鼎和、永诚两险企竞逐储能保险赛道：能源相关险种成为关键盈利支撑，成本优化显差异化竞争优势

Core Insights - JinkoSolar has reported progress on a fire incident in 2024, receiving a prepayment of 220 million yuan, highlighting the safety risks in the rapidly growing energy storage industry [1] - The insurance sector for energy storage is crucial for risk management, with Dinghe Insurance and Yongcheng Insurance emerging as key players [1] Company Positioning - Dinghe Insurance, backed by Southern Power Grid, positions itself as an "energy industry insurance expert" and has a registered capital of 6 billion yuan after a capital increase [2][3] - Yongcheng Insurance, initiated by China Huaneng Group, has a smaller registered capital of 2.178 billion yuan but a denser network of branches, indicating a different competitive strategy [2][3] Capital and Shareholder Resources - Dinghe Insurance benefits from a concentrated shareholder structure within the power grid industry, providing stable business sources [3] - Yongcheng Insurance has a more diversified shareholder base, including foreign investors, which enhances its risk management capabilities [3] Financial Performance - Dinghe Insurance has shown consistent profitability, with a net profit of 866 million yuan in the first three quarters of 2025, a significant increase of 86.37% year-on-year [4] - Yongcheng Insurance experienced a net loss of 469 million yuan in 2024 but returned to profitability in 2025, with a net profit of 48 million yuan in the first three quarters [4] Core Insurance Products - Dinghe Insurance's top five insurance products include auto insurance and corporate property insurance, with corporate property insurance being a key profit driver [6] - Yongcheng Insurance's major products also include auto and corporate property insurance, but both faced underwriting losses, highlighting challenges in profitability [7] Cost Structure and Efficiency - Dinghe Insurance improved its combined cost ratio to 88.54%, reflecting effective cost management [8] - Yongcheng Insurance's combined cost ratio decreased to 100.89%, indicating progress in operational efficiency [8] Industry Outlook - Both companies are focusing on risk reduction services through a model combining insurance, technology, and services to address the complex risks in the energy storage sector [9] - Experts believe that the demand for risk management in energy storage will grow, presenting new business opportunities for insurance companies [10] Challenges and Long-term Trends - Short-term challenges include the rapid iteration of storage technology and insufficient accident data, which may complicate pricing strategies [11] - Long-term, the core value of energy storage insurance lies in establishing standardized risk assessment and management systems, essential for the evolution of underwriting capabilities and industry safety [11]