来源：险企高参 非车险市场将逐步告别内卷，迈入高质量发展的新阶段。 2025年末《非车险综合治理有关问答（一）》（以下简称：《问答》）下发，为11月1日起实施的非车 险"报行合一"政策提供详细补充。作为继车险、寿险之后"报行合一"监管的第三大战场，非车险综合治 理细则落地，标志着财险全业务线费用管控将得到进一步完善。 从内容上看，《问答》对"见费出单""分期缴费"等关键条款给出明确标准。 《问答》明确，保险公司须在收取保费后签发保单并开具发票，保险中介机构代收保费不视为"见费出 单"。针对地方财政吃紧背景下的政策性业务难题，《问答》允许党政机关等使用财政资金投保的业 务，凭政府签章文件灵活签发保单。但明确企事业单位及个人投保、政府仅提供补贴的业务仍须严格执 行"见费出单"。 在分期缴费方面，《问答》禁止"前低后高"的缴费结构，要求首次缴费后，其余各期金额原则上保持一 致或递减，最后一期缴费金额不超过总保费除以缴费次数的金额，扭转部分险企将缴费条件异化为竞争 砝码的乱象。 针对专项业务，《问答》也明确了差异化规则：财政补贴性农险附加费率不得超过25%，且不列支手续 费，须确认收到农民或农业生产经营组织自缴保费后 ...

Core Insights - The insurance industry is positioned to leverage technology and capital to drive development and expand its role in the economy during the "14th Five-Year Plan" period, focusing on both financial and social attributes [2][3]. Group 1: Strategic Direction - The insurance sector's core value lies in its ability to integrate into national development, supporting the real economy, social governance, and public welfare through specialized capabilities [2]. - The industry must transition from being merely a "risk bearer" to a "value co-creator," extending its risk management approach to encompass proactive measures and precise compensation [3]. Group 2: Key Focus Areas - Financial services should target five key areas: elderly care, green finance, inclusive finance, technology, and digital finance, with a focus on developing commercial pension products and supporting the pension system [4]. - In green finance, the industry should innovate insurance products and investments to support green industries, while in inclusive finance, it should develop low-cost products for underserved groups [4]. Group 3: Social Welfare and Governance - The insurance industry must address the aging population by developing pension products and enhancing the multi-tiered pension system, while also integrating commercial insurance with public health insurance [5]. - The sector should act as a stabilizing force in society, providing capital support for major national strategies and infrastructure projects [5]. Group 4: Risk Management - The insurance industry should engage in building a multi-layered social risk-sharing system, particularly in disaster risk management and public safety, to alleviate government financial burdens [6]. - It is essential to innovate insurance products that enhance risk prevention and emergency response capabilities [6]. Group 5: Supporting Technological Innovation - The insurance sector must create a comprehensive protection system for technology enterprises, addressing risks throughout the R&D, transformation, and industrialization phases [7]. - By leveraging technology and data, the industry can enhance risk management and support the transformation of scientific achievements into productive forces [8]. Group 6: Capital Support for Technology - Insurance funds should be utilized as "patient capital" to meet the capital needs of technology enterprises throughout their lifecycle, including establishing specialized investment funds and participating in venture capital [9]. - The industry should innovate models that combine insurance protection with equity investment to create a positive cycle of risk coverage and capital growth [9]. Group 7: International Expansion - The insurance industry must enhance its cross-border risk protection capabilities to align with national strategies like the Belt and Road Initiative, addressing various international trade risks [10]. - It is crucial to align with international standards in regulatory practices to improve global competitiveness and enhance the industry's international presence [11]. Group 8: Domestic and International Synergy - Strengthening domestic open platforms, such as the Shanghai International Reinsurance Center, will facilitate the dual approach of "bringing in" and "going out," enhancing the overall service level of the insurance industry [12]. - This synergy will not only retain more cross-border premiums domestically but also enable the industry to play a larger role in global financial resource allocation [12].

Core Viewpoint - The company is actively integrating its insurance services with technological innovation and industrial finance to support high-quality development in key sectors, aligning with national strategic goals [1][3]. Group 1: Focus on Key Areas - The company is positioning itself in cutting-edge fields such as commercial aerospace and low-altitude economy, participating in the establishment of a commercial aerospace insurance consortium and providing coverage for satellite projects exceeding 60 million yuan [2]. - In the low-altitude economy sector, the company has developed comprehensive insurance for unmanned aerial vehicles, covering various risks and providing over 1 billion yuan in total coverage for numerous drone operations [2]. Group 2: Supporting Industrial Transformation - The company is facilitating the transformation of traditional industries by promoting green and intelligent upgrades, providing nearly 2.8 billion yuan in insurance to support a stainless steel enterprise's expansion into high-end applications [3]. - For emerging industries, the company is integrating into a comprehensive financial service system to support core enterprises in smart connected vehicles and digital industries with tailored insurance products [3]. Group 3: Enhancing Financial Services - The company is improving its financial service capabilities by developing a comprehensive insurance system that covers the entire lifecycle of technology enterprises, including various types of insurance products [4]. - The company has been involved in significant projects like the ARJ21 and C919 aircraft, providing specialized insurance support since 2007, thereby contributing to the development of domestic large aircraft [4].

