The Zhitong Finance App learned that CITIC Securities released a research report stating that the insurance product policy extends from special guarantee supply to terms, rates, channel fees, and operating data. Comprehensive management of non-car insurance promotes the re-filing of stock products and restricts irregular expenses, technology insurance, low altitude insurance, etc. to expand coverage scenarios; model clauses for medical insurance and dividend insurance refine industry standards, strictly restrict scheduled interest rates, and regulate sales presentations. Product-side policies reshape the market pattern, and power competition completely replaces cost competition. In terms of allocation strategy, the main dividend line provides a highly deterministic bottom position, focusing on major financial insurance companies; the main line provides pattern optimization and flexibility, and focuses on large insurance groups with strong matching capital strength, service capabilities, and financial responsibilities.
CITIC Securities's main views are as follows:
Since 2026, insurance product-side policies have been implemented intensively
The National Development and Reform Commission and other departments promoted the construction of low-altitude insurance products and data platforms, and the State Financial Supervisory Administration issued a comprehensive management plan for non-vehicle insurance; the China Insurance Industry Association has successively solicited comments on revised model clauses for ordinary life insurance and model clauses for medical insurance and dividend insurance. Health insurance measures in Beijing and Guangdong proposed arrangements to link medical insurance payments with medical services. Banking insurance fees and online marketing rules further restrict sales behavior.
Core judgment 1: Standardization of terms is an important increase in product development
The China Insurance Industry Association solicited comments on the revised draft model clauses for ordinary life insurance and model clauses for medical insurance and dividend insurance. Industry texts on contractual liability, renewal, and dividend disclosure tend to be standardized; non-car insurance plans promote standardized provisions and re-filing of stock products for major types of insurance. The model personal insurance clause is still being solicited for comments, and it is expected that subsequent product adjustments will need to be based on the official text.
Core Judgment 2: Rule Preposition and Data Retrospective Jointly Strengthen the “Integration of Reporting and Execution”
The draft model clause and the benchmark pure risk loss rate provide a reference for product development and pricing. Non-car insurance plans and banking insurance fee management restrict filing rates and channel charges; non-car insurance plans are to be implemented using industry databases and rates to verify the authenticity of underwriting claims by “linking insurance offices”. Products, channels, data and institutional accountability are gradually being linked.
Core Judgment 3: Cost Constraints Drive Competition to Pricing and Service Capabilities
Expense accounting for non-auto insurance and banking insurance channels has become stricter, and the space for obtaining business by relying on irregular fees has been narrowed; standard products place more emphasis on operational efficiency and continuous service, and professional insurance types such as technology insurance and low air insurance weigh more on loss data, risk sharing, and claims management. In terms of personal insurance, dividend payment and health services influence customer choices.
Industry main line 1: Pay attention to financial insurance pricing capabilities
The re-filing of non-car insurance stock products and proposed cost sharing guidelines will make financial insurance companies more dependent on rate execution, cost control, and risk pricing, and focus on new tracks with system endorsements, such as technology insurance cataloguing, low-altitude insurance, and professional liability insurance. Pricing capacity is expected to become the key to the next stage of competition.
Main line of the industry 2: Focus on comprehensive management and service capabilities
Model personal insurance clauses and Beijing-Guangdong health insurance measures have raised attention to dividend disclosure, medical services, and customer service. Actual dividends rely on dividend accounts and asset liability management. The next stage requires more attention to channel value, health and pension services, risk selection, and asset-liability matching capacity building.
Investment strategy: product-side policies reshape the market pattern, and power competition completely replaces cost competition
Regulatory policies push debt costs into a downward channel, return the competitive order to comprehensive strength, and the predictability of industry profits and dividend capacity simultaneously increase. In the short term, clause replacement, inventory preparation, and fee clean-up will raise compliance costs and suppress the profit flexibility of small and medium-sized institutions; in the medium term, it is expected that the dividends of improving debt costs and clearing up cost competition will be concentrated on leading companies. In terms of allocation, the main dividend line provides a highly deterministic bottom position, focusing on major financial insurance companies; the main line provides pattern optimization and flexibility, and it is recommended to focus on large insurance groups with strong capital strength, service capabilities, and asset liability matching.
Risk factors: long-term interest rate decline; equity market fluctuations; personal insurance product and channel adjustments fall short of expectations; non-car insurance cost management results fall short of expectations; professional insurance compensation exceeds pricing assumptions.