Toyota(US:TM) Zhong Guo Jing Ying Bao·2025-12-05 19:10Core Viewpoint - The increasing importance of insurance business for automotive companies is highlighted as the electric vehicle market continues to grow, with many car manufacturers entering the insurance sector to diversify their services and enhance customer loyalty [2][10]. Group 1: Company Developments - Beijing Shengtang Insurance Brokerage Co., Ltd. has changed its name to Toyota Insurance Brokerage (Beijing) Co., Ltd. as of November 24, 2023, following the acquisition of the insurance brokerage license by Toyota Motor Corporation [1][3]. - Toyota Insurance Brokerage aims to provide a variety of insurance products for Toyota and Lexus dealers, as well as retail and institutional clients, leveraging its extensive business network [3][4]. Group 2: Industry Trends - Nearly 20 major automotive companies have obtained insurance qualifications in the domestic market through self-built or acquisition methods, indicating a trend towards diversification and ecosystem development within the automotive industry [2][8]. - The entry of automotive companies into the insurance sector reflects a shift in the insurance market, with a focus on electric vehicles and smart driving, leading to new demands for product pricing, risk management, and service innovation [10][12]. Group 3: Market Dynamics - The competition in the insurance market is evolving from channel-driven to data-driven and industry collaboration, as automotive insurance companies leverage vehicle data and customer touchpoints to gain market share [11][12]. - The rise of automotive insurance companies is expected to lead to a more segmented market, allowing for personalized insurance products tailored to different vehicle models and user groups [12][13]. Group 4: Financial Insights - In 2024, the insurance loss for new energy vehicles in China is projected to be 5.7 billion yuan, with 2,795 vehicle models covered, of which 137 models have a claims ratio exceeding 100% [13]. - The average insurance premium for new energy vehicles is approximately 21% higher than that of traditional fuel vehicles, with pure electric vehicles costing an average of 1,687 yuan more annually than fuel vehicles [13].