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].

上海市建纬律师事务所高级顾问王民律师表示，随着监管部门对A股上市公司监管执法力度的增强，因 信披违规而引发的投资者索赔将日益增多。一方面，A股上市公司董责险渗透率将保持逐年上升的态 势；另一方面，董责险理赔案件也将逐步增多，从而进一步影响董责险市场的承保条件。 市场渗透率突破三成 A股董责险投保热情持续升温。 截至2025年末，公告投保董责险的A股上市公司渗透率（累计投保董责险公司数/当年上市公司总数）达 32%，同比提升4个百分点。 董责险，全称为"董事、监事及高级管理人员责任保险"，是以董事及高级管理人员对公司及第三人承担 民事赔偿责任为保险标的的一种职业责任保险。 作为上市公司治理的重要组成部分，董责险进入中国市场已有20余年的时间。但由于此前国内上市公司 投保意识普遍不高，董责险一直属于小众险种。直到新证券法、新公司法相继施行，通过立法形式确立 了董责险制度，这一险种才真正走进公众视野。 据上海市建纬律师事务所、险律科技（北京）有限公司、明亚保险经纪股份有限公司联合发布的《中国 上市公司董责险市场报告（2026）》（下称《报告》）统计，2025年共有643家A股上市公司发布公告 披露购买董责险计划，同 ...