Core Insights - The automotive industry is entering a new phase of cross-industry competition, with Toyota's recent rebranding of Beijing Shengtang Insurance Brokerage to Toyota Insurance Brokerage marking a significant move into the insurance market [1][2] - This shift reflects a broader trend in the automotive sector towards service-oriented and ecosystem-based business models, where car manufacturers are increasingly looking to offer insurance services alongside vehicle sales [1][3] Company Developments - Toyota Insurance Brokerage, a national insurance brokerage approved by the National Financial Regulatory Administration, has established branches in eight provinces across China [2] - The company is a subsidiary of Toyota Financial Services (China) Co., Ltd., which is part of Toyota Financial Services Corporation [2] Industry Trends - The trend of automotive companies entering the insurance market is becoming mainstream, with many manufacturers acquiring existing insurance licenses or establishing new ones to enhance their service offerings [3][6] - The integration of insurance services into the automotive sales and after-sales process is seen as a key strategy for increasing customer loyalty and profitability [3][7] Strategic Advantages - Toyota Insurance Brokerage aims to leverage its parent company's resources and extensive dealer network to provide a diverse range of insurance products, including auto insurance and property insurance for inventory financing [4][5] - The ability to access vast amounts of customer data allows automotive companies to tailor insurance products, reduce customer acquisition costs, and improve risk management [5][8] Market Dynamics - The tightening of insurance license approvals has led many automotive companies to pursue acquisitions as a more efficient route to enter the insurance sector [6] - The automotive industry's transformation, driven by changing consumer demands and internal business needs, is pushing companies to explore new revenue streams through insurance services [7][8]

Core Viewpoint - The automotive industry is entering a new phase of cross-industry competition, with Toyota's recent establishment of a national insurance brokerage as a strategic move to penetrate the insurance market, reflecting a broader trend of automotive companies transitioning towards service-oriented and ecosystem-based business models [1][3][12]. Group 1: Company Developments - Beijing Shengtang Insurance Brokerage has officially changed its name to Toyota Insurance Brokerage (Beijing) Co., Ltd., which will serve as a key to Toyota's entry into the insurance market [1][4]. - Toyota Insurance Brokerage is a wholly-owned subsidiary of Toyota Financial Services (China) Co., Ltd., which is part of Toyota Financial Services Corporation [6][9]. - The company aims to provide a diverse range of insurance products to Toyota and Lexus dealers, as well as retail and institutional customers, leveraging its extensive business network [9][10]. Group 2: Industry Trends - The integration of automotive and insurance services is seen as a necessary evolution, with automotive companies increasingly focusing on selling insurance and providing related services as a new growth avenue [3][12]. - The trend of automotive companies entering the insurance market has been accelerated by tightening regulations on insurance license approvals, leading many to acquire existing licenses as a more efficient entry strategy [7][12]. - The automotive sector's shift towards insurance services is driven by the need to enhance profitability, improve customer service, and leverage vast amounts of customer data for tailored insurance offerings [13][14]. Group 3: Strategic Implications - Toyota's entry into the insurance market is expected to enhance service quality, increase customer loyalty, and improve brand recognition, but it requires a strong internal control system and compliance awareness to deliver real value to customers [11][14]. - The ability to integrate insurance services into the entire customer journey, from vehicle purchase to after-sales, is crucial for increasing customer stickiness and maximizing the value of the automotive ecosystem [10][13]. - The successful transition from a "selling cars" mindset to a "service-oriented" approach is essential for automotive companies to thrive in the insurance sector, necessitating a fundamental shift in business strategy [14].

