“报行合一”大幕拉开，非车险监管政策重磅上新

Core Viewpoint - The Financial Regulatory Authority has issued a notification to strengthen the regulation of non-auto insurance, emphasizing the requirement for "reporting and execution to be unified" and enhancing rate management and premium income oversight [1][3][4]. Regulatory Requirements - The notification defines non-auto insurance as all property insurance excluding motor vehicle insurance and establishes strict guidelines for product development and rate management [4][5]. - Insurance companies and intermediaries are prohibited from altering approved insurance terms and rates through special agreements or other means, ensuring compliance with the approved terms [4][5]. Market Impact - The notification aims to eliminate unhealthy competition in the non-auto insurance sector, which has seen rapid growth but also significant losses due to high costs and low rates [6][7]. - The non-auto insurance premium income is projected to reach 777 billion yuan in 2024, with a compound annual growth rate of over 10% in the past five years, indicating a shift in market dynamics [6]. Quality Development Focus - The notification encourages a shift from a focus on scale and speed to quality and efficiency in non-auto insurance operations, promoting better consumer experiences and service standards [5][7]. - It emphasizes the need for insurance companies to enhance their risk management, product innovation, and service quality to foster high-quality development in the industry [5][7]. Challenges for Implementation - Insurance companies must overcome challenges such as restructuring their operational philosophies and assessment systems to prioritize compliance and consumer satisfaction over mere market share [8]. - There is a need for improved product management and actuarial pricing to ensure all products comply with approved terms and to adjust pricing strategies as necessary [8].