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The Transformation and Experience of American Life Insurance Industry(No.133,2016)


By Tian Hui, Member of the Research Team on “The Future Development of China’s Life Insurance Industry”, Research Institute of Finance, DRC

Research Report No. 133 (Total 5016) 2016-09-27

Abstract: The United States boasts a relatively long history in modern life insurance industry, and has gone through a number of major transformations during the past two centuries. And these transformations mainly include: its product structure has transformed from mainly underwriting mortality risks to that of longevity risks; there is an increasing share in capital market investment in its asset allocation structure; joint-stock and non-stock systems took turns to play the leading role relating to its business entities; and marketing channel has varied from a single one to multiple ones. Some valuable experience can be drawn from the transformation of the United States for China’s reference. China should not only unswervingly promote the reform and transformation of life insurance industry, but also keep abreast of the development in the world. The transformation should always focus on the ultimate target of life insurance industry, or its protection function. Besides, transformation and upgrading usually follow pivotal events. Therefore, critical time should be grasped to promote the implementation of transformation.

Key words: life insurance, transformation, experience, the United States