Australian insurance market and insurance vocational education study report
Australian insurance market and insurance vocational education study report
In November 2005, the China Insurance Regulatory Commission sent representatives to the Insurance and Finance Institute of Australia and New Zealand, the Australian Insurance Council, the Australian Insurance Group Corporation, the Australian OAMPS Insurance Brokerage Company and other institutions to focus on the development of the insurance market and insurance vocational education and training. Happening.
First, the basic situation and characteristics of the Australian insurance market
The basic situation of the insurance market. By the end of 2004, Australia had a total population of 20.2 million, achieving a gross national product of 80.43 billion Australian dollars and a per capita GNP of nearly 40,000 Australian dollars. The Australian insurance industry is relatively developed. In 2004, the national premium income was A$55.8 billion, ranking 12th in the world; insurance density was 2,762 Australian dollars, ranking 14th; insurance depth was 8.03%, ranking 17th.
Life insurance market. As of December 31, 2004, there were 37 life insurance companies in Australia with assets under management of approximately A$207.7 billion and premium income of A$35 billion. The pension business accounts for 87% of the life insurance company's assets, accounting for 86% of the total life insurance premiums, and the other shares are ordinary businesses. About 26% of pension assets are held in the form of life insurance policies. The business accounts for 80% of life insurance premiums, most of which are related to pensions. Bank-controlled life insurance companies account for 40% of total life insurance assets, 45% of new single business premiums, and 43% of total premiums. Foreign life insurance companies account for 31% of total premiums.
Property insurance market. As of June 30, 2005, there were 133 property insurance companies in Australia with net premium income of A$21.1 billion, a year-on-year increase of 1.4%. The net loss rate of the property and casualty insurance market was 62%, a 58% increase over the same period of the previous year. The net underwriting comprehensive loss ratio is 86%. The net profit after tax is A$5.1 billion. Property insurance companies have total assets of A$80.1 billion, total liabilities of A$56 billion and net assets of A$24.1 billion.
The main features of the insurance market.
First, the insurance market is highly concentrated. A small number of insurance companies have achieved group operations through mergers and acquisitions and restructuring, occupying a large share of the insurance market. As of the end of 2004, the top three insurance groups accounted for 58% of life insurance premiums, and the top 10 insurance groups were as high as 90%. As of June 2005, Australia's top five insurance groups accounted for 70% of property insurance premium income, 67% of investment income, and 63% of total assets.
Second, the insurance products are diversified, and the proportion of non-traditional products is high. Australia has a high level of social welfare, and residents have less pressure on pensions, health care, education and employment. Therefore, there is less demand for traditional products in insurance demand, and there is a wide demand for investment and wealth management products. As of the end of 2004, among the life insurance premiums in Australia, investment products accounted for 73.4%, risk-based premiums accounted for 12.7%, other types of annuities accounted for 11.4%, traditional products accounted for about 2%, and non-linked-type distribution annuities accounted for 0.5%.
Third, insurance intermediaries play an important role in the insurance market. At present, there are more than 500 insurance brokerage companies in Australia. Insurance brokerage companies not only provide insurance sales services, but also have the function of developing insurance products and providing premium financing. Insurance brokerage companies actively develop products, conduct premium financing, and provide customers with "tailor-made" services. Australian law does not prohibit insurers from investing in insurance brokerage firms, but insurers should report to the regulatory authorities when they invest more than 14.9% in insurance brokerage firms. However, there are currently few insurance brokerage companies wholly owned by insurers in Australia, mainly because the identity of such insurance brokers is difficult to obtain recognition from other insurance companies.
Fourth, the regulatory authorities attach importance to the self-regulation of the market. In addition to the mandatory rate for mandatory insurance, the Australian insurance regulatory authority has a handling fee rate of 5% for employee compensation insurance and 10% for automobile accident insurance. There is no restriction on the handling rate for other insurance types. It is completely regulated by the market, and the tax department allows the handling fee to be fully charged. The market competition makes the handling rates of various insurance companies roughly the same, such as the overall level of auto insurance handling rates is about 15%. At the same time, insurance consumers have the right to know the fees paid by insurance companies, and the supervision of consumers has kept the insurance transactions highly transparent.
