安心财险“清算”背后，互联网财险昔日明星折戟启示录

Core Viewpoint - The regulatory penalties imposed on Anxin Property Insurance mark a significant turning point for the company, reflecting broader challenges and uncertainties within the internet property insurance industry over the past decade [1][3]. Regulatory Actions - On December 19, the Financial Regulatory Bureau announced severe penalties against Anxin Property Insurance for violations such as improper use of approved insurance terms and inaccurate claims data [3]. - The company is ordered to halt new business in credit guarantee insurance for 36 months, short-term health insurance for 24 months, and vehicle insurance for 6 months [3]. - A total of 14 individuals associated with the company received warnings and fines totaling 770,000 yuan, with several facing long-term bans from the insurance industry [3]. Company History and Performance - Anxin Property Insurance was one of the first four specialized internet insurance companies, receiving its operating license in 2015, a year that marked the beginning of rapid growth for the internet insurance sector [4]. - The company experienced significant premium growth from 2016 to 2019, with insurance revenue increasing from approximately 7.5 million yuan in 2016 to 2.72 billion yuan in 2019 [5]. - However, the company struggled to establish a stable business model, frequently shifting focus among various insurance sectors, which led to unsustainable growth [4][6]. Challenges in Credit Guarantee Insurance - Anxin's troubles were exacerbated by its credit guarantee insurance business, particularly following a partnership with MiGang Financial, which resulted in significant payout pressures when the latter faced widespread defaults [8]. - By the end of 2020, the company's solvency ratios plummeted to -175.83%, indicating severe financial distress [8]. - As of Q3 2024, Anxin's net assets were reported at -735 million yuan, with solvency ratios further declining to -871.59% [8]. Industry Insights - The issues faced by Anxin Property Insurance are not isolated; many companies in the industry have encountered similar challenges with credit guarantee insurance, prompting regulatory bodies to tighten oversight [10]. - Experts emphasize the need for internet insurance companies to adopt a long-term perspective and integrate technology with core insurance principles to navigate market cycles effectively [11]. Future Prospects - Anxin Property Insurance is set to relocate its registration from Beijing to Suzhou, Jiangsu Province, with indications that a new company, Dongwu Insurance, may take over some of its business operations [11]. - The future of Dongwu Insurance and its ability to revitalize the legacy of Anxin remains uncertain and will require market validation [12].