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after the state council's executive meeting studied and deployed several opinions on promoting the high-quality development of the insurance industry, the relevant details came. today, the state council's several opinions on strengthening supervision, preventing risks and promoting the high-quality development of the insurance industry (hereinafter referred to as the "opinions") were released, involving ten specific opinions, and pointed out that by 2029, a preliminary framework for high-quality development of the insurance industry will be formed, and by 2035, a new pattern of the insurance industry will be formed.

in terms of people's livelihood security, the "opinions" proposed to enrich the forms of catastrophe insurance protection, develop the third pillar of pension insurance, improve the level of insurance health service protection, and improve the inclusive insurance system. experts said that it is necessary to build a multi-level, cross-regional disaster prevention and loss reduction management system that includes special risk dispersion mechanisms such as catastrophe insurance, traditional catastrophe reinsurance, and catastrophe bonds. insurance companies should actively explore the construction of an integrated medical service model with chinese characteristics.

in terms of serving the real economy, the opinions proposes to focus on major national strategies and key areas, serve technological innovation and the construction of a modern industrial system, and give full play to the advantages of long-term investment of insurance funds. experts said that insurance funds are very suitable for allocating long-term assets. according to international experience, insurance funds are the main source of funds for the international capital market in the long term. the long-term goal of 2035 in the report of the 20th national congress has pointed out the direction for insurance investment, that is, to highlight the long-term allocation value of insurance funds around national strategies.

by 2029, a framework for high-quality development of the insurance industry will be formed

article 1 of the opinion states that by 2029, a high-quality development framework for the insurance industry will be initially formed, with steadily expanding coverage, increasingly comprehensive protection, continuously improving services, prudent and balanced asset allocation, sufficient solvency, and sound and effective governance and internal control. the insurance regulatory system will be more sound, and regulatory capacity and effectiveness will be greatly improved. by 2035, a new pattern of the insurance industry will be basically formed, with a complete market system, rich and diverse products and services, scientific and effective supervision, and strong international competitiveness.

the opinion also points out that we should deeply grasp the main connotation of high-quality development of the insurance industry, firmly establish the service priority concept, and help build a solid economic safety net, social security net and disaster prevention and control net. we must adhere to strict supervision, ensure that supervision is "thorny" and has edges and corners, achieve full coverage of supervision without exception, and firmly hold the bottom line of no systemic risks; we must adhere to deepening reform, do a good job in five major articles: science and technology finance, green finance, inclusive finance, pension finance, and digital finance, coordinate openness and security, and improve the quality and efficiency of the insurance industry in serving the real economy.

in 2006, the state council issued the several opinions on the reform and development of the insurance industry (guofa [2006] no. 23), and in 2014, the state council issued the several opinions on accelerating the development of modern insurance services (guofa [2014] no. 29). these two documents were called the "national ten articles" and the "new national ten articles" by the insurance industry, which played a huge role in promoting the development of the insurance industry. with the new "national ten articles", experts expect that it will promote the high-quality development of the insurance industry.

"compared with the old 'ten national policies', the new 'ten national policies' embody the principle of strictness. on the basis of strict supervision and risk prevention, we will give full play to the ability of insurance to protect people's livelihood and serve the real economy, deepen the reform and opening up of the insurance industry, and achieve sustainable and coordinated development, and give full play to the function of the insurance industry as an economic stabilizer and social shock absorber," wang guojun, professor at the school of insurance of the university of international business and economics, told a reporter from cailianshe.

enriching the forms of catastrophic disaster protection and improving the level of service and livelihood protection

article 6 of the "opinions" points out that it is necessary to improve the level of insurance industry services for people's livelihood security, including enriching the forms of catastrophe insurance protection, actively developing third-pillar pension insurance, improving the level of insurance health service protection, and improving the inclusive insurance system.

regarding catastrophe insurance, chen hui, director of the china actuarial technology laboratory at the central university of finance and economics, told a reporter from cailianshe that my country has not yet established a sound natural disaster management system, especially the role of insurance has not been effectively played. it is urgent to enrich the forms of catastrophe insurance protection and establish a multi-level disaster management system, that is, a multi-level catastrophe risk dispersion mechanism, which refers to the construction of a multi-level, cross-regional disaster prevention and loss reduction management system that includes special risk dispersion mechanisms such as catastrophe insurance, traditional catastrophe reinsurance, and catastrophe bonds.

in 2022, the total amount of health insurance in the industry will be 22.34 trillion yuan, with an average per capita amount of 1.58 million yuan, which is 43.0 times the per capita disposable income. chen hui believes that the key to the current development of health insurance is not to further increase the density of health insurance, but to improve the level of health insurance service protection. insurance companies should actively explore and build an integrated medical service model with chinese characteristics.

leverage the long-term investment advantages of insurance funds to improve the quality and efficiency of serving the real economy

article 7 of the "opinions" points out that the insurance industry should improve the quality and efficiency of serving the real economy, focus on major national strategies and key areas, serve scientific and technological innovation and the construction of a modern industrial system, and give full play to the long-term investment advantages of insurance funds.

chen hui said that china's insurance industry should focus on major national strategies to optimize insurance supply, serve the construction of a modern industrial system, assist in the implementation of regional coordinated development strategies, and strive to promote high-level opening up of insurance; focus on difficulties and bottlenecks to improve the quality and efficiency of science and technology insurance, focus on the "dual carbon" goals to improve the green insurance system, focus on weak links to strengthen inclusive insurance services, focus on actual needs to accelerate the development of pension insurance, focus on efficiency and safety to promote the development of digital insurance, and earnestly do a good job in the five major articles of "science and technology insurance, green insurance, inclusive insurance, pension insurance, and digital insurance" to create a new situation for chinese-style modernization of insurance services.

in terms of the use of insurance funds, the report of the 20th national congress pointed out that by 2035, my country will basically realize socialist modernization. chen hui believes that the long-term goal of 2035 has pointed out a new direction for insurance investment, that is, to highlight the long-term allocation value of insurance funds around the national strategy.

"take the example of a 30-year-old insured person. the term of a protection product can be around 30-50 years, and the duration of liability cash flow can be around 12-25 years. therefore, insurance funds are very suitable for allocating long-term assets," chen hui also said. insurance funds are the long-term main source of funds for the international capital market, and u.s. insurance institutions hold nearly half of the treasury bonds with a term of more than 10 years.

"from the asset side, the opinion mentions optimizing the asset allocation structure, improving cross-market and cross-cycle investment management capabilities, prudently advancing global asset allocation, and leveraging the long-term investment advantages of insurance funds to become truly patient capital and increase support for national strategic industries," said zhou jin, partner of pwc china's financial industry management consulting.