Core Insights - The 2024 mandatory traffic accident liability insurance (交强险) shows an increase in coverage, with the number of insured vehicles reaching 372 million, a year-on-year growth of 4.2% [1] - The total insurance premium income for 2024 is projected at 271.06 billion yuan, reflecting a 4.2% increase compared to the previous year [1] - The average premium per vehicle remains stable at 762.5 yuan, with a slight increase of 0.3% year-on-year [1] Group 1: Insurance Coverage and Financials - The number of insured cars reached 334 million, marking a 5% increase year-on-year [1] - The total insurance coverage amount for 2024 is set at 74.3 trillion yuan, which is a 4.2% increase from the previous year [1] - Claims expenditure is expected to be 226.28 billion yuan, showing an 11.6% increase year-on-year [1] Group 2: Factors Influencing Claims Costs - Increased vehicle usage intensity is noted, with road freight turnover growing by 3.9% and passenger flow by 4.8% in 2024 [2] - Rising costs for vehicle repairs and personal injury compensation standards are contributing to higher claims costs [2] - The proportion of new energy vehicles has risen to 31.4 million, accounting for 8.9% of total vehicles, an increase of nearly 3 percentage points [2] - The insurance industry reported a loss of 5.7 billion yuan in underwriting new energy vehicles in 2024, indicating ongoing challenges in this segment [2]