“报行合一” 扩至非车险！财险业告别规模竞争，聚焦创新破局

Core Viewpoint - The "reporting and implementation integration" policy is set to extend into the non-auto insurance sector, aiming to enhance regulatory compliance and improve the quality and profitability of non-auto insurance products [1][4][5]. Group 1: Policy Implementation - The National Financial Regulatory Administration has issued a notification that will take effect on November 1, requiring property insurance companies to align their non-auto insurance business development with market capacity and their own growth foundations [1][4]. - The "reporting and implementation integration" aims to ensure that insurance companies strictly adhere to approved insurance terms and rates, preventing practices that lead to underwriting losses [4][5]. - The notification includes measures for optimizing assessment mechanisms, strengthening rate management, and regulating operational costs within the non-auto insurance sector [4][5]. Group 2: Industry Response - Several insurance companies have already begun to implement the new requirements, with China Insurance Group establishing a dedicated task force to oversee compliance and product adjustments [8]. - Ping An Property & Casualty has also formed a special working group to enhance internal management and ensure readiness for the new regulations [8]. - The industry is expected to shift from price competition to innovation in products and services as a result of the new policy [5][9]. Group 3: Market Dynamics - Non-auto insurance has seen its share of total premiums rise to 51% in the first eight months of this year, compared to less than 30% from 2013 to 2017, indicating a growing importance in the market [6]. - Despite the growth in market share, non-auto insurance remains less profitable than auto insurance, with a combined cost ratio of 97% for non-auto insurance compared to 94.2% for auto insurance [6]. - The challenges in profitability are attributed to mismatched pricing, high operational costs, and intense market competition, particularly in complex products like liability insurance [7][9].