China's first regulation specifically regulating commercial health insurance-Health Insurance Management Measures will be implemented on September 1 day. The most interesting thing is that the return-type health insurance is suspended, which means that the era when domestic consumers are used to using health insurance as an investment and financial management method has ended, and the domestic health insurance market is therefore facing a reshuffle.
The dividend payout ratio is still high.
Return-type health insurance is one of the most familiar and favored types of insurance for consumers in China. Including the responsibility of survival payment is the biggest selling point of this insurance.
According to reports, there are currently two types of return health insurance on the market, one is a product combination formed by a life insurance main insurance plus health insurance, and the other is a separate return health insurance product, which was stopped by the China Insurance Regulatory Commission.
Why did you suddenly stop returning health insurance? Shen Shuguang, director of the Insurance Department of the School of Finance, Sun Yat-sen University, believes that the payout ratio of return health insurance operated by various insurance companies remains high, which leads to great operational risks, and unsustainable operation is the primary factor.
The high payout ratio of health insurance is a common phenomenon in the insurance industry at home and abroad, and the operating risks of insurance companies are high. Many countries have to introduce preferential policies to encourage the development of health insurance, otherwise, the health insurance business of insurance companies will be unsustainable. In fact, in the past year, many domestic insurance companies, including China Ping An Life Insurance Company of China, Pacific Life Insurance and China Life Insurance, voluntarily stopped selling some health insurance that can be surrendered because of the high payout ratio.
According to industry analysis, another important reason for regulators to stop returning health insurance is the extension of life expectancy of Chinese people. The empirical life table of life insurance industry in China released by China Insurance Regulatory Commission this year shows that the average life expectancy of men is 4.8 years higher than the original life table, and that of women is 4.7 years higher. The structure, coverage and price of returned health insurance products have not met the market requirements, and domestic insurance companies have felt unprecedented pressure.
The newly issued "Measures for the Administration of Health Insurance" clearly states that the financial management function of health insurance will be cancelled in the future, and only "health" will be guaranteed, and dividends and returns will no longer be carried out.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.