董责险渗透率达32%，费率不升反降背后，信息透明度仍是关键挑战

Core Insights - The demand for Directors and Officers Liability Insurance (D&O Insurance) in the A-share market is rapidly increasing, with 1,753 listed companies disclosing their purchase plans by the end of 2025, a 16% increase from the previous year, resulting in an overall penetration rate of 32% [1][3][4] Group 1: Market Trends - The number of A-share listed companies announcing D&O Insurance purchases reached 643 in 2025, a 19% year-on-year increase [3] - The penetration rate of D&O Insurance has significantly increased from less than 10% in 2019 to 32% by the end of 2025, marking a historic milestone [3][4] - Despite the rising demand, the average insurance premium rate for D&O Insurance has entered a downward trend, falling below 0.5% by the fourth quarter of 2025 [3][4] Group 2: Pricing Dynamics - The decline in insurance premium rates contradicts the common expectation that high demand would lead to increased prices, attributed to the growing number of insurers and irrational competition due to a lack of transparent claims information [4][6] - The current D&O Insurance premium levels are considered low compared to the risks faced by listed companies and their directors, suggesting a need for rates to align more closely with actual risk levels [4][5] Group 3: Operational Mechanism - The operation of D&O Insurance relies on the claims trigger mechanism, typically initiated by the first claim made during the insurance period, which can include regulatory investigations or investor lawsuits [5] - The claims process can be lengthy, often taking two to three years or more from the initiation of an investigation to the final payout [5] Group 4: Challenges and Recommendations - The D&O Insurance market faces challenges such as inadequate information disclosure, which hampers rational pricing and investor risk assessment [6][8] - Industry experts advocate for mandatory disclosure of D&O Insurance details in regular reports, including coverage amounts, premium standards, and claims history, to enhance transparency and investor understanding [7][8] - Strengthening risk education and establishing a mandatory information disclosure system are essential for improving the D&O Insurance market's maturity and effectiveness [8]