Core Viewpoint - The implementation of the new Securities Law and the increase in civil liability cases have heightened the awareness and necessity of Directors and Officers Liability Insurance (D&O Insurance) among A-share listed companies, with the insurance coverage rate expected to rise from 12% in 2020 to 32% by 2025 [1][2]. Group 1: D&O Insurance Market Trends - By the end of 2025, the number of listed companies that purchased D&O Insurance reached 1,753, with a market penetration rate increasing from 28% in 2024 to 32% [2]. - In 2025, 643 A-share listed companies announced plans to purchase D&O Insurance, a year-on-year increase of 19% [5]. - The average D&O Insurance premium rate has decreased to below 0.05% by the end of 2025, indicating a "rate trough" in the market [15][16]. Group 2: Industry and Company Insights - The highest D&O Insurance penetration rates are found in the real estate and electricity sectors, exceeding 60%, reflecting a correlation between industry risk and insurance demand [6]. - Companies with assets over 50 billion yuan have a D&O Insurance purchase rate of 68%, significantly higher than the 20% rate for companies with assets below 2 billion yuan [6]. - Private enterprises account for nearly 60% of new D&O Insurance purchases in 2025, but state-owned enterprises have the highest penetration rates [7]. Group 3: Legal and Regulatory Impact - The new Securities Law and Company Law have established a legal foundation for the proliferation of D&O Insurance, with high-profile cases like the Kangmei Pharmaceutical scandal driving increased awareness and adoption [11]. - The number of companies facing administrative investigations has risen significantly since 2020, with 366 companies having received warning letters after previously purchasing D&O Insurance [11][12]. - The long-tail effect of D&O Insurance claims means that while regulatory scrutiny and potential lawsuits are increasing, large-scale payouts have not yet fully materialized [16].

拉长时间线来看，截至2025年12月31日，A股市场累计已有1753家上市公司曾公告购买董责险，较2024 年底的1509家增长16%。市场渗透率在2025年底达到32%，较2024年的28%提升4个百分点，首次突破三 成门槛。报告分析认为，这一里程碑式的数字背后，是"强监管"与"硬赔付"双重压力下，上市公司风险 控制意识的"全面觉醒"。 板块方面，深交所主板上市公司的董责险渗透率高达44%，位居各板块之首；上交所主板与科创板分别 为37%与34%。创业板市场渗透率亦稳步提升至27%。整体来看，主板上市公司由于规模较大、合规要 求更高，对董责险的接受度领先。 本报（chinatimes.net.cn）记者吴敏 北京报道 随着监管"零容忍"态度与"真金白银"赔付案例的双重显现，中国上市公司董责险市场迎来关键转折。 来自《中国上市公司董责险市场报告（2026）》（下称"报告"）提供的数据显示，截至2025年底，A股 市场累计已有1753家上市公司公告披露购买董责险计划，相比上一年的1509家增长16%。整体渗透率达 到32%。 其中，2025年新增投保公司中，民营企业占比近六成，反映民企董监高对履职风险的认识逐步 ...

据《金融时报》记者不完全统计，截至7月18日，今年已有300余家上市公司对外披露董责险投保计 划。"整体来看，董责险的价值从单纯的风险转嫁工具变得愈发多元，公司治理效能正逐渐得到社会认 可。"对外经贸大学保险学院教授王国军在接受《金融时报》记者采访时表示，但相较海外成熟市场， 我国董责险产品在渗透率和投保率上仍有较大差距。 董责险市场有较大提升空间 受访人士普遍认为，随着新《公司法》等法律的深入实施，董责险市场渗透率将持续提升，并在上市公 司治理体系中扮演更加重要的角色。聚焦当下，需要解决好董责险的供需矛盾问题。 对此，王国军建议，一是要借鉴香港市场经验，建立"强制信息披露"规则——上市公司须披露保费、保 额、理赔及除外条款，让保单信息成为投资者判断治理水平的公开指标，从而减少信息不对称，提升企 业投保热情。二是监管与保险行业协会可研究发布示范条款，对故意行为、行政罚款等除外责任给出可 操作的界定标准，减少理赔争议。三是从保险公司角度来说，应组建专门的董责险核保与理赔团队，建 立行业级风险数据库，差异化定价。四是可以在高管薪酬方案中允许将董责险保费计入"必要福利支 出"，减少预算冲突。 记者发现，市场供给层面 ...