1, premium scale and compensation expenditure
-Scale of premium: the epidemic accelerated health insurance coverage.
According to the data of China Banking Regulatory Commission, the original premium income of health insurance has increased year by year, and commercial health insurance has become an important part of building a multi-level social medical security system in China. To a great extent, it makes up for the shortage of basic medical insurance. By 2020, the premium income has reached 8 173 billion yuan, and the average annual growth rate in the past 10 years has reached 3 1.2%. Among them, before 20 16, the health insurance premium increased rapidly, while the sales of universal insurance and investment-linked insurance were blocked due to the short-term products stipulated in document No.76 of 20 16 and the quick return products restricted in document No.20 134, which led to the slowdown of health insurance income growth. The outbreak of COVID-19 epidemic from June 5438 to October 2020/KLOC-0 promoted people's understanding of health insurance.
In 2020, the year-on-year growth rate of health insurance premium income was significantly higher than that of life insurance, especially in February, when the domestic epidemic was the most serious, life insurance grew negatively and health insurance rose against the trend. 202 1 due to the adjustment of some critical illness insurance and short-term health insurance products, it is expected that the growth rate of premium income will decline.
-Compensation costs: the supplementary protection of health insurance is insufficient.
2011-In 2020, the proportion of health insurance claims expenditure in China will increase rapidly. Since 20 12, the health insurance claims expenditure of China insurance companies has maintained a rapid growth of about 30%, and health insurance has developed into one of the fastest growing types of insurance claims expenditure in China. However, due to the late development of health insurance in China, its supplementary guarantee function is low. By 2020, the proportion of health insurance payment will be 5.8%. According to the data of China Insurance Association, the proportion of commercial health insurance claims in developed countries has reached 10% in 20 17 years.
2. Per capita premium density and depth: compared with developed countries, it is still backward.
2011-In 2020, China's insurance depth and insurance density will maintain a rapid growth rate. However, there is a big gap between China's insurance density and insurance depth and foreign mature markets. By 2020, the insurance density of health insurance in China will be 58 1.6 yuan/(person/year). In Japan, Germany and other countries with mature insurance markets, the insurance density in 20 18 years has reached 3000-4000 yuan/(person/year).
Since 20 1 1, China's health insurance premium has continued to increase, reaching 0.8% in 2020, but there is still a big gap with developed countries and regions.
3. Health insurance guarantee structure: sickness and medical insurance are the main insurance, and long-term medical insurance is less.
Disease and medical insurance are the main products: by 2020, there will be 4,669 health insurance products of life insurance companies in the product library of China Insurance Association, including 2,036 disease insurance products and 2,470 medical insurance products. Among medical insurance products, 146 1 is an additional insurance product that cannot be purchased separately, and the main insurance products of medical insurance are relatively few. In addition, the number of disability income loss insurance, nursing insurance and medical accident insurance is only 28, 98 and 2, and the number of products is extremely limited.
As a supplementary product between basic medical insurance and critical illness insurance, medical insurance is widely sought after by people. But at present, 83.7% of the medical insurance products operated by life insurance companies are short-term medical insurance within one year, and there is a lack of products that can be renewed for more than one year. Moreover, due to the difficulty in obtaining medical data, the homogenization of products is serious and the price competition is fierce. The average unit price of health insurance premium in 2020 is 19 18.9 yuan, which is 5.6% lower than that in 20 19.
Industry competition pattern
1, regional competition: the regional gap is large.
—— Health insurance premium income: Guangdong Province has the highest health insurance premium income.
Due to the obvious interregional economic effect, the development level of health insurance in economically developed areas is much higher than that in economically backward areas. In 2020, among different provinces and cities, the premium income of health insurance in Guangdong Province, the highest region, was 69.4 billion yuan, and the premium income in Guangdong, Shandong, Jiangsu, Henan and Beijing accounted for 35.07% of the national premium income.
—— Health insurance coverage depth density: Beijing has the highest coverage depth and Heilongjiang has the highest coverage density.
The premium income of health insurance in the region and the local economic level directly determine the insurance depth of the changed region, thus determining the insurance depth of health insurance. In 2020, the insurance depth in Heilongjiang Province will be 1.69%, ranking first among all provinces and cities in China. Insurance density is not only related to health insurance premium income, but also depends on regional population. In 2020, Beijing ranked first in the country with a medical insurance density of 2 1 10.25 yuan per person.
2. Enterprise competition: The industry competition has intensified.
-Competing factions and patterns: the share of property insurance companies has increased.
In recent years, major insurance companies have actively deployed health insurance to seize the health insurance market. In 2020, there will be 9 1 life insurance companies and 73 property insurance companies operating health insurance. However, from the scale of health insurance premium income, the original health insurance premium income of life insurance companies accounted for 86.4%, and the income of property insurance companies only accounted for 13.6%. In the first half of 20021,the original premium income of life insurance companies accounted for 80.5%, while the income of property insurance companies only accounted for 19.5%. Health insurance competition has further intensified.
Specific life insurance companies, China Ping An, China Life Insurance, China Pacific Insurance, Xinhua Life Insurance and other listed insurance companies, the proportion of health insurance revenue has increased year by year, and the industry competition has intensified. The original premium income of the first echelon exceeded 200 billion yuan, mainly including China Ping An, China Life Insurance and China Pacific Insurance; The second echelon, the premium income is between1000-200 billion yuan, and the main companies are China Ping An, China Life Insurance and China Taibao Life Insurance; The premium income of the remaining third echelon is below 1000 billion yuan.
-Health insurance industry concentration: the industry concentration is constantly improving.
Domestic professional health insurance companies include China People's Health Insurance Company Limited, Harmony Health Insurance Company Limited, Ping An Health Insurance Company Limited and Kunlun Health Insurance Company Limited. In 2020, the proportion of premium income of professional health insurance companies in the total premium income of health insurance will continue to increase, and the concentration of the top three professional health insurance companies will account for 6.09%.
In 2020, the premium income of five life insurance companies, China Life Insurance Company, China Life Insurance Company, Taibao Life Insurance Company, Xinhua Life Insurance Company and Taikang Life Insurance Company, accounted for 48.2 1% of the original national insurance premium income, which was higher than 35. 1 1% in 20 17 years. Different from the proportion trend of professional health insurance companies, the concentration of life insurance companies has been strengthened as a whole.
Industry development prospect and trend forecast
1, industry development prospect forecast: premium income will continue to grow.
202 1 due to the adjustment of some critical illness insurance and short-term health insurance products, it is expected that the growth rate of premium income will decline. In the future, with the strengthening of health insurance reform and innovation and the further standardization of the market, health insurance products that meet diversified needs will be launched, and premium income will continue to grow. It is estimated that by 2026, China's health insurance premium income will exceed 1.66 trillion yuan.
2. Industry development trend: The three main bodies will continue to innovate, and the health insurance industry will make breakthroughs in products, enterprises, industries and ecology.
The innovative measures of each role are still in the initial stage of exploration, and the pain points of each link have yet to be solved. At present, the innovative solutions provided by enterprises are mostly concentrated in marketing and sales, and the exploration of product design and underwriting claims is still in its infancy, and there is no better solution in the linkage of medical services. Insurance companies, insurance intermediaries and TPA are still innovating on how to further increase revenue and reduce costs in the future. With innovation, the products, enterprises, industries and ecology of the health insurance industry have undergone breakthrough changes.
—— The above data refer to the Analysis Report on Market Foresight and Investment Strategic Planning of China Health Insurance Industry by Forward-looking Industry Research Institute.