全球保险公司都渴望分得印度这个全球第十大保险市场的一杯羹；去年12月，印度政府允许外资在该行业拥有100%的股份，这让外国保险公司看到了巨大的商机。然而，他们即将面临一个令人失望的消息：印度的保险监管机构计划撤销其此前推行的关键改革措施。
Global insurers eager for a bigger slice of the world's 10th-largest insurance market, after it allowed for 100% foreign ownership in the sector last December, are in for a rude surprise as the country's regulator plans to reverse one of its key reforms.
上周，印度保险监管机构提议重新实施产品层面的佣金上限，这实际上是对2023年政策的逆转——当时该政策曾允许保险公司自行决定佣金结构。
Last week, India's insurance regulator proposed the reintroduction of product-level commission caps, reversing its move in 2023 that allowed insurers flexibility over their commission structures.
尽管印度保险市场仍具有长期的投资潜力，但专家们警告称，由于政策频繁变动带来的运营复杂性，外国投资者可能会暂时搁置他们的投资计划。如果这些提议获得通过，保险公司将必须在2029年3月底之前遵守新的规定。
While India's insurance market remains a long-term opportunity, experts warned that operational complexities ushered in by the frequent shifts in policy will make foreign investors pause their plans. If the proposals are agreed upon, insurers will have to comply by year ending March 2029.
德勤印度分公司（Deloitte India）的保险行业负责人Debashish Banerjee告诉CNBC：“在印度将外国直接投资限制提高到100%之后，该市场本应迎来更多的跨境交易活动。”但他指出，由于外国保险公司需要时间来研究这些新变化，相关交易可能会被暂停。他进一步强调：“更重要的是，未来的讨论将取决于‘如果六个月后政策再次发生变化该怎么办？’”9月23日，印度监管机构提出了新的规定，旨在重新实施佣金上限、加强费用管理，并调整薪酬机制，以奖励保单的续签而非销售量。
The market was primed for cross-border deal activity after the foreign direct investment limit was raised to 100%, Debashish Banerjee, partner and insurance sector leader at Deloitte India, told CNBC. But deals will be paused as managements and boards of foreign insurers will need to deliberate on the recent changes, he said, adding that more importantly, discussions will hinge on "what if six months down the road there will be another policy change?" On Sept. 23, the regulator proposed new rules that seek to reinstate commission caps, tighten expense management limits and restructure remunerations to reward policy renewals instead of upfront sales volume.
据当地媒体报道，像SBI Life New India Assurance这样的国有保险公司已经在遵守这些新的佣金上限。然而，根据印度信用评级机构Care Edge的分析，其他保险公司将需要大幅削减总管理费用。Care Edge表示，根据新规定，私营寿险公司必须在两年内将总管理费用从毛直接保费收入的20%降至15%，五年内降至12.5%；而财险公司则需要在五年内将总管理费用从30%降至20%。
State-owned firms such as the Life Insurance Corporation SBI Life New India Assurance are already operating within the proposed caps, as per local media reports. Other insurance companies, however, will need to cut total management expenses sharply, according to Indian credit rating agency Care Edge. The proposals require private life insurers to cut total management expenses from 20% to 15% of gross direct premium income within two years and to 12.5% within five years, and general insurers to reduce it from 30% to 20% over five years, according to Care Ratings said.
该机构表示：“22家寿险公司中有20家、31家财险公司中有28家的费用率高于拟议的2029财年费用上限。”
"20 of 22 life insurers and 28 of 31 general insurers are above the proposed FY29 expense ceiling," the agency said.
保险公司遭受打击 格兰特·桑顿印度合伙人、保险业务负责人Ramkumar Subramanian告诉CNBC：“目前的佣金结构非常前置，近35%-40%的佣金预先支付给代理人和中介，这导致了大量保险产品误销。”他表示，监管机构希望通过拟议的变革遏制这一趋势。
Insurers take a hit Currently, the commission structures are very front-ended, with almost 35%-40% being paid out up-front to agents and the middlemen, which led to a lot of mis-selling of insurance products, Ramkumar Subramanian, partner for insurance at Grant Thornton Bharat, told CNBC. The regulator wants to arrest this trend through the proposed changes, he said.
然而，市场对该公告并不买账。新规拟议一天后，印度最大的在线保险平台PB Fintech股价暴跌36%，HDFC人寿下跌逾6%，ICICI人寿保险下跌4%。
The market, however, was not thrilled with the announcement. A day after the new rules were proposed, India's largest online platform for insurance policies PB Fintech saw shares crash 36%, HDFC Life fell more than 6% and ICICI Life Insurance dropped 4%.
花旗在一份报告中表示，如果新规“以目前的形式大体实施”，可能会在多个高利润类别中将银行和非银行金融公司的保险分销经济效益压缩70%-90%。
The new rules, if implemented, "substantially in the current form," could compress insurance distribution economics for banks and non-banking financial sector companies by 70%-90% in several high-margin categories, Citi said in a note.
监管机构表示，2023年的变革“概念上是合理的”，但“未能达到预期目标”。它补充称，取消佣金上限导致佣金增加，尤其是私营寿险和财险公司，相比之下国有保险公司增幅较小。
The regulator has said the changes made in 2023 were "conceptually sound" but have "under-delivered on its objectives." It added that the removal of commission caps has increased commissions, especially among the private life and general insurers, as compared to state-backed sector insurers.
