Di Yi Cai Jing·2025-10-12 12:34Core Viewpoint - The essence of implementing "reporting and operation integration" and "payment upon issuance" is to guide the non-auto insurance industry out of irrational competition and shift from extensive development to value development [1][9]. Group 1: Regulatory Changes - The Financial Regulatory Bureau has issued a notice focusing on the non-auto insurance sector, addressing issues of irregular operations and irrational competition, and promoting high-quality development [1][2]. - The notice will be implemented starting November 1, 2025, and requires insurance companies to adopt "reporting and operation integration" and "payment upon issuance" [1][2]. - "Reporting and operation integration" mandates that insurance companies strictly adhere to approved insurance terms and rates, ensuring consistency between recorded content and actual operations [2][3]. Group 2: Industry Performance - In the first eight months of 2025, total premium income for property insurance companies reached 1.22 trillion yuan, with non-auto insurance accounting for 619.5 billion yuan, representing 50.77% of total premiums [2]. - Non-auto insurance has shown faster growth compared to auto insurance, increasing its share from 26%-27% in 2013-2016 to over 50% currently [4]. - Despite this growth, non-auto insurance profitability remains weaker than auto insurance, with a comprehensive cost ratio of 97.0% for non-auto insurance compared to 94.2% for auto insurance [4][5]. Group 3: Implementation and Industry Response - Major insurance companies like China Life and Ping An Property Insurance have established task forces to implement the requirements of the notice [1][7][10]. - The notice also emphasizes the need for insurance companies to manage premium income more effectively and avoid practices like issuing policies before receiving full payment, which can lead to bad debt risks [6][10]. - Companies are expected to lower the assessment weight on premium scale and market share while increasing the focus on compliance, quality, and consumer rights protection [9][10].