终结高费用乱象，非车险“报行合一”落地

Core Viewpoint - The non-auto insurance sector in China's property insurance market is evolving from a supplementary role to a primary growth driver, prompting regulatory changes to address irrational competition and ensure industry health [2][9]. Regulatory Changes - The China Banking and Insurance Regulatory Commission (CBIRC) has introduced significant documents in 2025 to enhance non-auto insurance regulation, applying the "reporting and operation in unison" principle previously effective in auto insurance [2][3]. - The recent issuance of the "Q&A on Comprehensive Governance of Non-Auto Insurance" provides detailed clarifications on policy execution, covering various aspects such as applicable insurance types, company classification, premium collection, and policy issuance timing [3][4]. Insurance Type Exclusions - Short-term health insurance and accident insurance are explicitly excluded from the non-auto insurance governance scope, recognizing their unique attributes [3][4]. - However, any health insurance that combines with property insurance must adhere to the "reporting and operation in unison" requirements, closing potential loopholes [3]. Company Classification - The regulatory framework categorizes companies into three groups based on market share: large companies (e.g., PICC, Ping An, Taikang), medium companies (e.g., China Life, Zhonghua United), and small companies [4][5]. - This classification allows for differentiated regulatory standards, providing smaller companies with a 5% higher buffer on premium rates compared to larger firms, facilitating their transition [4][5]. Premium Collection and Policy Issuance - The "reporting and operation in unison" principle aims to address high accounts receivable issues by ensuring that premium collection aligns with insurance liability timing [5][6]. - Specific provisions clarify that premiums collected by intermediaries do not count as "reporting and operation in unison," compelling insurers to regain control over premium collection [5][6]. Flexibility in Special Cases - The regulations allow for flexible recognition of payment methods in complex scenarios, such as accepting verifiable payment receipts for policy issuance [5][6]. - For public interest insurance using government funds, the strict "reporting and operation in unison" requirement is relaxed under certain conditions, ensuring continuity in policy-related services [6]. Market Dynamics and Company Strategies - The new regulations are expected to reshape the competitive landscape of the property insurance market, favoring large firms with strong capital and brand influence while posing challenges for smaller companies [7][9]. - Smaller companies must pivot towards specialization and differentiation rather than competing solely on price, as the regulatory environment discourages traditional scale-driven growth [7][8]. Shift in Industry Focus - The regulations encourage insurers to abandon the "scale-first" mentality, emphasizing value and efficiency over mere growth [8][9]. - Internal assessment metrics within companies are expected to shift focus from premium volume to compliance, quality, and customer satisfaction [8][9]. Long-term Implications - The comprehensive implementation of "reporting and operation in unison" is anticipated to enhance market transparency and accountability, ultimately fostering a healthier competitive environment [9][10]. - Experts believe that while short-term adjustments may be painful for some, the long-term benefits will include improved risk management and customer trust [10].