Dynamic focus: The growth rate of "cold" family property insurance in August is leading, and the low insurance rate still needs to be expanded and improved

Beijing Business Daily (reporter Chen Tingting and Li Xiumei) recently, the entry of "# My home was burned when I didn't unplug the charging wire when I went out" was posted on Weibo, which scared netizens to rush to "self check". The bursting and bubbling of the water pipe damaged the furniture, and the fire in the home burned the house... These unexpected accidents are enough to cause heavy losses. In fact, family property insurance can reduce the loss of family property caused by natural and man-made disasters to a certain extent.

Family property insurance, which is called family property insurance in full, is an insurance that takes the family property of urban and rural residents as the subject matter of insurance. It mainly protects the housing subject, housing decoration and indoor property. When they lose due to the reasons agreed in the contract, the insurance company will make corresponding compensation according to the contract.

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The reporter of Beijing Business Daily checked the home property insurance clauses on sale in the market and found that the insurance coverage usually includes fire, explosion, lightning, rainstorm, flood, typhoon, etc., basically covering most of the unexpected disasters that may be encountered in life.

In August of this year, the premium income of home property insurance, which has always been a "low-key" insurance, showed an "explosive" growth. Data shows that the premium income of family property insurance in the first eight months was 9.707 billion yuan, up 33.8% year on year, making it the property insurance with the highest premium growth rate. According to the data of August, the premium income of property insurance in August this year was 1.388 billion yuan, up 106.55% from 672 million yuan in August 2021.

In the view of practitioners, the premium of industrial property insurance increased rapidly in August due to various reasons. First, the original premium base was low and there was a large space for development. Second, in the past two years, many property insurance companies have begun to focus on the development of non auto insurance business, especially the owner's family property business. In actual business, some companies have included the fast-growing driving Italian insurance into the family property insurance category. Third, the Internet platform promotes the development of online home property insurance.

From the perspective of product supply, with the diversification of consumer security demand, insurance companies are also continuing to promote product innovation. For example, in July this year, Sichuan Province launched the first inclusive home property insurance product "Rongjiabao".

Home property insurance, enterprise property insurance and automobile insurance are among the traditional "old three insurances" of property insurance in China. Compared with the continuous and rapid development of automobile insurance, the development of property insurance in China has always had problems such as low insurance coverage, small market scale, and small proportion of business. Compared with other types of insurance, there is almost no "sense of existence". Industry data shows that the penetration rate of home property insurance in more developed countries is more than 70%, while the coverage rate of property insurance in China has been less than 10% for a long time.

In 2021, the industrial family property insurance premium income will be 9.8 billion yuan, the business scale will be less than 10 billion yuan, and the market share in the property insurance premium income will be 0.72%, less than 1%.

The domestic property insurance market is cold, or because both the supply and demand sides are not active. Zhang Junyan, a researcher at the China Insurance Research Institute of Renmin University of China, pointed out that the family property insurance business is decentralized, and the insurance amount and premium of each business are not high, but the probability of fire, theft and other compensation cases is high, which brings about increased insurance operating costs. Insurance companies consider operating costs, and residents' awareness of family property risk protection is low, resulting in a lack of sense of existence of family property insurance.

Song Zhanjun, deputy secretary-general of the China Insurance Research Institute of Beijing Technology and Business University, also said that from the supply side, insurance companies did not promote the development of home property insurance business from the perspective of strategic priorities in the past. From the demand point of view, consumers have insufficient insurance awareness of home property insurance. From the perspective of insurance products, the protection of family property insurance also has its own limitations. Catastrophes, theft and robbery are often excluded from liability, and the product is not cost-effective.

However, experts in the industry predict that everyone's most modest wish is to live and work in peace and contentment. With the growth of family wealth, residents pay more attention to the safety of family property, and the family property insurance market is expected to further expand in the future. Zhang Junyan also believes that with the promotion of national policies, the innovation of insurance products and the expansion of service scope, home property insurance is expected to usher in the growth of business scale.

From the perspective of policy guidance, the Notice on Strengthening New Citizens' Financial Services issued in March this year clearly requires optimizing new citizens' financial services for living in peace; We will promote family property insurance and strengthen the ability of new citizen families to withstand the risk of property loss.

As for the future development direction of home property insurance, Song Zhanjun said that it can achieve coordinated development with other types of insurance, such as the product portfolio of home property insurance and family member accident insurance, and the product portfolio of home property insurance and driver and passenger accident insurance. Highlight the responsibility guarantee attribute of home property insurance and increase the attractiveness of products.

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