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非车险“报行合一”点评:重塑非车险生态,利好承保利润提升
Guoxin Securities· 2025-07-09 05:23
证券研究报告 | 2025年07月09日 非车险"报行合一"点评 重塑非车险生态,利好承保利润提升 | 行业研究·行业快评 | | | | 非银金融·保险Ⅱ | 投资评级:优于大市(维持) | | --- | --- | --- | --- | --- | --- | | 证券分析师: | 孔祥 | 021-60375452 | | kongxiang@guosen.com.cn | 执证编码:S0980523060004 | | 联系人: | 王京灵 | 0755-22941150 | | wangjingling@guosen.com.cn | | 事项: 近日,国家金融监督管理总局下发《关于加强非车险监管有关事项的通知(征求意见稿)》(以下简称"《通 知》"),首次明确"非车险"定义,同时标志着非车险"报行合一"或将正式实施。 国信非银观点:近年来,非车险业务持续扩容,在财产险总保费中的占比已从 2019 年的 37.1%攀升至 2024 年的 47.4%,贡献接近半数财险保费规模。然而高速发展伴随恶性竞争加剧,部分机构为抢占份额,通过 拆分保额、更改标的使用性质变相降费,或虚列"会议费"" ...
2025一季度车险榜&非车险榜:平安增速快,泰康、众安等车险增速超20%,众安、京东等非车增速连续3年超10%
13个精算师· 2025-07-07 14:51
Core Viewpoint - The insurance industry is experiencing a shift with the "old three" insurance companies maintaining their market share in the auto insurance sector while new entrants are rapidly growing in the non-auto insurance market [11][21][36]. Auto Insurance Premium Rankings - In Q1 2025, the top three auto insurers, namely People's Insurance, Ping An, and Taiping, have increased their insured vehicles by over 2% compared to the previous year [21][25]. - The overall auto insurance premium income for the industry reached 515.5 billion, with a notable increase in premium growth driven by consumer incentives and rising vehicle sales [11][21]. - New entrants like BYD Insurance have shown significant growth, with a premium of 740 million, ranking 22nd in the market, benefiting from low commission rates and high payout ratios [35][36]. Non-Auto Insurance Premium Rankings - Ping An's non-auto insurance premium growth exceeded 14%, while companies like Zhong An and Tai Kang have maintained over 10% growth for three consecutive years [36][37]. - The non-auto insurance market is seeing a competitive landscape where new players are closing in on the traditional leaders, indicating a shift in market dynamics [11][36]. Market Trends - The auto market is benefiting from government incentives such as "trade-in" subsidies, leading to a 16.1% increase in passenger car production and a 12.9% increase in sales in Q1 2025 [21][24]. - The overall premium income for the insurance industry in Q1 2025 was 2,246.8 billion, reflecting a 3.03% growth year-on-year [21][36]. - The competition in the auto insurance sector is intensifying, with 32 companies reporting premium growth exceeding the market average, primarily among smaller firms [31][32].
整治盲目拼规模、抢份额 监管推进非车险业务“报行合一”
Zheng Quan Ri Bao· 2025-07-04 16:22
近日,《证券日报》记者从业内获悉,国家金融监督管理总局近期向各财产保险公司、各保险中介机构 等下发《关于加强非车险监管有关事项的通知(征求意见稿)》(以下简称"征求意见稿"),督促财险 公司严格执行经备案的保险条款和保险费率(以下简称"报行合一"),有效管控应收保费风险,推进财 险行业降本增效,提升内源性资本积累能力,更好服务民生保障和实体经济。 受访专家表示,征求意见稿引导财险公司重视业务质量,减少对保费规模的过度追求,有助于规范市场 竞争秩序,提升行业整体质量效益。 向以价值和效益为中心转变 根据征求意见稿,其所称非车险是指财险公司经营的除车险、农险、出口信用险、短期健康险和意外险 之外所有保险业务。 近年来,家财险、企财险、责任险等非车险业务快速发展,但在发展过程中,恶性竞争、变相返利或降 费等行业乱象也随之出现。 早在2018年,车险业务便开始推动落实"报行合一";2023年,监管推进人身险行业落实"报行合一"。此 次下发的征求意见稿则引导非车险业务"报行合一",进一步推动全行业实现"报行合一"。 对此,征求意见稿提出,财险公司对非车险业务的规划应充分考虑自身发展基础和市场承载能力,不得 盲目拼规模、 ...
保险行业2025年5月保费收入点评:寿险高增驱动行业保费回暖,财险延续稳定
CMS· 2025-07-04 09:50
证券研究报告 | 行业点评报告 2025 年 07 月 04 日 寿险高增驱动行业保费回暖,财险延续稳定 保险行业 2025 年 5 月保费收入点评 总量研究/非银行金融 近日,国家金融监督管理总局公布 2025 年 1-5 月保险业经营情况,人身险公 司的寿险保费增速进一步走阔,健康险和意外险短期承压;财产险公司的车险 保费增速稳中向好,非车险经营效益有望提升;行业整体延续稳健表现。 推荐(维持) 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 91 | 1.8 | | 总市值(十亿元) | 6080.2 | 6.8 | | 流通市值(十亿元) | 5806.8 | 7.1 | 行业指数 % 1m 6m 12m 绝对表现 9.3 10.0 51.4 相对表现 6.3 4.8 36.8 资料来源:公司数据、招商证券 -20 0 20 40 60 80 Jul/24 Oct/24 Feb/25 Jun/25 (%) 非银行金融 沪深300 相关报告 1、《低估值、高弹性的攻守兼备之选 ——保险行业 2025 年中期投资策略》 2025-06-28 2、《陆家嘴金 ...