Core Viewpoint - The Chinese new energy vehicle (NEV) industry is rapidly advancing towards intelligence and internationalization, with the insurance sector playing a crucial role in supporting the overseas expansion of NEV companies [1][2]. Group 1: Market Growth and Export Dynamics - The global NEV market has experienced significant growth, with sales increasing from less than 3 million units to over 17 million units in the past five years, achieving a penetration rate of 22.5% [4]. - China's NEV sales in the first three quarters of this year grew by 35% year-on-year, while exports surged by nearly 90% [4]. - The penetration rate of NEVs in China's automotive exports exceeded 30% by the third quarter of this year, marking a structural leap from product export to industrial output [4]. Group 2: Challenges in Globalization - Chinese automotive companies face challenges in entering new markets, including cost control, time pressure, and compliance with international regulations and standards [4][5]. - The General Data Protection Regulation (GDPR) and upcoming regulations on artificial intelligence and data governance pose significant challenges for data acquisition and understanding local customers [5]. Group 3: Insurance Solutions for NEV Export - Insurance companies are exploring various models to support NEV companies in their overseas ventures, providing tailored insurance solutions based on the development stage of the companies [6]. - The first phase involves product export, where traditional marine risks and specific risks related to lithium batteries are covered through cargo insurance [7]. - The second phase focuses on localized operations, requiring comprehensive risk coverage, including political violence and export credit insurance [7]. - The third phase, termed "ecological export," involves exporting technology and management solutions, presenting new challenges such as overseas insurance difficulties and battery anxiety [7][8]. Group 4: Cross-Industry Collaboration - The development of the NEV industry requires collaboration across multiple sectors, including automotive, technology, and insurance [11]. - Insurance companies and automotive manufacturers are working together to enhance repair and claims efficiency through data interconnectivity [11]. - A memorandum of cooperation was signed by various industry associations to promote high-quality development in the NEV sector through technical standards and repair system optimization [12]. Group 5: Internationalization Strategies - China Pacific Insurance has identified internationalization as a key strategy in its 14th Five-Year Plan, aiming to expand its overseas operations and partnerships [9]. - The company has provided risk coverage of up to 49 billion yuan for overseas projects in countries like India, Thailand, and Indonesia [8]. - The establishment of a comprehensive support system for overseas expansion is deemed essential, including market research, localization strategies, and compliance consulting [12].

Core Viewpoint - The implementation of the "reporting and operation integration" requirement for non-auto insurance will begin on November 1, which is seen as a significant regulatory change in the industry [2][9]. Group 1: Reporting and Operation Integration - The "reporting and operation integration" refers to the requirement that property insurance companies must issue policies and invoices only after receiving premiums, a shift from the previous practice of issuing policies before payment [3][4]. - This change aims to address two main issues: the rising accounts receivable due to the previous "non-fee issuance" practice and the potential for fraudulent premium reporting [3][4]. - The industry generally views this shift positively, as it is expected to alleviate the pressure of high accounts receivable and improve cash flow for non-auto insurance [3][5]. Group 2: Implementation Challenges - Insurance companies are currently preparing for the transition, which includes informing clients about the new "fee issuance" requirement and upgrading their systems [5]. - There are concerns regarding the initial difficulties in adapting to this new requirement, particularly for certain non-auto insurance products like cargo insurance, where determining the exact premium can be challenging [5][6]. Group 3: Payment Flexibility - The regulatory body has allowed for installment payments for large projects, with specific guidelines for premium payments exceeding a certain amount [7][8]. - The minimum installment payment is set at 200,000 yuan, and the first payment must be at least 25% of the total premium [8]. Group 4: New Product Reporting - The new regulations also emphasize the need for strict adherence to rate management and the proper use of insurance terms, preventing companies from altering agreed-upon terms through unofficial means [9]. - Companies are required to start reporting new product terms from November 1, with a complete update of all non-auto insurance products expected by the end of 2026 [9][10].

Core Viewpoint - The article highlights the significant progress in the development of inclusive finance in China, emphasizing its role in supporting small businesses and rural revitalization, particularly through tailored financial products and services [6][7][10]. Group 1: Inclusive Finance Development - Inclusive finance has made substantial advancements in China, establishing a multi-level supply structure that enhances financial service coverage, accessibility, and satisfaction [6]. - The implementation plan for high-quality development of inclusive finance aims to build a comprehensive system over the next five years, optimizing service systems and improving credit and insurance frameworks [6][10]. Group 2: Local Industry Support - In Bohxing County, the local grass willow weaving industry has flourished with over 300 enterprises and more than 12,000 direct employees, supported by inclusive finance initiatives [7][8]. - Financial institutions have introduced specialized loans like "Willow Weaving Loan" to meet the funding needs of small businesses lacking collateral [9][10]. Group 3: Financial Products and Services - The "Willow Weaving Loan" allows small business owners to apply for loans ranging from 30,000 to 200,000 yuan via mobile applications, often with same-day disbursement [9]. - Other tailored financial products include "Greenhouse Loan," "Prawn Loan," and "Catering Easy Loan," designed to cater to specific agricultural needs [9][10]. Group 4: Insurance and Risk Management - Insurance products such as employer liability insurance and property insurance have been developed to protect small businesses in the grass willow weaving sector from operational risks [14][15]. - The article emphasizes the importance of insurance in supporting the sustainability of traditional crafts and ensuring worker safety [14][15]. Group 5: Community Engagement and Education - Local banks have established 78 inclusive finance service stations to provide essential banking services directly to rural communities, enhancing accessibility [16][17]. - Financial literacy initiatives, such as "Financial Night Schools," have been launched to educate the public on financial management and fraud prevention, reaching over 100,000 individuals [18].