Fifth, mergers and acquisitions are an effective way to expand insurance companies. IAG is currently the largest property insurance group in Australia and New Zealand, with a total of seven subsidiaries, but 70 years ago the company was only a mutual aid agency that provided car insurance to road rescue service members. Since the 1990s, through a series of acquisitions and restructurings, IAG has grown to become Australia's largest non-life insurance company.
Sixth, the insurance industry association has played a major role. Australia's largest non-life insurance industry association, the Australian Insurance Council, has 58 members and its member business accounts for more than 90% of the industry. The council played a major role in safeguarding the interests of its members and solving problems for the government. In the past, when the rates were unified, the interests of various insurance companies were mainly coordinated. After the rate has been liberalized, the relevant policies are mainly coordinated on behalf of the industry and government regulatory authorities.
Second, Australian insurance vocational education and training
Insurance vocational education and training in Australia is mainly driven by insurance associations or academic organizations. There are four major insurance industry organizations in Australia: the Australian Insurance Council, the Investment and Financial Services Association, the National Insurance Intermediaries Association, and the Australian and New Zealand Institute of Insurance and Finance. The focus here is on the Australian and New Zealand Institute of Insurance and Finance.
The Australian Institute of New Zealand is the premier insurance education and training institution in Australia and New Zealand. The training activities are mainly including the degree-granting training program and the membership examination system. The Institute was formed in 2000 by the Australian Insurance Institute and the New Zealand Insurance Institute. It currently has 11,794 qualified members and has branch offices in the capitals of the states and territories.
The Australian Institute of Social Sciences awards a degree in insurance training programs. Including non-life insurance, life insurance, insurance brokerage, loss adjustment, financial planning. Graduates can apply for university, master's and MBA programs at universities in Australia and New Zealand. In addition, the ANZ Society has also designed the “Continuing Career Development Program”, which allows all members to voluntarily elect. Each branch of the ANZ Society conducts vocational training and organizes social activities for members over 200 times a year. In addition, the Society established the core competency standards required by employees in the insurance industry, prompting other institutions providing insurance education to re-plan education and training programs, and designed appropriate evaluation programs to determine whether employees meet these standards.
The Australian Institute of Insurance's Insurance Society membership examination system. The membership test offered by the Australian Institute of Science and Technology is a professional examination for insurance and financial professionals. The qualification test is divided into four categories: property insurance, insurance brokerage, loss adjustment and life insurance. Candidates can choose according to their own needs.
The property insurance associate member examination courses include service consumers, insurance law and supervision, insurance products, nuclear insurance introduction, and claims. The Insurance Broker Associate Membership Exam includes brokerage environment, risk management and brokerage, management brokerage, brokerage and practice, and management of customer service. The loss adjustment member examination includes the loss adjustment principle and practice, adjustment coordination, preparation loss adjustment report, property insurance loss adjustment, accident insurance loss adjustment, organization management 6 compulsory courses and other 2 elective courses. The life insurance associate membership exam includes life insurance underwriting, life insurance policy, actuarial basis and report, life insurance marketing principles and practices, marketing organizations, pension policies and practice.
Third, revelation and suggestions
Group management must focus on corporate governance structure and internal control construction. The prerequisite for grouping to achieve high efficiency is that the group company has a strong corporate governance structure, a sound internal control system and an enterprise risk management culture. At present, there are six insurance group companies in China, and the scale effect of group-based integrated operations still has a lot of room to play, especially in terms of strengthening the corporate governance and internal control of insurance companies. In the future, the insurance company's group-based integrated operation should be closely integrated with the strengthening of the insurance company's governance structure and internal control mechanism, and the advantages of group management should be brought into play, and a group of insurance companies with efficient corporate governance, strict internal control and strong competitiveness should be formed as soon as possible. group.
Explore the insurance vocational education and training model in line with China's reality. Insurance vocational education and training is an effective way to cultivate insurance talents and promote the sustained, rapid and healthy development of the insurance industry. The development of the ANZ Society shows that there is a huge market demand for insurance vocational education and training. China's insurance vocational education and training has just started. Although there are already some insurance vocational training institutions, most of them are weak and do not form market brands. We should take advantage of the experience of foreign insurance vocational education and training, based on the actual development of the domestic insurance industry, adopt the model of “promotional department promotion, industry organization sponsorship, insurance company participation”, closely contact the market, and actively introduce and develop vocational education and training systems. It is recommended to establish a national insurance examination training center to train the professional knowledge and professional ethics of middle and senior management personnel and supervisors.
