacific Insurance Company is 33% in Shenzhen Pingan Insurance Company of the establishment of the SAR will enjoy the tax benefits only 15 percent. This is unfair taxes resulting from the various enterprises of different starting line caused by the unfair conditions of competition. The third performance of "foreign taxes are not unified. Foreign insurance companies in China now enjoy a concessionary tax rate of 15 percent, while domestic enterprises have to pay 55% or 33% of the income tax (in the course of a few companies enjoy a 15% income tax ), Which resulted in foreign-funded insurance companies and insurance companies after-tax profits to remain the great differences. Insurance rate structure is set up different types of sub-rate, which is the international insurance industry practices, reflecting the different risk, the risk onto Cost of the objective requirements are also different. According to Swiss Re "Sigma" magazine in 1994 the first one of the statistics, fire insurance, the Netherlands rate of 7 per cent, Italy 17%, the highest for 30 percent of the French, and only five foreign-related insurance States more than 10%. From China's current situation, not only the overall insurance rates higher than other countries, and is not set up sub-types of tax, which is rare in the world. So, the insurance tax structure is irrational Will seriously undermine China's national insurance industry-competitive environment.
(6) on the regulation of foreign insurance companies lack. As Insurance Regulatory Commission set up not long history, to some extent of the management level of backwardness, lack of management of the situation, leading to re-processing, light management, the phenomenon appears. Because of weak regulation, foreign insurance companies in China's insurance market, unfair competition acts of violations continue to occur. Third, China's insurance market opening measures
1, accelerating the development and improvement of the domestic insurance market system.
① attention to the construction of the insurance agencies. First, we must give priority to the development of financing and insurance institutions, strictly on foreign insurance institutions of approval, which is to protect the national insurance industry needs to give priority to the development of life insurance agencies.
② to establish and regulate insurance intermediaries system. At present, China's insurance intermediary market will be mainly insurance agents, insurance brokers to
Des Voeux. In the form of an agent organizations, mainly the development of full-time agents, part-time agents as a supplement. In the life insurance business, in particular the individual life business is to serve as an agent of the exhibition industry as the main form. In addition, the insurance will be dedicated to the development of some of the estimated insurance, inspection, actuarial and other business intermediaries, and the system of insurance intermediaries into the construction and management of the legal system, strictly enforce the system of accreditation, the holder posts. ③ establish and improve the reinsurance market development of direct insurance business to eliminate the risk of transfer of obstacles. With the national conditions of China, from Hong Kong and Japan, the German experience, the Chinese insurance industry in the development of policy, priority should be taken to open insurance market, reasonable protection of direct insurance market practices. This is in line with referral to join the World Trade Organization, opening up demand, but also contribute to the protection and promotion of China's insurance industry. Could be considered as soon as possible establishment of a national reinsurance companies, assume legal reinsurance business; formed by various Chinese-funded insurance companies common shares of reinsurance groups in a planned and selective establishment of other joint-stock insurance companies; conditions to attract foreign investment to insurance companies and reinsurance Brokers, and gradually established their own re-insurance broker company, this increase in reinsurance capacity. Gradually establish and improve the insurance market and directly match the reinsurance market system, for the entire insurance industry and protect the national economic development. At present, China in March 1999 set up the China Reinsurance Company, the reinsurance market-oriented system has been initially launched.
2, and optimize the internal environment, and enhance their own competitiveness.
(1) to strengthen personnel training, attention to the use of personnel, the establishment of an effective incentive mechanism and restraint mechanisms.
(2) increase investment in science and technology and improve equipment grade, as soon as possible electronic networking and office automation.
(3) To strengthen the insurance accounting, and constantly develop high efficiency in line with the needs of the market insurance.
3, optimizing the external environment and realize fair competition.
(1) as soon as possible abolition of foreign insurance companies 15% of the concessionary tax rate equal to taxes in the foreign-funded enterprises.
(2) generally lower level of the domestic insurance industry taxes.
(3) to distinguish between different types of setting different tax rates to reflect the risk of revenue compared to the principle.
(4) adjustment of the investment channels for insurance funds. - Life insurance companies proposed to distinguish between a planned and step by step relaxation of the life insurance company's investment business, to expand its investment portfolio to reduce risk, increase their added value.
4, establish and perfect the relevant insurance companies system of laws and regulations.
In addition to the existing "insurance law" as the basic law, should also be enacted as soon as possible
5, the insurance regulatory and industry self-regulation combined.
According to government regulation and the Association of the integrated management of the two self-regulatory mechanism of shaping China's insurance regulatory system. Government regulation will be more strict and standardized, the Government's insurance regulatory body mainly from the macro regulation and control of the market, such as the insurance industry development plan, the approval of the limited market, the use of funds, and so on. Government regulation, supervision should be to minimize administrative interference, enhance regulatory transparency, the use of market means a reasonable allocation of resources. (1) to break the current regulatory system, according to the regional regulatory change for the regional economic monitoring, by region, insurance density and insurance density of different institutions, under the supervision of different staff size, extend the tentacles of insurance supervision, the expansion of insurance supervision Network coverage, understand the insurance market of the main trends of its business conduct or judgement. (2) on a unified supervision of foreign insurance companies, to avoid the means of monitoring indicators and inconsistent, resulting in double standards of supervision. (3) the phasing out of control on insurance rates, insurance commodity prices and give full play to market regulation, to achieve balance between supply and demand. Association is the insurance industry self-regulatory organization, its main market regulation and control of micro-regulation that is the basis of their market behavior such as changes in the standard rates, insurance protection and the technical amendments, competition among members of a code of conduct, the company's collaboration and exchanges. This integration of the two mechanisms can enable enterprises to government regulation and self-discipline carry out their duties, both to reduce costs and improve the supervision of the regulatory efficiency
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