1753家上市公司已投保！A股董责险渗透率突破三成，民企成主力军

Core Insights - The Chinese D&O insurance market for listed companies is experiencing a significant turning point due to a "zero tolerance" regulatory attitude and real compensation cases [2][7] Group 1: Market Growth and Penetration - By the end of 2025, a total of 1,753 A-share listed companies had announced D&O insurance plans, a 16% increase from 1,509 in the previous year, achieving an overall penetration rate of 32% [2][3] - In 2025, 643 A-share listed companies disclosed D&O insurance purchases, a 19% increase from 541 in 2024, continuing a rapid growth trend since 2020 [3] - The penetration rate for D&O insurance among companies listed on the Shenzhen Stock Exchange reached 44%, the highest among all sectors, while the Shanghai Stock Exchange and Sci-Tech Innovation Board had rates of 37% and 34%, respectively [3] Group 2: Industry and Regional Distribution - The manufacturing sector led the number of newly insured companies in 2025, particularly in "computer, communication, and other electronic equipment manufacturing," "specialized equipment manufacturing," and "software and information technology services" [4] - The real estate, wholesale, and electricity industries have D&O insurance penetration rates exceeding 60%, significantly above the market average, driven by increased litigation risks post-2020 [5] - The Guangdong, Beijing, Jiangsu, Shanghai, and Zhejiang provinces were the top five regions for new D&O insurance purchases in 2025, indicating a market expansion beyond core economic areas [5] Group 3: Insurance Rate Trends - The average D&O insurance rate in the A-share market has shown a downward trend, decreasing from approximately 0.6% in 2022 to below 0.5% by the fourth quarter of 2025 [6] - The decline in rates is attributed to an increase in the number of insurance companies offering D&O insurance, leading to rapid market capacity expansion [6] Group 4: Regulatory and Legal Environment - The number of companies facing regulatory actions for violations has increased, with 146 companies being investigated for disclosure violations in 2023, marking a new high [7] - Over the past five years, 366 companies that purchased D&O insurance received warning letters, and 173 were investigated, indicating a growing need for risk management [7] - Investor lawsuits have also increased, with 68 cases involving claims exceeding 100 million yuan in the past decade, highlighting the rising stakes for companies [8] Group 5: Emerging Risks and Recommendations - New risks related to data security and technology governance are emerging, with potential regulatory penalties and civil lawsuits increasing for tech companies [9] - The report suggests that companies yet to purchase D&O insurance should take advantage of the current low rate environment to secure favorable insurance costs [9]