Insurance operations should be tailored to local conditions and expand business areas in a timely manner. Compared with Australia, China's insurance demand is characterized by multiple levels and large differences. With the sustained and rapid development of China's national economy, some urban residents with higher income levels and stronger spending power have greater demand for wealth management insurance products; while the vast rural areas have traditional low-income and high-security risks. The demand for insurance products is large. At the same time, with the reform of social pension and medical system, the demand for endowment insurance and health insurance for urban residents is also growing. When developing insurance products and formulating market development strategies, Chinese insurance companies should identify the market entry points, and there is no need to blindly follow suit and lose operating characteristics.
Vigorously develop insurance professional intermediaries. Insurance intermediary is the inevitable result of the social division of labor in the insurance market. The development of insurance intermediaries is conducive to improving the efficiency of the allocation of insurance resources. It is recommended to promote the professionalization and socialized operation of insurance companies, and support and develop insurance professional intermediaries. Allow insurance brokerage companies to develop and design new insurance products, provide premium financing services, enhance market competitiveness, increase the opening up of insurance agents and insurance valuation markets, and introduce foreign capital with strong financial strength, rich management experience and good business records. Insurance agents and public assessment agencies promote the professional level of the insurance intermediary market; improve the continuing education and training system for insurance professionals, and try to establish vocational qualification examination systems such as “insurance brokers” and “insurance assessors”.
Strengthen the construction of insurance industry associations. At present, China's insurance industry associations are far from playing their due role. Suggestions: First, carry out reform and innovation of the management system to realize the professionalization and professionalization of personnel. The second is to give the association more functions, so that the insurance industry associations become an effective supplement to government regulation. The third is to promote the professionalization of the association, and establish life insurance associations, non-life insurance associations, insurance brokers associations, insurance agent associations, insurance assessors associations, etc.
Author: Lu Jui-chou Guo Xueyan Li Jinhui Huang Geng
In November 2005, the China Insurance Regulatory Commission sent representatives to the Insurance and Finance Institute of Australia and New Zealand, the Australian Insurance Council, the Australian Insurance Group Corporation, the Australian OAMPS Insurance Brokerage Company and other institutions to focus on the development of the insurance market and insurance vocational education and training. Happening.
First, the basic situation and characteristics of the Australian insurance market
The basic situation of the insurance market. By the end of 2004, Australia had a total population of 20.2 million, achieving a gross national product of 80.43 billion Australian dollars and a per capita GNP of nearly 40,000 Australian dollars. The Australian insurance industry is relatively developed. In 2004, the national premium income was A$55.8 billion, ranking 12th in the world; insurance density was 2,762 Australian dollars, ranking 14th; insurance depth was 8.03%, ranking 17th.
Life insurance market. As of December 31, 2004, there were 37 life insurance companies in Australia with assets under management of approximately A$207.7 billion and premium income of A$35 billion. The pension business accounts for 87% of the life insurance company's assets, accounting for 86% of the total life insurance premiums, and the other shares are ordinary businesses. About 26% of pension assets are held in the form of life insurance policies. The business accounts for 80% of life insurance premiums, most of which are related to pensions. Bank-controlled life insurance companies account for 40% of total life insurance assets, 45% of new single business premiums, and 43% of total premiums. Foreign life insurance companies account for 31% of total premiums.
Property insurance market. As of June 30, 2005, there were 133 property insurance companies in Australia with net premium income of A$21.1 billion, a year-on-year increase of 1.4%. The net loss rate of the property and casualty insurance market was 62%, a 58% increase over the same period of the previous year. The net underwriting comprehensive loss ratio is 86%. The net profit after tax is A$5.1 billion. Property insurance companies have total assets of A$80.1 billion, total liabilities of A$56 billion and net assets of A$24.1 billion.
The main features of the insurance market.
