A股董责险渗透率超三成 出险率呈上升趋势

Core Insights - The penetration rate of Directors and Officers (D&O) insurance among A-share listed companies has exceeded 30%, reaching 32% by the end of 2025, an increase of 4 percentage points year-on-year [1] - A total of 1,753 A-share listed companies announced their D&O insurance plans, marking a 16% increase from 1,509 companies at the end of 2024 [1] - In 2025, 643 A-share listed companies disclosed their D&O insurance plans, a 19% year-on-year increase, with 256 companies making their first disclosures [1] Group 1: Market Trends - The new Securities Law and Company Law implemented since 2019 have significantly contributed to the rapid increase in D&O insurance penetration in the A-share market [1] - The most common insurance limits for D&O policies among A-share listed companies are between 40 million to 60 million yuan, with 50 million and 100 million yuan being the most frequently chosen limits [1] Group 2: Insurance Premiums - Despite the increasing demand for D&O insurance, the average premium rates have not risen correspondingly; they increased from 0.3% in 2017 to 0.6% in 2022, but began to decline in 2023, continuing through 2025, with rates falling below 0.5% by Q4 2025 [3] - The decrease in premium rates is attributed to the growing number of insurers entering the D&O insurance market, leading to increased underwriting capacity and irrational competition due to a lack of transparency in claims information [3] - The pricing of D&O insurance is influenced by various factors, including market competition, the insured company's industry environment, stock performance, administrative penalties, litigation risks, corporate governance, financial status, macroeconomic conditions, and the personal circumstances of directors and officers [3] Group 3: Market Cycle - The D&O insurance market for A-share listed companies is currently in a soft cycle, characterized by supply exceeding demand and lower prices [3] - The duration of this soft cycle is expected to be limited as typical claims cases emerge, and the number of insurers capable of providing D&O coverage remains relatively low [3]