2024年交强险经营结果点评：出现率提高、案均上涨、新能源车占比提升，共同导致近两年交强险承保亏损额大幅攀升，连续刷新历史纪录！

Core Viewpoint - The article discusses the significant losses in compulsory traffic accident liability insurance (CIC) in 2024, highlighting the increase in claim frequency, average claim amounts, and the rising proportion of electric vehicles, which have collectively led to record-high underwriting losses in recent years [1][8][20]. Summary by Sections Insurance Market Overview - The CIC premium has grown from 21.9 billion RMB in 2006 to 271.06 billion RMB in 2024, with a compound annual growth rate (CAGR) of 15% over 18 years [1][12]. - The total coverage amount provided by CIC increased from 2.9 trillion RMB in 2006 to 74.3 trillion RMB in 2024, reflecting a CAGR of 19.8% [1][14]. - The vehicle insurance penetration rate rose from 34% in 2006 to 82% in 2024 [1][14]. Impact of Regulatory Changes - The comprehensive reform of auto insurance implemented on September 19, 2020, raised the liability limits of CIC and optimized the premium adjustment coefficients, aiming to enhance insurance coverage while reducing the financial burden on vehicle owners [3][16]. Claims and Losses - The ultimate claim payout ratio for CIC has increased from 63% in 2019 to 86.3% in 2024, indicating a rising trend in claims [5][18]. - In 2024, CIC reported an underwriting loss of 10.7 billion RMB, with investment income of 4.6 billion RMB, resulting in a total loss of 15.3 billion RMB, which is a year-on-year increase of 4.7 billion RMB [7][20]. Factors Contributing to Losses - The increase in claim costs is attributed to three main factors: 1. A significant rise in accident frequency post-pandemic, with the claim frequency for major insurers like Ping An and PICC reaching 11.9% and 11.3%, respectively, in 2024 [8][22]. 2. The average claim amount has been driven up by rising personal injury compensation standards, which are linked to the growth in residents' disposable income (5.1% increase in 2024) and rising medical costs [8][22]. 3. The growing share of electric vehicles, which have higher accident rates and repair costs, further elevating overall claim levels [8][22]. Financial Performance of Insurers - The average underwriting profit for 62 property insurance companies in 2024 was reported at -246 million RMB, with a median of -38 million RMB [25]. - The comprehensive cost ratio for CIC in 2024 was 105.8%, an increase of 1.6 percentage points year-on-year [28][30]. - The comprehensive payout ratio was 85.9%, up by 5.2 percentage points from the previous year, while the comprehensive expense ratio decreased by 3.6 percentage points to 19.9% [30]. Company-Specific Insights - The article provides detailed statistics on the underwriting profits of various insurers, with the top 20 companies listed based on their performance metrics [27][32].