First, the insurance market is highly concentrated. A small number of insurance companies have achieved group operations through mergers and acquisitions and restructuring, occupying a large share of the insurance market. As of the end of 2004, the top three insurance groups accounted for 58% of life insurance premiums, and the top 10 insurance groups were as high as 90%. As of June 2005, Australia's top five insurance groups accounted for 70% of property insurance premium income, 67% of investment income, and 63% of total assets.
Second, the insurance products are diversified, and the proportion of non-traditional products is high. Australia has a high level of social welfare, and residents have less pressure on pensions, health care, education and employment. Therefore, there is less demand for traditional products in insurance demand, and there is a wide demand for investment and wealth management products. As of the end of 2004, among the life insurance premiums in Australia, investment products accounted for 73.4%, risk-based premiums accounted for 12.7%, other types of annuities accounted for 11.4%, traditional products accounted for about 2%, and non-linked-type distribution annuities accounted for 0.5%.
Third, insurance intermediaries play an important role in the insurance market. At present, there are more than 500 insurance brokerage companies in Australia. Insurance brokerage companies not only provide insurance sales services, but also have the function of developing insurance products and providing premium financing. Insurance brokerage companies actively develop products, conduct premium financing, and provide customers with "tailor-made" services. Australian law does not prohibit insurers from investing in insurance brokerage firms, but insurers should report to the regulatory authorities when they invest more than 14.9% in insurance brokerage firms. However, there are currently few insurance brokerage companies wholly owned by insurers in Australia, mainly because the identity of such insurance brokers is difficult to obtain recognition from other insurance companies.
Fourth, the regulatory authorities attach importance to the self-regulation of the market. In addition to the mandatory rate for mandatory insurance, the Australian insurance regulatory authority has a handling fee rate of 5% for employee compensation insurance and 10% for automobile accident insurance. There is no restriction on the handling rate for other insurance types. It is completely regulated by the market, and the tax department allows the handling fee to be fully charged. The market competition makes the handling rates of various insurance companies roughly the same, such as the overall level of auto insurance handling rates is about 15%. At the same time, insurance consumers have the right to know the fees paid by insurance companies, and the supervision of consumers has kept the insurance transactions highly transparent.
Fifth, mergers and acquisitions are an effective way to expand insurance companies. IAG is currently the largest property insurance group in Australia and New Zealand, with a total of seven subsidiaries, but 70 years ago the company was only a mutual aid agency that provided car insurance to road rescue service members. Since the 1990s, through a series of acquisitions and restructurings, IAG has grown to become Australia's largest non-life insurance company.
Sixth, the insurance industry association has played a major role. Australia's largest non-life insurance industry association, the Australian Insurance Council, has 58 members and its member business accounts for more than 90% of the industry. The council played a major role in safeguarding the interests of its members and solving problems for the government. In the past, when the rates were unified, the interests of various insurance companies were mainly coordinated. After the rate has been liberalized, the relevant policies are mainly coordinated on behalf of the industry and government regulatory authorities.
Second, Australian insurance vocational education and training
Insurance vocational education and training in Australia is mainly driven by insurance associations or academic organizations. There are four major insurance industry organizations in Australia: the Australian Insurance Council, the Investment and Financial Services Association, the National Insurance Intermediaries Association, and the Australian and New Zealand Institute of Insurance and Finance. The focus here is on the Australian and New Zealand Institute of Insurance and Finance.
The Australian Institute of New Zealand is the premier insurance education and training institution in Australia and New Zealand. The training activities are mainly including the degree-granting training program and the membership examination system. The Institute was formed in 2000 by the Australian Insurance Institute and the New Zealand Insurance Institute. It currently has 11,794 qualified members and has branch offices in the capitals of the states and territories.
The Australian Institute of Social Sciences awards a degree in insurance training programs. Including non-life insurance, life insurance, insurance brokerage, loss adjustment, financial planning. Graduates can apply for university, master's and MBA programs at universities in Australia and New Zealand. In addition, the ANZ Society has also designed the “Continuing Career Development Program”, which allows all members to voluntarily elect. Each branch of the ANZ Society conducts vocational training and organizes social activities for members over 200 times a year. In addition, the Society established the core competency standards required by employees in the insurance industry, prompting other institutions providing insurance education to re-plan education and training programs, and designed appropriate evaluation programs to determine whether employees meet these standards.
