从“小众”到“标配”！超1700家A股公司抢投董责险，出险率上升倒逼市场变局

Core Viewpoint - The penetration rate of Directors and Officers Liability Insurance (D&O Insurance) among A-share listed companies has exceeded 30%, indicating a growing acceptance and application of D&O Insurance in the A-share market [1]. Group 1: Penetration Rate and Growth - As of the end of 2025, 1,753 A-share listed companies have announced their D&O Insurance plans, a 16% increase from 1,509 companies at the end of 2024 [2]. - In 2025, 643 A-share listed companies disclosed their D&O Insurance plans, marking a 19% year-on-year increase, with 256 companies announcing for the first time [2]. - The implementation of the new Securities Law and Company Law since 2019 has significantly contributed to the rapid increase in D&O Insurance penetration [2]. Group 2: Industry Insights - The manufacturing sector leads in the number of newly insured companies in 2025, particularly in the "Computer, Communication, and Other Electronic Equipment Manufacturing" industry, followed by "Specialized Equipment Manufacturing" and "Software and Information Technology Services" [2]. - The most common D&O Insurance policy limits for A-share listed companies are between 40 million and 60 million yuan, with 50 million and 100 million yuan being the most frequently chosen limits [2]. Group 3: Premium Rates and Market Dynamics - Despite the increasing demand for D&O Insurance, the average premium rates have not risen correspondingly; they have decreased to below 0.5% by the end of 2025 from 0.6% in 2022 [3]. - The decline in premium rates is attributed to increased competition among insurers and a lack of transparency in claims reporting, leading to irrational competition [3]. - The current market is described as being in a "soft cycle," where supply exceeds demand, resulting in lower prices [3]. Group 4: Claims and Risk Trends - The report indicates a rising trend in claims, with the number of regulatory actions against listed companies for violations such as information disclosure and market manipulation increasing [5]. - In 2024, insurance companies paid out 26 claims totaling 390 million yuan, and in the first three quarters of 2025, 13 claims were paid out amounting to 89.47 million yuan [5]. - The total disclosed claims for D&O Insurance from Q1 2022 to Q3 2025 exceeded 850 million yuan, with estimates suggesting the total may surpass 1 billion yuan when including undisclosed cases [6].