上市公司持续“加购”董责险，年内渗透率有望突破30%，平均费率已降至不足5‰

Group 1 - The core viewpoint is that the demand for Directors and Officers (D&O) insurance among A-share listed companies is increasing, driven by market awareness and new legal regulations [2][4][5] - As of July 18, 2025, over 300 listed companies have disclosed their intention to purchase D&O insurance, maintaining a level similar to the previous year [3][4] - The D&O insurance penetration rate in A-share listed companies has risen from less than 8% at the end of 2019 to 28.4% by the end of May 2025, indicating significant growth but still leaving room for improvement compared to mature markets [2][4][5] Group 2 - The average premium for D&O insurance is typically in the range of hundreds of thousands, with common policy limits of 50 million or 100 million [3] - The new Company Law has formally established the D&O insurance system, encouraging companies to purchase this insurance and mandating reporting to shareholders [4][5] - The insurance market is experiencing a downward trend in D&O insurance rates, currently estimated to be below 5‰, primarily due to irrational competition [2][6][7] Group 3 - The insurance industry is facing challenges in pricing and claims capabilities due to the competitive market environment, necessitating improvements in risk assessment and underwriting principles [2][7][8] - Companies are increasingly recognizing the importance of D&O insurance as a risk management tool, especially in light of heightened regulatory scrutiny and potential litigation risks [5][6] - The D&O insurance market is expected to see further growth, with projections indicating that the overall penetration rate could exceed 30% in the near future [4][5]