The Australian Institute of Insurance's Insurance Society membership examination system. The membership test offered by the Australian Institute of Science and Technology is a professional examination for insurance and financial professionals. The qualification test is divided into four categories: property insurance, insurance brokerage, loss adjustment and life insurance. Candidates can choose according to their own needs.
The property insurance associate member examination courses include service consumers, insurance law and supervision, insurance products, nuclear insurance introduction, and claims. The Insurance Broker Associate Membership Exam includes brokerage environment, risk management and brokerage, management brokerage, brokerage and practice, and management of customer service. The loss adjustment member examination includes the loss adjustment principle and practice, adjustment coordination, preparation loss adjustment report, property insurance loss adjustment, accident insurance loss adjustment, organization management 6 compulsory courses and other 2 elective courses. The life insurance associate membership exam includes life insurance underwriting, life insurance policy, actuarial basis and report, life insurance marketing principles and practices, marketing organizations, pension policies and practice.
Third, revelation and suggestions
Group management must focus on corporate governance structure and internal control construction. The prerequisite for grouping to achieve high efficiency is that the group company has a strong corporate governance structure, a sound internal control system and an enterprise risk management culture. At present, there are six insurance group companies in China, and the scale effect of group-based integrated operations still has a lot of room to play, especially in terms of strengthening the corporate governance and internal control of insurance companies. In the future, the insurance company's group-based integrated operation should be closely integrated with the strengthening of the insurance company's governance structure and internal control mechanism, and the advantages of group management should be brought into play, and a group of insurance companies with efficient corporate governance, strict internal control and strong competitiveness should be formed as soon as possible. group.
Explore the insurance vocational education and training model in line with China's reality. Insurance vocational education and training is an effective way to cultivate insurance talents and promote the sustained, rapid and healthy development of the insurance industry. The development of the ANZ Society shows that there is a huge market demand for insurance vocational education and training. China's insurance vocational education and training has just started. Although there are already some insurance vocational training institutions, most of them are weak and do not form market brands. We should take advantage of the experience of foreign insurance vocational education and training, based on the actual development of the domestic insurance industry, adopt the model of “promotional department promotion, industry organization sponsorship, insurance company participation”, closely contact the market, and actively introduce and develop vocational education and training systems. It is recommended to establish a national insurance examination training center to train the professional knowledge and professional ethics of middle and senior management personnel and supervisors.
Insurance operations should be tailored to local conditions and expand business areas in a timely manner. Compared with Australia, China's insurance demand is characterized by multiple levels and large differences. With the sustained and rapid development of China's national economy, some urban residents with higher income levels and stronger spending power have greater demand for wealth management insurance products; while the vast rural areas have traditional low-income and high-security risks. The demand for insurance products is large. At the same time, with the reform of social pension and medical system, the demand for endowment insurance and health insurance for urban residents is also growing. When developing insurance products and formulating market development strategies, Chinese insurance companies should identify the market entry points, and there is no need to blindly follow suit and lose operating characteristics.
Vigorously develop insurance professional intermediaries. Insurance intermediary is the inevitable result of the social division of labor in the insurance market. The development of insurance intermediaries is conducive to improving the efficiency of the allocation of insurance resources. It is recommended to promote the professionalization and socialized operation of insurance companies, and support and develop insurance professional intermediaries. Allow insurance brokerage companies to develop and design new insurance products, provide premium financing services, enhance market competitiveness, increase the opening up of insurance agents and insurance valuation markets, and introduce foreign capital with strong financial strength, rich management experience and good business records. Insurance agents and public assessment agencies promote the professional level of the insurance intermediary market; improve the continuing education and training system for insurance professionals, and try to establish vocational qualification examination systems such as “insurance brokers” and “insurance assessors”.
Strengthen the construction of insurance industry associations. At present, China's insurance industry associations are far from playing their due role. Suggestions: First, carry out reform and innovation of the management system to realize the professionalization and professionalization of personnel. The second is to give the association more functions, so that the insurance industry associations become an effective supplement to government regulation. The third is to promote the professionalization of the association, and establish life insurance associations, non-life insurance associations, insurance brokers associations, insurance agent associations, insurance assessors associations, etc.
Author: Lu Jui-chou Guo Xueyan Li Jinhui Huang Geng
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