非车险“报行合一”,推动行业高质量发展
HUAXI Securities· 2025-07-04 06:32
证券研究报告|行业点评报告 通知所指的非车险,是指财险公司经营的除车险、农险、出口信用险、短期健康险和意外险之外所有保险 业务。 通知对财险公司在非车险业务经营方面提出四大要求:1)调整优化考核机制,降低保费规模、业务增速、 市场份额的考核要求,提高合规经营、质量效益、消费者满意度的考核权重。2)应遵循合理、公平、充足原则 厘定费率,合理设置附加费率,不得在费率结构中设置与所提供服务不相符的高额费用水平。附加费率包括费 用附加率、风险附加率和利润附加率。主险的精算报告和附加险的其他备案材料中应明确列示附加费率、平均 手续费率和逐单手续费率上限。3)应严格执行经备案的保险条款。财险公司和保险中介机构不得通过特别约 定、批单、协议、备忘录等方式实质改变经备案的保险条款责任,不得通过拆分保险标的、拆分保额、更改被 保险人性质、更改标的使用性质等形式变相降低保险费率。4)应建立费率定期回溯和动态调整机制,当实际经 营情况与精算假设偏差过大时,应及时进行调整并重新备案,必要时应先行停售相关产品。 同时,通知规范了财险公司对保险中介机构的相关行为。1)不得委托不具备合法资质的机构从事保险销售 活动。不得向不具备合法资质的 ...
监管部门就规范财险公司非车险业务征求意见 力推“报行合一” 不得盲目拼规模抢份额
Shang Hai Zheng Quan Bao· 2025-07-02 18:29
近年来,我国非车险业务快速发展,但手续费虚高、变相返利等市场恶性竞争乱象也随之多发。"部分 保险公司通过虚挂中介套取费用等方式突破备案费率,扰乱市场秩序并损害消费者利益。监管部门就加 强非车险监管征求意见,旨在规范市场行为,推动行业降本增效,保护消费者利益。"对外经济贸易大 学创新与风险管理研究中心副主任龙格告诉记者。 《通知》要求,财险公司应遵循合理、公平、充足原则厘定费率,合理设置附加费率,不得在费率结构 中设置与所提供服务不相符的高额费用水平。财险公司不得以直接业务虚挂中介业务等方式套取手续 费,不得通过虚列"会议费""宣传费""广告费""咨询费""服务费""防预费""租赁费""职工绩效工资""理赔 费用"等方式套取费用,变相突破报备的手续费率上限。 监管部门引导财险公司摒弃"唯规模论"的发展理念,重视可持续高质量发展。《通知》提出,财险公司 对非车险业务的规划应充分考虑自身发展基础和市场承载能力,不得盲目拼规模、抢份额,要加快由追 求速度和规模向以价值和效益为中心转变,调整优化考核机制,降低对保费规模、业务增速、市场份额 的考核要求,提高合规经营、质量效益、消费者满意度的考核权重。 ◎记者 何奎 酝酿 ...
不得盲目拼规模抢份额、严禁虚假手续费,非车险“报行合一”新规酝酿
Bei Jing Shang Bao· 2025-07-02 13:20
Core Viewpoint - The introduction of the "reporting and implementation consistency" (报行合一) regulation in the non-auto insurance sector aims to enhance efficiency and reduce costs within the property insurance industry, addressing issues of intense competition and profitability constraints [1][6]. Group 1: Regulatory Changes - The National Financial Regulatory Administration has issued a draft notice to property insurance companies to strengthen the regulation of non-auto insurance, indicating a shift towards "reporting and implementation consistency" [1][3]. - The draft defines non-auto insurance as all insurance business conducted by property insurance companies, excluding auto insurance, agricultural insurance, export credit insurance, short-term health insurance, and accident insurance [3]. - The regulation mandates that insurance companies must strictly adhere to the approved insurance terms and rates, prohibiting any alterations through special agreements or other means [3][4]. Group 2: Market Dynamics - The non-auto insurance market has been experiencing intense competition, leading to a phenomenon referred to as "internal competition," which has negatively impacted profitability [4][5]. - The draft emphasizes that property insurance companies should focus on value and efficiency rather than merely pursuing scale and market share, adjusting their assessment mechanisms accordingly [4][5]. - The regulation aims to curb fraudulent pricing practices and ensure transparency in fee structures, thereby improving the overall market order [4][6]. Group 3: Long-term Implications - Implementing "reporting and implementation consistency" is expected to enhance the underwriting capabilities and risk management of the industry, ultimately leading to a healthier market environment [6][7]. - The shift from a scale-oriented approach to an efficiency-oriented model will require insurance companies to invest in product development and service innovation, moving away from unsustainable price wars [7]. - The long-term impact of these regulations may lead to a significant transformation in the operational models of property insurance companies, fostering a competitive landscape driven by innovation and service quality [7].
