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近几年来,作为保险业两大关键环节的承保和投资均不理想。承保方面,畸形产品结构和银保渠道受压,致使保费增速下降,其对名义GDP增速的弹性不断收窄;投资方面,因投资渠道狭窄、投资比例不合适等原因,致使投资回报率长期低于内含价值假设。同时,国内保险业正朝“承保亏损、投资填平”的国际保险业盈利结构接轨,投资压力进一步加大。受此影响,保险业2013年估值水平跌破2008年国际金融危机时的最低
In recent years, insurance and investment as the two key links in the insurance industry are not satisfactory. As regards underwriting, the malformed product structure and the pressure on bancassurance channels resulted in a decline in the growth rate of premiums. As a result, the flexibility of nominal GDP growth continued to narrow. In terms of investment, due to the narrow investment channels and inappropriate investment ratios, the return on investment Long-term value below the embedded value hypothesis. In the meantime, the domestic insurance industry is moving toward integrating the profitability structure of the international insurance industry with its coverage of losses and investment. As a result, the investment pressure is further increased. Affected by this, the insurance industry’s valuation in 2013 fell below the minimum in the 2008 international financial crisis