“报行合一”遏制保险非理性竞争

Core Viewpoint - The recent notification from the National Financial Supervision Administration marks the official implementation of the "reporting and execution in unison" reform in the non-auto insurance sector, effective from November 1, 2025, which is a significant upgrade following the comprehensive reform of auto insurance, aimed at promoting high-quality development in property insurance, maintaining market order, and protecting consumer rights [1][2]. Summary by Sections Non-Auto Insurance Business - Non-auto insurance, which refers to all property insurance excluding vehicle insurance, has seen rapid growth and is becoming a "second curve" for property insurance companies. By the first half of 2025, non-auto insurance premium income accounted for over 53% of total property insurance premiums [1]. Regulatory Changes - The reform signals a shift away from the "scale-only" approach, with regulators emphasizing the need for insurance companies to reduce the weight of premium scale and market share in assessments, focusing instead on compliance, quality, efficiency, and consumer protection [1][2]. - The core of "reporting and execution in unison" is to ensure that the terms and rates executed by insurance companies align with the filed content, addressing issues of non-compliance and excessive fees that have distorted the market [2]. Implementation and Industry Impact - The notification introduces strict rate management and prohibits disguised payments of fees under various names, aiming to restore pricing order and curb irrational competition, thus allowing insurance to return to its fundamental role of risk protection [2]. - While short-term challenges may arise for smaller companies reliant on high fees for expansion, the long-term goal is to reshape the industry towards a healthier profit model and effective risk management [3]. Industry Philosophy Shift - The reform emphasizes that the core function of the insurance industry is not merely to pursue scale but to effectively manage risks and provide social security. The focus will shift from aggressive market expansion to risk prevention and reduction [3]. - The transformation from "cost governance" to "responsibility return" aims to rebuild trust in the insurance industry, ensuring that every policy is verifiable, every fee is compliant, and every responsibility adheres to the principle of chance [3].