Published at 08:48:52 on July 3, 2015
Source: China Insurance News • www.sinoins.com
CISFC held the 8th meeting of the Risk Assessment Expert Committee for Insurance Industry and the press release for the 2015 Risk Assessment Report on Chinese Insurance Industry on June 30. The Report indicates that the vehicle insurance faces the challenge of growth mode and profitability, and suffers such risks as payment upon maturity, surrendering of policies and market test caused by the rising proportion of equity assets.
The insurance industry also encounters other challenges, including evident polarization of non-vehicle insurance of the property insurance, increasing cost of individual agents of life insurance, sluggish growth in installment payment of banking-insurance products, intensifying pressure on some insurers, mounting difficulty in match between assets and liabilities of some insurance companies, stricter requirements imposed by opening channels for fund application capacity of insurance companies, etc.
Taking the risks as main line, the Report analyzes the risk points one by one and makes in-depth analysis of features of each risk point. It also focuses on match between assets and liabilities and their linkage among risks, as well as the overall risk control over concentrated financial operation. In addition, the Report publishes the Special Research of Risk Management of the Chinese Insurance Industry, which specifies the research results of more than ten members of the Risk Assessment Expert Committee about industry priorities, hotspot issues and control of risk factors, etc. Specifically, it covers the C-ROSS, market-oriented premium rate, match between assets and liabilities, internet insurance, agricultural insurance, catastrophe insurance and other risk points, and comes up with the risk management countermeasures.
The Report is an important attempt to monitor risks of CISF in recent years. The insurance industry of China witnessed rapid growth in 2014. However, it also faces complex changes in risks while the whole industry sees the growth recovery. The insurance security fund system is an important tool for the industry to prevent and resolve risks, and undertakes significant responsibilities of continuous monitoring, assessment and warning of risks. Therefore, on the basis of integrating the risk monitoring forces and fixing the existing analysis framework, CISFC made full use of the wisdom and resources of the Risk Assessment Expert Committee, aggregated and sorted out risk points, also analyzed the risk evolution rules to prepare the Report. The risk assessment report will be published each year in the future.