长期前景看好 标普全球市场情报亚太股票股息预测主管Mohammad Hassan告诉CNBC：“印度保险市场长期前景看好，因为只有3.7%的人拥有保险，而全球平均水平为7.3%。”他表示，因此外资保险公司一直渴望进入并扩大在该市场的布局。
Long-term promise India's insurance market holds long-term promise because only 3.7% of people have an insurance policy, compared to the global average of 7.3%, Mohammad Hassan, head of APAC equities dividend forecasting at S&P Global Market Intelligence, told CNBC. As a result, foreign insurance companies have been keen to enter and expand their presence in the market, he said.
5月，英国保诚收购了印度Bharti人寿75%的股份，一个月后，英国友邦收购了剩余25%的股份。据当地媒体报道，安盛、安达、安联和老牌互助等其他多家全球保险公司也在寻求投资印度保险业。
In May, U.K.-based Prudential acquired a 75% stake dia's Bharti Life Insurance, while a month later, Aviva acquired the remaining 25% stake According to local media reports, several other global insurance companies such as AXA, Chubb, Allianz, and Old Mutual have also been looking to invest in the country's insurance sector.
随着分销佣金设定硬性上限，保险公司的增长可能面临挑战。分销渠道在销售保险等金融产品方面发挥着关键作用，这些产品被视为“推销型产品”，但其佣金在多个国家一直是监管机构争议的焦点。安达保险和安盛保险未回应CNBC的置评请求。
With hard caps set on distribution commissions, it could be a challenge for insurance companies to grow. Distribution channels play a crucial role in selling financial products such as insurance, which are seen as push products, but their commission has been an issue of contention with regulators across several countries. Chubb and Axa did not respond to CNBC's request for comments.
Subramanian表示，保险业目前正在应对监管机构推出的“一刀切式上限”，该政策未考虑不同产品的孵育期和复杂性。
The insurance sector is now grappling with the "blanket-capping" introduced by the regulator that does not consider different gestation periods and complexities of products, Subramanian said.
根据IRDAI（印度保险监管与发展局）截至2025年3月止年度的年报，印度的保险渗透率维持在3.7%，与上年持平，其中寿险渗透率从2.8%下降至2.7%，非寿险渗透率维持在1%。
As per IRDAI's annual report for the year ended March 2025, India's insurance penetration remained at 3.7%, unchanged from a year ago, as its life insurance penetration declined from 2.8% to 2.7% and non-life penetration remained at 1%.
监管机构预期最新法规将有助于公司提升保险产品的覆盖面。但据当地媒体报道，印度保险经纪人协会警告称，“低于服务客户成本的佣金上限可能导致保险公司和中介难以触达中小城镇的客户。”
The regulator expects the latest regulations to help companies improve the reach of insurance products. But the Insurance Brokers Association of India has warned that "commission caps below the cost of servicing customers could make it difficult for insurers and intermediaries to reach customers in smaller towns and cities," as per local media reports.
专家表示，如果监管机构的最新举措能让保险产品对客户更具吸引力——即使这会压缩分销商的利润空间——这对外资保险公司来说可能是“净利好”。但目前，这些举措加剧了运营挑战，尤其是对全球保险公司而言，在一个价格水平已远低于大多数成熟市场的市场中更是如此。
If the regulator's latest move manages to make insurance products more appetizing to customers — even as it crimps distributors' margins — it could be a "net-positive" for foreign insurers. But for now, they exacerbate the operational challenges, especially for global insurers in a market where price points are already much lower than most mature markets, experts said.
需知：印度病毒式传播的“蟑螂党”称选举委员会主席是民主“最大威胁” 由“蟑螂人民党”领导的病毒式伪政治运动，曾在7月引发Z世代抗议、动摇莫迪总理政府，该党在声称选举委员会主席破坏国家民主后，要求其辞职。
Need to know India's viral Cockroach Party calls election panel head 'biggest threat' to democracy Cockroach Janta Party, the viral pseudo-political movement behind the Gen Z protests that rattled Prime Minister Narendra Modi's government in July, has demanded the resignation of India's chief election officer after claiming he had undermined the country's democracy.
印度准备投入250亿美元用于深度科技（Deep Tech）领域的投资，以追赶美国和中国的步伐。印度正努力减少对国外前沿技术的依赖，并希望通过支持国内深度科技初创企业来实现这一目标。
India readies $25 billion for Deep Tech investment as U.S. and China race ahead India is preparing to deploy $25 billion to support Deep Tech start-ups in the country, as it tries to catch up with the U.S. and China in the global tech race to cut its reliance on frontier foreign technology.
一家由Dune和Odyssey视觉效果工作室投资的印度人工智能公司Brahma AI，专注于为企业客户提供由人工智能生成的音视频内容，已从当地一家私募股权公司筹集到1.5亿美元的资金，其估值为20亿美元。重要事件安排：
Indian AI firm backed by Dune and Odyssey visual effects studio valued at $2 billion in fundraise Brahma AI, an Indian start-up that makes artificial intelligence-generated audiovisual content for enterprise customers, has raised $150 million from a local private equity firm at a valuation of $2 billion.
10月6日：印度汇丰银行（HSBC）将发布9月份的制造业采购经理指数（PMI）数据。
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