非车险业务实行“报行合一”，万亿元市场生态重构在即

Core Viewpoint - The non-auto insurance sector in China is entering a new era of regulatory reform aimed at addressing long-standing issues such as excessive fees, market chaos, and consumer protection [2][3][10] Summary by Sections Regulatory Changes - The new regulations prohibit disguised fee reductions, combat intermediary arbitrage, and establish a dynamic rate adjustment mechanism [2][4] - The principle of "pay before policy issuance" is emphasized, requiring at least 25% of the total premium to be paid upfront [4][6] Market Context - As of 2024, the non-auto insurance market in China has surpassed 1.2 trillion yuan, with an annual growth rate of 15%, accounting for 47.4% of total premium income in the property insurance sector [3][4] Implementation Measures - Insurers must adhere strictly to approved insurance terms and rates, avoiding any alterations through special agreements or other means [4][5] - A dynamic adjustment mechanism for rates is established, requiring insurers to regularly review and adjust rates based on actual performance [5][7] Consumer Protection - The "pay before policy issuance" rule aims to alleviate the pressure of receivables on insurers and prevent fraudulent claims, particularly in subsidized insurance products [6][8] - The regulations are designed to enhance consumer rights and ensure that policies are backed by actual premium payments [6][9] Industry Transformation - The new rules encourage insurers to shift from a scale-driven approach to one focused on value and quality, reducing the emphasis on premium volume and market share [8][10] - The implementation of these regulations is expected to reshape the competitive landscape, pushing companies to rely on risk management and service capabilities rather than high fees [9][10]