从“小众”到“标配”！超1700家A股公司抢投董责险，出险率上升倒逼市场变局

Core Insights - The penetration rate of Directors and Officers (D&O) insurance among A-share listed companies has exceeded 30%, reflecting increasing market acceptance and application [1][2] - By the end of 2025, a total of 1,753 A-share companies are expected to announce D&O insurance plans, marking a 16% increase from 2024 [2] - The average D&O insurance premium rate has decreased to below 0.05% by the end of 2025, indicating a soft market cycle due to increased competition among insurers [3][4] Group 1: Market Penetration and Growth - The penetration rate of D&O insurance in A-share companies reached 32% by the end of 2025, up 4 percentage points year-on-year [1] - A total of 643 A-share companies announced D&O insurance plans in 2025, a 19% increase from the previous year, with 256 companies disclosing for the first time [2] - The manufacturing sector leads in the number of new D&O insurance policies, particularly in the computer, communication, and electronic equipment manufacturing industries [2] Group 2: Premium Rates and Market Dynamics - Since 2017, the average D&O insurance premium rate rose from 0.3% to 0.6% by 2022, but has since declined, reflecting a soft market cycle where supply exceeds demand [3] - Factors influencing D&O insurance pricing include market competition, industry environment, stock performance, litigation risks, and corporate governance [3] - The current low premium rates present an opportunity for companies to secure favorable insurance costs before potential future increases [4] Group 3: Claims and Regulatory Environment - The rising rate of claims is attributed to increased regulatory scrutiny and a higher number of significant violations leading to administrative penalties [6] - In 2024, D&O insurance claims totaled 26 cases with a payout of 390 million yuan, while 13 cases were reported in the first three quarters of 2025, amounting to 89.47 million yuan [6] - The total disclosed claims for D&O insurance from Q1 2022 to Q3 2025 exceeded 850 million yuan, with estimates suggesting the actual figure may surpass 1 billion yuan [7]