2024-04-22-普华永道-保险公司全面风险管理调查报告2024_34页_4mb

Comprehensive Risk Management Survey Report for Insurance Companies 2024

Executive Summary

The insurance industry faces a complex and rapidly changing external environment, with economic recovery continuing but challenges such as insufficient demand and weak expectations persisting. Regulators are tightening oversight to prevent systemic risks, and new policies like "reporting and action in unison" through banking channels and stricter risk management requirements are being implemented. Despite continuous improvements in risk management capabilities, insurance companies still face challenges in coordination, personnel allocation, data quality, and meeting evolving regulatory standards. The 2024 survey highlights both progress and areas needing further attention, emphasizing the need for ongoing innovation and adaptation.

Key Findings

1. Risk Perception and Regulatory Trends

   • Over 97% of respondents believe risk regulation will continue to tighten in the future.
   • More than 70% expect risks to rise in the coming year, reflecting challenges in adapting to new market conditions and stricter requirements.

2. Risk Management Framework

   • Approximately 92% of companies have established risk management systems aligned with their business development levels.
   • Insurance groups demonstrate higher confidence in their risk management capabilities, with over 40% indicating they are industry leaders.

3. SARMRA Assessment

   • Expected SARMRA scores are higher than actual scores under the new "Comprehensive Risk Management and Assessment" (SARMRA) rules.
   • Property insurers show stronger optimism compared to life insurers, with expected scores differing by approximately 3 points.

4. Personnel and Resources

   • About 30% of companies have sufficient risk management personnel (8+ full-time staff), while over 60% have adequate staffing (4-7 staff).
   • Compared to 2018, there has been significant improvement in both the quantity and experience of risk management professionals.

5. Major Challenges

   • Cross-departmental coordination and data quality are the most pressing issues, cited by nearly 70% of respondents.
   • Quantitative analysis tools, technical expertise, and personnel shortages remain significant hurdles.

6. Bottlenecks in Risk Management

   • Weaknesses are concentrated in data management, risk preference systems, and operational risk mitigation.
   • Insurers seek to enhance performance evaluation, risk culture, and risk management information systems (RMIS).

Special Areas of Focus

1. Asset-Liability Management (ALM)

   • Investment tools and asset-liability alignment are major concerns, especially regarding market volatility and long-term mismatches.
   • Many companies lack dedicated ALM departments and face challenges in integrating strategy and execution.

2. Compliance and Operational Risk

   • Compliance tools, employee behavior management, and anti-money laundering (AML) systems require significant improvements.
   • Operational risks, particularly system vulnerabilities and business continuity, need enhanced management frameworks.

3. Regulatory Reporting

   • Data quality and cross-departmental coordination are key barriers to effective regulatory compliance.
   • Unclear evaluation criteria for regulatory risk ratings (IRR) create challenges for benchmarking and improvement.

Industry Insights

Respondents highlight the impact of macroeconomic factors, including interest rate declines and market volatility, on solvency ratios. There is a strong call for clearer regulatory guidelines and industry data sharing to address systemic risks and support risk management maturity. Smaller insurers face challenges in resource allocation and regulatory alignment, while larger entities emphasize the need for sustainable risk governance frameworks.

Recommendations

Insurance companies must prioritize investments in technology, data infrastructure, and cross-functional collaboration to address current challenges. Enhanced training and industry dialogue are critical to improving compliance and operational efficiency. Regulators should refine evaluation criteria and promote transparency to support industry-wide risk management advancements.

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