报行合一”重塑财险半壁江山 五千亿非车险告别“野蛮生长

Core Viewpoint - The rapid growth of China's non-auto insurance sector, with an average annual growth rate exceeding 10% over the past decade, has led to high costs and irrational competition, prompting regulatory measures to reshape the market dynamics towards risk pricing and service capability [2][3][12]. Group 1: Industry Growth and Challenges - Non-auto insurance premiums accounted for over 50% of total premiums, with a significant increase in the average annual growth rate of 14.4% from 2014 to 2024, compared to 5.2% for auto insurance [3][12]. - Major insurance companies, including PICC, Ping An, and Taiping, have reported that their average non-auto insurance comprehensive cost ratio has remained above 100% since 2019, indicating underwriting losses primarily offset by auto insurance profits [4][12]. - The industry faces challenges such as high expense levels, inadequate premium sufficiency, persistent underwriting losses, and high accounts receivable [2][3]. Group 2: Regulatory Measures - The China Banking and Insurance Regulatory Commission (CBIRC) has issued several notifications and guidelines to address irrational competition and high costs in the non-auto insurance sector, including the recent "Questions and Answers on Comprehensive Governance of Non-Auto Insurance" [2][4][12]. - The new regulations emphasize the principle of "reporting and operating in unison," requiring insurance companies to strictly adhere to approved insurance terms and rates, thereby enhancing market behavior regulation [4][11]. - The regulations aim to reduce the emphasis on premium scale and growth, shifting the focus towards compliance, quality, and consumer rights protection [6][12]. Group 3: Company Responses - Leading insurers like PICC, Ping An, and Taiping have proactively initiated product term filings and cost governance in response to regulatory changes, indicating a strong commitment to compliance [6][7]. - Companies are restructuring their business models to transition from cost competition to risk pricing and service capability, with a focus on enhancing internal management and product innovation [7][8]. - Smaller insurers are encouraged to focus on niche markets and specialized products to differentiate themselves and build competitive advantages [15][16]. Group 4: Market Dynamics and Future Outlook - The implementation of the "reporting and operating in unison" policy is expected to compress some business operations in the short term but will ultimately lead to a more sustainable competitive environment based on risk identification and service quality [10][12]. - The regulatory framework aims to clarify responsibilities and streamline processes, pushing the market towards a more structured and compliant operational model [10][11]. - The anticipated market concentration will favor larger, well-managed companies, while smaller firms may need to adapt by focusing on specialized areas to survive [15][16].