一直亏本赚吆喝，非车险业务“报行合一”来了！

Core Viewpoint - The non-auto insurance sector is facing stricter regulatory policies due to issues of irregular operations and irrational competition, as highlighted in the recent notification from the National Financial Supervision Administration [2][3][8]. Summary by Relevant Sections Regulatory Changes - The notification emphasizes the need for "reporting and operation integration," requiring insurance companies to align their product pricing assumptions with actual operational behaviors to prevent discrepancies [3][8]. Non-Auto Insurance Business Overview - Non-auto insurance refers to all property insurance business outside of vehicle insurance within property insurance companies. The growth of non-auto insurance has been significant, with premium income share increasing from 37.1% in 2019 to 47.4% in 2024 [4][5]. Market Challenges - Despite rapid growth, the non-auto insurance sector is experiencing severe competition, leading to practices such as splitting coverage and altering the nature of insured items to reduce costs. This has resulted in distorted expense structures and pressure on underwriting profits [5][7]. Losses in Non-Auto Insurance - The sector is currently in a state of underwriting losses, exacerbated by high claims rates from certain insurance products and a lack of historical pricing and claims experience. For instance, by the end of 2024, the comprehensive cost ratio for liability and guarantee insurance at China Ping An exceeded 100% [7][9]. Implementation of New Regulations - The notification outlines specific requirements for insurance companies, including the need to establish fair and reasonable pricing, adhere strictly to approved insurance products, and avoid any form of disguised fee adjustments [9][10]. Impact on Industry Practices - The new regulations will enforce stricter requirements on the pricing and issuance of insurance policies, mandating that companies issue policies only after receiving full premium payments. This aims to improve financial management and reduce market disruptions [11][12]. Long-term Industry Outlook - The regulatory changes are expected to guide the non-auto insurance sector towards more rational competition, enhance underwriting capabilities, and ultimately provide better risk management services while reducing the risk of premium receivables [12].