① The insurance industry is still in an important period of strategic opportunity in 2024. With China's economic recovery, the insurance industry will continue its steady, moderate and positive development trend. ② In 2024, it became an industry consensus to do a good job in technology finance, green finance, pension finance, inclusive finance, and digital finance.
Financial Services Association, January 4 (Reporter Wang Hong) At the beginning of the new year, at the first press conference held by the China Financial Supervisory Authority, Zhang Baohui, the main head of the China People's Insurance Group Strategy Department; Zhao Guodong, vice president and board secretary of China Life Insurance Company; Yu Xiaodong, general manager of China Taiping Insurance Group's business management department; Yang Minggang, general manager of China Credit Insurance Business Management Department; and Wang Zhongyao, deputy general manager of China Real Estate Insurance, gathered to express their firm optimism about the development of the insurance industry in 2024.
The above industry insiders believe that in 2024, the insurance industry is still in a period of important strategic opportunity. As China's economy recovers, the insurance industry will continue the current steady, moderate and positive development trend. In 2024, it became an industry consensus to do a good job in technology finance, green finance, pension finance, inclusive finance, and digital finance. In addition, other insurers believe that the insurance industry will usher in new development opportunities in terms of cross-border insurance demand and linkage between domestic and foreign insurance markets.
The insurance industry will continue to improve in 2024
Looking ahead to 2024, we believe that the insurance industry will continue to improve and is still in a period of important strategic opportunity. Zhang Baohui believes that the long-term improvement of China's economy, high-quality economic development, and further modernization will bring new development space and momentum to the insurance industry.
“The Central Financial Work Conference emphasized giving full play to the insurance industry's role as an economic shock absorber and social stabilizer, and clearly proposed completing the 'five major articles'. Insurance will increasingly become an important tool in the policy 'toolbox' of governments at all levels. “Financial management departments strengthening product supervision, standardizing sales channels and behavior, and preventing industry risks will further enhance market players' awareness of compliance management and are more conducive to the healthy and smooth operation of the industry,” Zhang Baohui also said that the country's policy orientation to support the development of the insurance industry and a good regulatory environment will also support the continued improvement of the insurance industry in 2024.
Zhao Guodong is also firmly optimistic about China's economic development prospects in 2024. He said, “China has the largest middle income group and the most promising hyperscale market in the world, which provides very good fundamental support for China's continued economic development. This is also an advantage for the Chinese economy. In 2023, the Chinese government introduced many macroeconomic policies for steady expectations, steady growth, and stable employment. As the policies continue to be released in 2024, they will strongly promote economic recovery.”
Yu Xiaodong, on the other hand, believes that looking ahead to 2024, the insurance industry is expected to continue the current steady, moderate and positive development trend with the full recovery of the Chinese economy. In particular, after the Central Financial Work Conference and the Central Economic Work Conference gave clear instructions on the next development of financial work, the strategy of steady growth, risk prevention, and increased service to the country and the real economy will become mainstream trends in the industry.
“Facing the future, the insurance industry has great potential and promising prospects in the new journey of comprehensively advancing the construction of a strong nation and reviving the nation through Chinese-style modernization,” Yang Minggang said.
Wang Zhongyao said that the current insurance industry has huge potential, and 2024 will be an important period of opportunity for the insurance industry to develop. He pointed out that the insurance and reinsurance industry will surely play a greater role in key areas relating to national strategy, the real economy, and people's livelihood, such as modernization of the country's governance system and governance capacity, green energy transformation, self-reliance and self-improvement in high-level science and technology, rural revitalization and agricultural modernization, and the pension security system.
Technology, green, pension, inclusiveness, and numbers become consensus
What insurance sector are you optimistic about in 2024? It has become an industry consensus to do a good job in technology finance, green finance, pension finance, inclusive finance, and digital finance.
Yang Minggang said that in 2024, China Credit Insurance will focus on five “big articles”: strengthening resource preferences for projects in strategic emerging industries and other fields with high technology and high added value; increasing support for green industries such as new energy “going global” and the green transformation of traditional industries; expanding the insurance coverage of micro, small and medium-sized enterprises, and continuing to increase the supply of financial services to micro, small and medium-sized enterprises and private enterprises; increasing “going global” underwriting support for pension, medical care, and health-related fields, and actively participating in the development of the health and pension industry; continuously improving digital service capabilities and constructing digital services An external digital ecosystem.
Wang Zhongyao said that in 2024, the spirit of the Central Financial Work Conference and the Central Economic Work Conference will be fully implemented, focus on the main business, play the role of reinsurance protection, and focus on writing five major articles on technology finance, green finance, inclusive finance, pension finance, and digital finance.
Specifically, he pointed out that in the field of technology finance, the guarantee for “major power heavy equipment” will be increased and the promotion and implementation of the “insurance+risk management+service” cybersecurity insurance model will accelerate the promotion and implementation of the “insurance+risk management+service” model; in the field of green finance, it will continue to play the role of a platform for the Chinese nuclear community and increase investment in emerging fields such as new energy insurance and carbon sink insurance; the field of inclusive finance will promote the upgrading of a series of welfare products and services, and promote the expansion of insurance coverage in the agricultural sector; the field of pension finance will promote the “insurance+diagnosis+rehabilitation services” model to promote the innovative development of commercial pension insurance products; Accelerate digital transformation, enhance technological service capabilities, and provide richer digital infrastructure for the industry.
Yu Xiaodong is optimistic that in 2024, China's insurance industry will usher in new development opportunities in terms of cross-border insurance demand and domestic and foreign insurance market linkages. “In the new era and new journey, we must continue to give full play to the advantages of cross-border collaboration, deeply cultivate the Guangdong-Hong Kong-Macao Greater Bay Area, and actively serve national strategies such as 'going out' and 'Belt and Road'.”
Zhao Guodong believes that from a practical point of view, people's needs for old-age care, health, and even wealth management are gradually expanding, and these needs will gradually become reality. “China's economic development has provided very good market space and policy conditions for the development of the insurance industry. There is still a lot of room for growth in the depth and density of insurance in China. The transformation of the insurance industry around high-quality development goals has also begun to show results in recent years. We are full of confidence in the development of the insurance industry in 2024.”