董责险理赔案件进入高发期，A股每三家公司就有一家投保

Core Viewpoint - The market for Directors and Officers Liability Insurance (D&O Insurance) in A-share listed companies is experiencing explosive growth due to stricter regulations and heightened awareness among investors regarding their rights [3][4]. Group 1: Market Growth and Penetration - By the end of 2025, the penetration rate of D&O Insurance in A-shares is expected to exceed 32%, with a total of 1,753 companies having purchased the insurance [3][4]. - In 2025, 643 A-share listed companies announced plans to purchase D&O Insurance, a 19% increase from the previous year, with 256 companies disclosing their plans for the first time, accounting for 39.8% [4]. - The manufacturing sector leads in the number of companies purchasing D&O Insurance, with the real estate, wholesale, and electricity sectors showing penetration rates exceeding 60% [4]. Group 2: Claims and Legal Risks - Since 2022, the total disclosed claims amount in the market has exceeded 850 million yuan, indicating a rise in claims frequency [5][6]. - The number of companies receiving warning letters for information disclosure violations has been increasing, with 366 companies having previously purchased D&O Insurance [5]. - The awareness of investor rights has led to a surge in civil compensation lawsuits, with at least 22 insured companies facing lawsuits in 2025 [5][6]. Group 3: Insurance Rates and Recommendations - The average D&O Insurance rate has been on an upward trend since 2017 but has recently shown a downward trend, dropping to below 0.5% by the fourth quarter of 2025 [8]. - Companies are advised to take advantage of the current low rates before potential increases due to rising litigation risks and more publicized claims [8]. - The most common policy limits for D&O Insurance among A-share companies range from 40 million to 60 million yuan, with 50 million and 100 million yuan being the most frequent limits [8]. Group 4: Transparency and Governance - The lack of transparency in D&O Insurance purchasing and claims information is hindering market development, prompting suggestions for mandatory disclosure of key information by listed companies [9]. - D&O Insurance is recognized not only as a risk management tool but also as a mechanism to improve corporate governance and correct improper control of listed companies [9].