非车险业务实行“报行合一”,万亿元市场生态重构在即
Hua Xia Shi Bao· 2025-07-02 11:41
本报(chinatimes.net.cn)记者吴敏 北京报道 占据财险业保费收入半壁江山的非车险领域,即将全面迈入报行合一时代。 7月2日,《华夏时报》记者从业内获悉,金融监管总局向各财险公司下发《关于加强非车险监管有关事 项的通知(征求意见稿)》(下称"新规"),其核心直指行业沉疴:严禁变相降费、严打中介套利、建 立费率动态调整机制,并剑指长期困扰行业的"应收保费堰塞湖",明确"见费出单"原则,设置首期保费 比例门槛。这一系列举措,绝非简单的合规升级,而是一场旨在打破恶性循环、重塑行业价值逻辑的深 度变革。 需要指出的是,非车险的复杂性远超车险,其挑战在于险种的"千姿百态"。从短期健康险、农业保险到 航运险、信用保证保险,大类之下更衍生出无数细分险种。责任险家族便囊括安责险、雇主险、环污 险、食安险等,各自条款费率差异巨大。 为应对非车险险种复杂、费率差异大的特点,新规建立了动态调整机制。要求财险公司定期回溯费率执 行情况,当实际经营情况与精算假设偏差过大时,应及时进行调整并重新备案,必要时应先行停售相关 产品。费率厘定需遵循合理、公平、充足原则,并在精算报告中明确列示各项附加费用率及手续费上 限。 长期困 ...
非车险“报行合一”终于来了!剑指“三大顽疾”:高费用、低费率和责任泛化...
13个精算师· 2025-07-02 07:42
Core Viewpoint - The Financial Regulatory Bureau plans to implement "reporting and execution as one" for non-auto insurance to address ongoing losses in the sector and improve compliance and efficiency [1][2][11]. Group 1: Non-Auto Insurance Losses - Non-auto insurance has been experiencing significant losses, with cumulative losses of approximately 40 billion from 2020 to 2024 [8][19]. - The implementation of "reporting and execution as one" is aimed at addressing the underlying issues causing these losses, including high expense ratios and low premium rates [25][30]. Group 2: Implementation of "Reporting and Execution as One" - The new regulation will be implemented in phases, starting with all new non-auto insurance products needing to comply by August 1, 2025 [15][14]. - The non-auto insurance categories affected include liability insurance, corporate property insurance, and others, which together account for about 20% of the market share [19][21]. Group 3: Regulatory Adjustments - The regulatory framework will shift focus from premium growth to compliance, quality, and consumer satisfaction, reducing the emphasis on market share and growth rates [24][21]. - The new rules will enforce strict limits on expense ratios and require detailed reporting of fees, aiming to curb excessive costs and improve profitability [30][36]. Group 4: Addressing Industry Challenges - The regulation targets three main issues: low premium rates, high expense ratios, and the broadening of liability coverage [25][29]. - Companies will be required to establish mechanisms for regular review and adjustment of their fee structures to prevent deviations from approved rates [37][38]. Group 5: Consumer Protection and Industry Standards - The new guidelines emphasize the importance of consumer protection, ensuring that companies do not compromise service quality in pursuit of cost reductions [46][47]. - The insurance industry association will work on developing standard clauses and self-regulatory guidelines to enhance market practices and consumer trust [46][48].
2025一季度财险公司保费排名榜:平安超市场,紫金、中原、大家等增速超20%,比亚迪、长江、众惠、三星排名飙升!
13个精算师· 2025-06-09 14:03
2025年一季度 85家财险公司保费排名 ① 财险业"双优" 利润和保费,皆创新高 ②平安产险 车险和非车险,增速均超市场 ③紫金、泰康排名上升 众惠、三星等持续高速增长 比亚迪车险保费已超上年全年的50% 1 2025年一季度 财险公司保费排名榜 各家增速靠什么?车险or非车险? | 排行 章 | | 必ヨイ3 | 竟 签单保费 | | 竟增速贡献 | | 同场分额 | | --- | --- | --- | --- | --- | --- | --- | --- | | 25 | 変化 | | 2025 | 増速 | 车龄 | 非车险 | | | l | 篇 | "人保财险 | 1.808.54 | 4.0% | 高7.4% | 2.6% | 35.43% | | 2 | | 平安产险 | 893.13 | 7.4% | 2.5% | 4.9% | 17.50% | | 3 / | 型 | 太保财险。八 | 633.22 | | 0.9% 0.6% | 0.3% | 12.40% | | ব | | 国寿财产 | 287.05 | 1.7% | 0.5% | 1.2% | 5.62% | | 5 | | ...