13个精算师·2025-12-02 10:30Core Insights - The insurance industry is expected to see a slowdown in growth rates compared to the previous year, with property insurance companies projected to have a premium growth rate around 4% for 2025 [11][15][21] - The "old three" insurance companies (Ping An, PICC, and Taikang) continue to dominate the market, with Ping An showing the highest growth rate among them [21][24][27] - Non-auto insurance growth is declining significantly, impacting overall premium growth for the industry [11][17][20] Group 1: Industry Growth Trends - The overall premium income for property insurance companies is projected to exceed 14.9 trillion yuan, with a year-on-year growth rate of approximately 4% [13][15] - The growth rate of non-auto insurance has decreased notably, with some segments like liability and agricultural insurance experiencing significant declines [17][20] - The implementation of the "reporting and operation integration" policy for non-auto insurance is expected to have a short-term impact on business but aims to improve profitability in the long run [20][19] Group 2: Company Performance - Ping An's premium growth rate reached 6.9%, surpassing the market average, with stable contributions from its auto insurance segment [24][25] - Taikang has risen two positions in the rankings, now sitting at tenth place, driven by a significant increase in its premium income [21][26] - Companies like Dadi and Zhong An have outperformed the market, with their growth primarily driven by non-auto insurance segments [21][27] Group 3: Market Dynamics - The market is witnessing a clear differentiation among insurers, with many smaller companies experiencing either negative or high growth rates [29][31] - The premium growth for smaller insurers is often more volatile, with a significant number reporting declines due to their limited scale [29][31] - The overall competitive landscape is intensifying, with larger firms maintaining their market share while smaller firms struggle to keep pace [27][29]