董责险在A股市场正进入加速普及期。 近日，上海市建纬律师事务所、险律科技（北京）有限公司及明亚保险经纪股份有限公司联合发布 《中国上市公司董责险市场报告（2026）》（以下简称《报告》）显示，2025年共有643家A股上市公 司公告购买董责险计划，较上年同比增长19%。其中，256家为首次披露，显示出强劲的新增需求。 制造业与民企成增长主力 董责险是为上市公司董事、监事及高级管理人员在履职过程中因不当行为，如疏忽、错误陈述等被 追究个人赔偿责任时，提供法律抗辩费用及民事赔偿保障的险种。 董责险费率降至"洼地" 近年来，随着新证券法与新公司法的实施，以及康美药业、瑞幸咖啡等标志性事件，引发了市场对 高管责任的空前关注。叠加监管环境趋严，董责险的价值被重新发现，市场需求被激活。 《报告》显示，在2025年新增投保董责险的A股上市公司中，制造业公司数量依然遥遥领先，"计 算机、通信和其他电子设备制造业"最多，随后是"专用设备制造业"和"软件和信息技术服务业"。 从企业性质看，民营企业需求崛起，但国有企业渗透率领先。在2025年新增投保公司中，民营企业 占比近六成。在新公司法强化董监高个人责任的背景下，民营上市公司及 ...

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].

Core Viewpoint - The recent release of the "Regulatory Rules for Secretaries of the Board of Directors of Listed Companies (Draft for Comments)" by the China Securities Regulatory Commission signifies a tightening of regulatory constraints on key personnel, leading to an increased demand for directors and officers liability insurance (D&O insurance) among listed companies in the A-share market [2]. Group 1 - The penetration rate of D&O insurance in the A-share market reached a historic high of 32% by 2025, with 643 companies purchasing D&O insurance, marking a 19% increase year-on-year [3][4]. - As of December 2025, a total of 1,753 listed companies had announced their D&O insurance plans, reflecting a 16% increase from the previous year [4]. - The demand for D&O insurance is closely linked to the rising litigation risks faced by directors and senior management, particularly in high-risk industries such as real estate, wholesale, and electricity, where the penetration rate has exceeded 60% [11]. Group 2 - The actual compensation payouts for D&O insurance have significantly increased, with 85 companies facing lawsuits since 2021, indicating a shift from theoretical risk to real financial consequences [7]. - In 2024, there were 26 compensation claims totaling 390 million yuan, while in the first three quarters of 2025, there were 13 claims amounting to 8.947 million yuan, with total disclosed compensation exceeding 850 million yuan from Q1 2022 to Q3 2025 [7]. - The manufacturing sector continues to lead in the number of companies purchasing D&O insurance, particularly in the "Computer, Communication, and Other Electronic Equipment Manufacturing" industry [9]. Group 3 - D&O insurance rates have shown a trend of "rising then falling," currently presenting a rare opportunity for companies to secure lower premiums, with average rates dropping from 0.3% to below 0.05% by Q4 2025 [13]. - The decline in rates is attributed to increased market capacity and irrational competition due to a lack of transparency in claims data, although future rate increases are expected as litigation risks rise and more claims are reported [14]. - Companies are encouraged to take advantage of the current low rate environment to lock in favorable insurance costs before rates increase [14].

Core Viewpoint - The demand for Directors and Officers (D&O) insurance among listed companies in China's A-share market is rapidly increasing due to enhanced regulatory scrutiny and the implementation of new securities and company laws, which have heightened the responsibilities and liabilities of corporate governance [2][3][8]. Group 1: Regulatory Impact - The implementation of the new Company Law on July 1, 2024, sets specific standards for the duties of directors and encourages companies to purchase D&O insurance, requiring boards to report on insurance matters to shareholders [3][8]. - The new Securities Law introduces a "Chinese-style" collective litigation system, significantly increasing the litigation risks faced by listed companies and their directors [3][8]. - In 2024, the China Securities Regulatory Commission handled 739 cases of securities and futures violations, with 592 penalties issued, indicating a substantial increase in regulatory actions [3]. Group 2: Market Trends - The number of listed companies purchasing D&O insurance has grown from 184 in 2020 to 419 in 2024, with 258 companies announcing purchases since 2025 [2][3]. - The most common D&O insurance policy limits for A-share companies are RMB 50 million and RMB 100 million, with the lowest limit this year being RMB 8 million and the highest RMB 200 million [5]. - The overall rate for D&O insurance has decreased to between 0.3% and 0.4%, driven by economic slowdown and competitive market conditions [7]. Group 3: Case Studies and Examples - The case of Luckin Coffee, which purchased a D&O insurance policy worth $25 million before its U.S. listing, highlights the importance of such insurance, as it successfully claimed $7 million after a fraud scandal [4]. - Companies like Qibin Group have cited the rising legal risks for independent directors as a reason for purchasing D&O insurance to protect their governance roles and enhance risk management [4]. Group 4: Comparison with International Markets - Despite the growing interest in D&O insurance, the penetration rate in the A-share market remains low at 24%, compared to over 80% in Hong Kong and being a standard practice in Western markets [8].