非车险业务实施“报行合一”制度

Core Viewpoint - The issuance of the "Notice on Strengthening the Supervision of Non-Motor Insurance Business" by the Financial Regulatory Bureau marks the full launch of the "reporting and execution consistency" for non-motor insurance, requiring insurance companies to align actual insurance terms and premium rates with the submitted filing materials [1][2] Group 1: Regulatory Changes - The "reporting and execution consistency" requires insurance companies to strictly adhere to the approved insurance products and ensure that non-motor insurance products comply with the filing content [2][3] - The proportion of non-motor insurance in total property insurance premiums has increased from 37.1% in 2019 to 47.4% in 2024, indicating rapid growth but also intensified competition [2][3] - The Notice emphasizes the need for property insurance companies to lower the assessment requirements for premium scale, business growth, and market share while increasing the weight of compliance, quality efficiency, and consumer rights protection [2][3] Group 2: Measures for Improvement - The Notice proposes measures to strengthen rate management, enforce strict use of terms and rates, enhance intermediary management, and standardize operational management costs [3][4] - It aims to curb the issue of "accounts receivable" in non-motor insurance, where some companies engage in non-standard practices like issuing policies before collecting premiums, leading to bad debt risks [3][4] Group 3: Consumer Protection and Market Development - The Notice calls for improvements in underwriting and claims services for non-motor insurance to enhance regulatory effectiveness and promote a market that is adequately protected, reasonably priced, and well-serviced [5] - The framework of "risk prevention, transformation promotion, and quality improvement" aims to rebuild a rational competitive order in the non-motor insurance market, enhancing pricing actuarial levels and service transparency [5] Group 4: Long-term Profitability and Challenges - In the first eight months of this year, total premium income for property insurance companies reached 1.22 trillion yuan, with non-motor insurance income at 619.5 billion yuan, accounting for 50.8% [6] - Despite the growth, non-motor insurance profitability lags behind motor insurance, with challenges including insufficient pricing and actuarial capabilities, resistance from intermediary channels, and profitability pressures due to dual constraints on rates and fees [6][7] - The long-term benefits of the "reporting and execution consistency" are expected to emerge as companies with actuarial capabilities and risk pricing will stand out, leading to improved profit structures and more controllable loss ratios and solvency [7]