财产保险行业2024年信用回顾与2025年展望

Industry Overview - In 2024, the property insurance industry in China experienced a slowdown in premium income growth, with a year-on-year increase of 6.81% for the first 11 months, compared to 7.06% in the same period of 2023 [5][8] - Non-auto insurance premiums grew faster than auto insurance, accounting for 47.40% of total premiums, up from 46.58% in 2023 [5][8] - The industry's profitability improved in 2024, with 53 out of 91 companies showing better underwriting performance, though 57 companies still reported underwriting losses [7][11] Market Structure - The top three property insurance companies (PICC Property, Ping An Property, and CPIC Property) maintained a combined market share of 62.77% in 2024, showing a stable competitive landscape [25][27] - PICC Property remained the market leader with a 31.95% share, while Ping An Property and CPIC Property saw their market shares increase to 18.80% and 12.03%, respectively [25][27] - Small and medium-sized insurers found opportunities in non-auto insurance segments, leveraging differentiated strategies to compete with larger players [28] Underwriting Performance - The median comprehensive cost ratio for 83 comparable insurers was 101.2% in the first three quarters of 2024, down 0.34 percentage points year-on-year [11][12] - The top three insurers (PICC Property, Ping An Property, and CPIC Property) reported improved underwriting profitability, with comprehensive cost ratios of 97.27%, 97.60%, and 98.6%, respectively [14][15] - The industry's expense ratio declined, while the loss ratio increased, reflecting stricter regulatory controls on costs and rising claims [11][15] Investment Performance - The insurance industry's investment assets reached RMB 32.15 trillion by the end of Q3 2024, with a year-on-year growth of 14.06% [16][18] - The annualized comprehensive investment yield for the industry rose to 7.16%, up 3.88 percentage points from 2023, driven by bond market yield declines and stock market gains [16][18] - Property insurers allocated more to bonds, equities, and securities investment funds, while reducing holdings in bank deposits and other assets [17][18] Regulatory and Policy Developments - In 2024, regulators introduced the "Action Plan for High-Quality Development of the Property Insurance Industry," outlining 20 measures to promote industry reform and risk management [37][39] - Key policy initiatives included expanding green insurance, improving agricultural insurance, and enhancing coverage for natural disasters [40][41] - The "Action Plan" emphasized stricter expense controls, optimized product structures, and support for emerging sectors like new energy vehicle insurance and smart driving [40][41] 2025 Outlook - Auto insurance premiums are expected to grow slowly in 2025, with non-auto insurance continuing to drive industry growth, particularly in health, agriculture, and liability insurance [44][45] - Underwriting profitability is projected to remain stable, though rising claims from natural disasters and accidents could pose challenges [46][47] - Investment returns may face headwinds due to market volatility, with bond market "asset shortages" and equity market structural trends increasing investment complexity [48][49]