守正创新-2024新能源车险发展报告

Industry Investment Rating - The report highlights the rapid growth of the new energy vehicle (NEV) insurance market, which is becoming a new growth driver in the auto insurance sector [12][35] Core Views - The NEV insurance market is experiencing accelerated growth, driven by the rapid expansion of the NEV market and the diversification of insurance products [12][35] - NEVs differ structurally from traditional fuel vehicles, particularly in their core hardware (battery, motor, and electronic control systems) and software (smart systems), leading to new risk exposures [38][39] - The NEV insurance industry faces multiple challenges, including high premiums, high claim rates, and difficulties in product innovation [32][47] - Insurance technology is empowering the NEV insurance sector, enabling more precise pricing and improved operational efficiency [39][44] Market Overview - The auto insurance market has reached a growth bottleneck, with NEV insurance emerging as a new growth driver [12] - NEV insurance premiums accounted for 11.5% of total auto insurance premiums in 2023, up 3.7 percentage points from 2022 [34] - The NEV insurance market is growing at a much faster rate than the overall auto insurance market, driven by the rapid increase in NEV sales and ownership [35] Structural Differences Between NEVs and Traditional Vehicles - NEVs rely on the "three-electric" system (battery, motor, and electronic control) instead of traditional engines, leading to higher risks such as battery overheating and fire [39][40] - NEVs have higher coverage of smart systems, including advanced driver assistance systems (ADAS) and vehicle networking, which introduce new risks related to autonomous driving and system failures [42][51] - The widespread use of integrated casting in NEV manufacturing reduces vehicle weight but increases repair costs due to the difficulty in repairing aluminum components [44] - The charging infrastructure for NEVs is still underdeveloped compared to the mature gas station network for traditional vehicles, posing additional risks [45] Challenges in NEV Insurance - NEV insurance faces higher claim rates and costs due to the structural differences and higher repair costs associated with NEVs [47][53] - The lack of a mature repair system for NEVs and the high cost of original parts further increase insurance costs [47][53] - NEV drivers may face higher accident risks due to differences in driving habits and the faster acceleration of NEVs [54] - The high proportion of NEVs used for commercial purposes (e.g., ride-hailing) also contributes to higher claim rates [57] Policy and Regulatory Developments - The NEV insurance exclusive policy, introduced in 2021, expanded coverage to include the "three-electric" system and added new risks such as fire accidents [58][60] - The policy introduced new additional insurance options, such as external grid failure insurance and charging pile insurance, to address NEV-specific risks [63][64] - Despite these improvements, the policy still has limitations, such as not covering battery degradation and lacking provisions for battery-swapping models [58][73] Future Trends and Recommendations - The NEV insurance industry is expected to undergo channel transformation, with online platforms replacing traditional intermediaries [65] - Technological innovation, particularly in digital technologies, will continue to empower the NEV insurance sector [65] - Collaboration between automakers and insurance companies is crucial for fostering a new ecosystem for NEV insurance [66] - Further refinement of pricing mechanisms and the development of a safety risk assessment system for NEVs are recommended to improve the industry [74]