Core Viewpoint - The new regulation on non-auto insurance business, effective from November 1, 2025, aims to address the ongoing losses in the non-auto insurance sector by implementing a "report and execute" system, similar to that of auto insurance, to enhance compliance and improve quality and efficiency in the industry [4][9][10]. Summary by Sections Implementation of "Report and Execute" System - The "report and execute" system for non-auto insurance will cover 10 types of insurance, including liability insurance and corporate property insurance, starting from November 1, 2025 [4][16]. - This regulation is expected to change the current loss-making situation in the non-auto insurance sector, which has been exacerbated by intense competition and high expense ratios [12][14]. Current Challenges in Non-Auto Insurance - The non-auto insurance sector has experienced cumulative losses of approximately 40 billion from 2020 to 2024, with 67% of the 83 insurance companies reporting losses in this segment [12][14]. - Specific types of insurance, such as liability and corporate property insurance, have faced continuous losses over the past three years [14][18]. Regulatory Adjustments - The new regulation emphasizes optimizing assessments by lowering the focus on premium growth and market share while increasing the importance of compliance and quality [21][23]. - It aims to address three major issues: low premium rates, high expenses, and the broadening of liability [5][24]. Fee Control Measures - The regulation sets upper limits on commission rates and emphasizes strict control over expenses, introducing "eight prohibitions" to prevent excessive costs [24][30]. - Non-auto insurance companies are required to adhere to fair and reasonable pricing principles to avoid high expense ratios that have contributed to ongoing losses [24][26]. Management of Premium Receivables - The regulation mandates that insurance companies issue policies and invoices only after collecting premiums, aiming to improve premium receivable management [34][35]. - Insurance intermediaries are prohibited from practices that disrupt market order, such as deferring premium payments [35][36]. Industry Self-Regulation - The insurance industry association is tasked with developing standard clauses and self-regulatory guidelines to address issues like liability broadening and low premium rates [39][40]. - The regulation also emphasizes the need for actuarial associations to establish benchmark pure risk loss rates to enhance pricing norms [39]. Monitoring and Compliance - Regulatory bodies will monitor compliance with the "report and execute" system and conduct inspections on insurance companies and intermediaries to ensure adherence to the new rules [41][42].

Core Points - The article discusses the transformation of the Chinese insurance market with the emergence of the third wholly foreign-owned property insurance company, St. Paul Insurance, following a share transfer from its only Chinese shareholder to its foreign parent company [2][3] - The trend of joint ventures transitioning to wholly foreign-owned entities reflects foreign investors' commitment to the Chinese market, driven by the gap in insurance depth and the rising demand for middle-class protection [3][4] - St. Paul Insurance has been reducing its operational footprint, closing several branches, which indicates a strategic shift towards focusing on profitability rather than expansion [4][5] Company Strategy - St. Paul Insurance's transition to a wholly foreign-owned entity allows for unified strategic direction and improved decision-making efficiency, aiming for better localization of products and operations [2][3] - The company has strategically exited the competitive auto insurance market, focusing instead on non-auto sectors such as accident, liability, and cargo insurance, which presents both opportunities and challenges for profitability [6][9] - The company has experienced a decline in net profit from 0.6 billion to 0.04 billion from 2017 to 2022, with a slight recovery in 2023 and 2024, but a significant drop in the first half of 2025 [7][8] Market Dynamics - The market share of foreign insurance companies in China has increased from 4% in 2013 to 9% currently, indicating a growing presence despite the overall low percentage [3][9] - The competitive landscape is dominated by a few major players, with the "old three" capturing 60% of the premium market, making it challenging for smaller foreign insurers to compete without a strong distribution channel [5][9] - The article highlights the need for foreign insurers to innovate in service models and product offerings to differentiate themselves from traditional insurers, particularly in high-end customer segments [8][9]