Jin Rong Shi Bao·2025-09-10 06:16Core Insights - The auto insurance business remains a cornerstone for the property insurance sector, with the top three insurers (PICC, Ping An, and Taikang) generating a total premium income of 306.2 billion yuan, accounting for over 60% of the industry [1][2] - The new energy vehicle (NEV) insurance sector is experiencing a turnaround, with several leading insurers achieving underwriting profitability, indicating a potential recovery for the industry [1][4] - The implementation of the "reporting and pricing together" policy has effectively curbed chaotic competition in the market, allowing insurers to focus more on risk management and service enhancement [3][7] Auto Insurance Performance - The top three property insurers reported a combined auto insurance premium income of 306.28 billion yuan in the first half of the year, representing 68% of the total auto insurance market [2] - Premium growth rates for PICC, Ping An, and Taikang were 3.4%, 3.6%, and 2.8% respectively, below the industry average growth rate of 4.5% [2] - The combined cost ratio for these insurers showed significant improvement, with PICC at 94.2% (down 2.2 percentage points), Ping An at 95.5% (down 2.6 percentage points), and Taikang at 95.3% (down 1.8 percentage points) [2][4] New Energy Vehicle Insurance Growth - The NEV insurance market has seen rapid growth, with premium income expected to rise from 24.6 billion yuan in 2020 to 140.9 billion yuan by 2024, reflecting a compound annual growth rate of 55% [4] - NEV insurance premiums are projected to reach approximately 480 billion yuan by 2030, making up over 40% of total auto insurance premiums [4] - Ping An reported insuring 5.75 million NEVs in the first half of the year, a 49.3% increase year-on-year, with premium income of 21.7 billion yuan, up 46.2% [4] Challenges and Strategies - Despite some insurers achieving profitability in NEV insurance, the overall industry still faces challenges, particularly in commercial vehicle insurance, which remains unprofitable [5][7] - The industry is focusing on risk reduction as a core strategy to improve the quality of NEV insurance operations, with initiatives aimed at lowering repair costs and enhancing service levels [7][8] - Insurers are collaborating with manufacturers to optimize vehicle designs and improve risk management through data utilization [8]