President of IAC ZHU Jinyuan was delivering a speech
The Insurance Association of China (hereinafter referred to as IAC) held the Training and Publicity Conference on Calculation Result of Accident Insurance Occurrence Rate in Beijing on July 26, during which the Experience Analysis Report on Personal Accident Insurance in China’s Insurance Industry was officially released and the calculation results of accident insurance occurrence rate in the Report were interpreted in details. This is the first time for the insurance industry to carry out a research on incidence calculation in the field of personal accident insurance, which has filled a domestic gap in the preparation of accident insurance occurrence rate table. President of IAC Zhu Jinyuan and Director of the Actuarial Office of Personal Insurance Supervision Department of China Insurance Regulatory Commission (hereinafter referred to as CIRC ) Zhang Yao attended the meeting and delivered a speech. Director of Chronic Disease and Injury Prevention Room of Chinese Center for Disease Control and Prevention (China CDC) Duan Leilei made a keynote speech. More than 180 participants including actuarial executives and related officials from more than 130 personal insurance, property insurance and reinsurance companies attended the meeting. The meeting was chaired by Shang Jingguo, the (incoming) Secretary-General of IAC.
The (incoming) Secretary-General of IAC Shang Jingguo was chairing the meeting
In his speech, President Zhu Jinyuan pointed out that this meeting was held in the context of earnestly implementing the important speech of General Secretary Xi Jinping, the spirit of the fifth National Financial Work Conference, as well as the spirit of CIRC’s "1 + 4" series of important documents. It was closely linked with three goals and work tasks: serving the real economy, risk prevention and control, and deepening the reform. The released calculation results of accident insurance occurrence rate provided the basic data support for enriching reliable accident insurance data and enhancing product innovation and risk pricing, and promoting the scientific and standardized management of accident insurance. He said that the calculation of accident insurance occurrence rate which had been taken as a major core and fundamental project in the service industry by IAC, was of important significance to promote the healthy development of the accident insurance market as well as the scientific pricing and innovation of products, to strengthen risk management and security functions of the insurance industry, and to upgrade the real economy service and the modernization ability of national governance system.
Director of the Actuarial Office of Personal Insurance Supervision Department of CIRC Zhang Yao was delivering a speech
Zhang Yao set a high value on IAC’s calculation results of accident insurance occurrence rate. He pointed out that with a great significance and obvious effect, this work was another milestone in China's insurance industry after the preparation of life table and critical disease insurance incidence table. It had filled a domestic gap in the preparation of accident insurance occurrence rate table, laid a good foundation for the development and supervision of the industry, and provided support for economic and social development and national policy development. He suggested that IAC should further make a good use of the results released and an in-depth promotion of the research work on accident insurance occurrence rate.
Project team leader and Vice President of China Re Life Fang Li was interpreting the results
Director of Chronic Disease and Injury Prevention Room of Chinese Center for Disease Control and Prevention (China CDC) Duan Leilei was making a keynote speech
It is known that under the guidance of CIRC, IAC started the calculation of accident insurance occurrence rate after integrated all forces in the industry and formed a project team in 2015. Through the efforts of more than two years, IAC achieved phased important results. Specifically, the Association overcome the lack of staff, heavy task, short time, large amount of data and many other difficulties, explored and formed a sound, scientific and standardized work system for the calculation of accident insurance occurrence rate with full use of big data, artificial intelligence and other new technical means, prepared a number of accident insurance occurrence rate tables, and passed through the review of supervision department and industry experts.
According to reports, this work presents the following characteristics: First, a huge amount of data. With the collection of nearly 1.5 billion samples covering the whole population insured, the sample size topped the list of similar international research. Second, a high degree of standardization. By drawing experience from international practice, IAC synchronously prepared a number of standards for data collection, product classification and accident causes, etc., all of which reinforced the data base. Third, extensive technological innovation. The active exploration and application of big data analysis, machine learning, artificial intelligence and other innovative technologies in practice achieved data processing automation and intelligence, and greatly enhanced the efficiency and accuracy of data analysis. Fourth, rich calculation results. Ten accident insurance occurrence rate tables covering a total of 11 major dimensions including product classification, accident causes classification, age, gender, occupation, region and the likes were prepared for the first time in the insurance industry; an in-depth data mining analysis of accidental disability anatomical structure and accident insurance risk protection and reserve conditions was made, with the formation of substantial analysis results; the severity, region, time and population distribution of major risks were quantified and evaluated; the accidental injury risk map of the population insured in China in the current period was initially described, which provided a data reference for the modernization of national governance system and people’s livelihood protection.
President of IAC Zhu Jinyuan was issuing a certificate for the project team members
Next, IAC will release the research results of accident risk to consumers, build industry platform, pool industrial strength and fully absorb the experts in and out of the industry to start 2012-2016 data calculation work. In this way, more scientific and complete results will become an important data reference for accurate pricing, satisfying consumer demand and improving the level of national accident risk management in the industry, thus laying a solid foundation for the development of personal insurance industry.