券商中国·2025-11-09 04:46Core Viewpoint - The regulatory body has issued guidelines to strengthen the supervision of non-auto insurance businesses, marking the formal implementation of the "reporting and operation integration" policy, which aims to enhance compliance and quality in the industry [1][3][4]. Regulatory Changes - The new guidelines specify that for non-auto insurance, policies with premiums below 200,000 should be issued upon payment, while those above this threshold will require installment payments. The guidelines also outline the initial premium payment ratio, number of installments, and the final payment deadline [1]. - Non-auto insurance products will undergo re-registration, with specific deadlines set for various types of insurance, such as corporate property insurance by December 1, 2025, and other products by early 2026 [3]. Industry Transformation - The insurance industry is experiencing a paradigm shift in competition, moving away from traditional price and fee-based strategies towards a focus on pricing, risk control, and specialized service capabilities [2][4]. - The comprehensive reform of auto insurance has led to a decrease in comprehensive cost rates, indicating improvements in business quality and underwriting profitability [3]. Future Growth and Strategy - Non-auto insurance is expected to become a significant growth area for premiums and profits, contributing to shareholder value in the coming years. The industry is seen as a key player in supporting economic stability and development [5]. - The company aims to enhance its core competitiveness in non-auto insurance through professional, digital, and collaborative approaches, positioning itself as an expert in understanding and managing risks [6]. Digital and Collaborative Approaches - Embracing digital transformation is crucial, with advancements in artificial intelligence and digital tools set to reshape every aspect of non-auto insurance operations [6]. - The company plans to foster collaboration both internally among its business units and externally with partners to improve market order and elevate the quality of non-auto insurance development [6].