The second anniversary of the comprehensive reform of the car insurance: the increase in premium income increased in the increase of the premium income increased by more than 128%

Reporter Leng Cuihua

On September 26, the CBRC disclosed the operating situation in the first eight months of this year. Related data reflects the changes in the comprehensive reform of the car insurance over the past two years.

On September 19, 2020, the comprehensive reform of auto insurance was officially implemented. According to the relevant data before and after the reform, the level of car owners has increased significantly in the past two years, and most car owners' premium expenditures have declined. From the perspective of auto insurance operations, in the comprehensive cost, the compensation rate has increased significantly, and the cost rate has decreased significantly; from the perspective of market competition, price competition is the main point to pricing and service competition.

The effect is good for the people

Under the goal of "reduction in price, increasing insurance, and quality raising", the first year of the automotive insurance of the car insurance has fallen by nearly 10%of the industry's insurance premiums in the first year of the industry; the second year of the car insurance comprehensive reform, auto insurance premiums have once again entered a year -on -year rising channel.

Taking the overall reform of auto insurance as the boundary, the three sets of data can well reflect the impact of comprehensive reform of the car insurance. In the first eight months of 2020 (before the implementation of the comprehensive reform of the auto insurance), the industry's auto insurance premium income was 546.3 billion yuan, the number of policies was 33.964 million, and the insurance amount was about 18.2 trillion yuan; , The industry's auto insurance premium income is 495 billion yuan, the number of insurance orders is 35.79 million, and the insurance amount is about 30.37 trillion yuan; the first eight months of 2022 (the car insurance comprehensive reform has been in the past two years), the industry's auto insurance premium income is 528.4 billion yuan, and the number of insurance orders is 37705553,770555 10,000 pieces, the amount of insurance is about 4.157 trillion yuan.

It can be seen that in the first eight months of 2021, the revenue of auto insurance premiums decreased by 9.4%year -on -year, the number of insurance policies increased by 5.4%, and the insurance amount increased by 66.7%. In the first eight months of this year, auto insurance premiums increased by 6.7%year -on -year, but still less than the same period before the comprehensive reform. From the perspective of the number of insurance policies, the first eight months of this year increased by 11%compared with the same period of 2020, and the increase in the insurance increase was as high as 128%. Essence

"After the comprehensive reform of the auto insurance, the guarantee quantity increased significantly, and the number of insurance policies also increased. In the first eight months of this year, car insurance premiums increased compared with the same period last year, but less than the same period of 2020, which shows that the average premium of car premiums decreased significantly after the reform. The reform has benefited from the people. The effect is significant. "Xie Yuantao, Dean of the Insurance College of the University of Foreign Economics and Trade, told a reporter from the Securities Daily.

The insurance market observation report in the first quarter of 2022 prepared by the China Insurance Industry Association also shows that as of the end of March this year, the average premium of consumers' car was 2808 yuan, a decrease of 689 yuan before the comprehensive reform of the auto insurance, a decrease of 20%, about 89%of about 89%. Consumer premium expenditure decreases. At the same time, statistics show that as of the end of March this year, the comprehensive cost rate of auto insurance in the country was 27.5%, a year -on -year decrease of 10 percentage points.

From the perspective of the operation of insurance companies, Bai Kuiyao, deputy general manager of Changan Insurance Auto Insurance Department, told a reporter from the Securities Daily that one of the main changes after the comprehensive reform of the auto insurance is that the cost structure of the auto insurance business has changed, and the comprehensive compensation rate of auto insurance has risen significantly. The comprehensive expense rate decreased significantly. In the first half of this year, the comprehensive cost rate was better, but considering that the epidemic situation in the first half of this year caused a relatively low utilization rate of vehicles, the actual comprehensive cost rate was basically the same as before comprehensive reform.

Some analysts believe that if the vehicle travel has decreased in the first half of the year, the car insurance business in insurance companies will face great challenges in 2022, and the probability of the comprehensive cost rate of the industry's car insurance business exceeds 100%.

Small and medium -sized insurance companies have increased pressure

While the comprehensive reform of the auto insurance, while allowing the people and improved quality and efficiency, it also puts forward higher requirements for the operation of insurance companies. How to further enhance the pricing capacity and service capabilities is a question that insurance companies need to answer, especially for small and medium -sized insurance companies, they are more challenging.

"The comprehensive reform of the car insurance has a profound impact on the competition pattern of the property insurance industry." Li Jian, a researcher at Huatai Securities, said that after the comprehensive reform, the cost of auto insurance has shrunk, the operating efficiency is improved, and the competition depends on risk pricing, service network, brand effect and scale economy. In the case of expensive inspiration, customers pay more attention to brand and services. In these aspects, head insurance companies have more advantages, and their market share is expected to rise further.

In terms of business quality, large -scale insurance companies are significantly better than small and medium -sized insurance companies. Data show that in the first half of this year, PICC's property insurance continued to promote cost reduction and efficiency, and the cost rate of motor vehicle insurance was 25.7%, a year -on -year decrease of 0.7 percentage points; the comprehensive expense rate of Tai Insurance's business insurance insurance business was 26.3%, which was flat year -on -year. The comprehensive expenses of the two companies are lower than the industry average expense rate. At the same time, in the first half of the year, the comprehensive cost ratio of PICC's insurance insurance insurance was 95.4%, a year -on -year decrease of 1.3 percentage points; the comprehensive cost rate of the car insurance in the first half of the year was 2.4 percentage points to 96.6%.

Yu Ze, vice president and president of PICC Property Insurance, said that the profitability of auto insurance in the first half of the year is better. Although there are uncertain factors like typhoons in the second half of the year, the company will ensure that the cost of the car insurance will ensure the compensation rate of the auto insurance insurance. In a reasonable range, the compensation rate of the company's auto insurance business is expected to remain stable. At the same time, the profitability of the entire auto insurance business remains stable, and it will be better than the industry, which is basically the same as the expected expected at the beginning of the year.

China Insurance Security Fund Co., Ltd. recently released the "China Insurance Risk Evaluation Report 2022" also pointed out that in terms of auto insurance, most small and medium -sized insurance companies lack quality control capabilities, and fixed costs are difficult to dilute. In the end It is significantly higher than large companies, and the negative losses are serious.

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