Recently, the reporter of Securities Daily learned that since the implementation of comprehensive reform of vehicle insurance, China Ping An insurance, China Taiping Insurance and other insurance companies have launched new auto insurance systems, and issued new car insurance one after another.
According to the data disclosed by the regulatory authorities, after years of reform and development, Chinas automobile insurance has achieved positive results. In 2019, Chinas motor vehicle insurance coverage reached 260 million vehicles, with premium income of 818.9 billion yuan, accounting for 63% of the property insurance premium. However, some long-standing deep-seated contradictions and problems have not been fundamentally solved. High pricing, high handling charges, extensive operation, disordered competition, data distortion and other issues are relatively prominent, and there is a big gap between the requirements of high-quality development and the like.
The relevant person in charge of the CBRC stressed that it is expected that after the implementation of the reform, Three Basics can be achieved for consumers in the short term, that is, prices are basically only reduced but not increased, security is basically increased but not reduced, and services are basically only excellent but not poor. According to the recent business situation of new auto insurance disclosed by insurance companies, the premium of vehicle insurance for car owners has generally decreased. On this basis, insurance companies such as China Pacific Insurance Company and Ping An insurance company of China have also optimized vehicle insurance services.
The insurance premium of car owners is generally reduced
After the introduction of comprehensive reform of vehicle insurance, do car owners feel this change? According to the information learned by the reporter of Securities Daily, after the comprehensive reform of vehicle insurance, the insurance premium of car owners has generally decreased, but some owners have increased instead of decreasing.
Similarly, the reporter learned from Ping An Property insurance that at 0:01 on September 19, Mr. Lu, the owner of Ping An from Shanghai, received a new insurance policy for his car, with a premium of 1944.25 yuan, while that of Mr. Lus car in 2019 was 2352.60 yuan. Last year, Mr. Lus Insurance types included motor vehicle loss insurance, third-party liability insurance, and no deductible insurance (motor vehicle loss insurance). This year, new insurance was added Additional special terms of value-added service for road rescue and inspection on behalf of motor vehicles are added.
In addition, taking the new auto insurance policy launched by Zhongan online on September 19 as an example, Ms. Chengs five seater sedan, the owner of Shanghai, had no claim settlement for three consecutive years, and there was no record of traffic violations in the previous year. Under the same insurance amount, the premium price of the new auto insurance policy will be more than 400 yuan cheaper than before.
Although consumers who have taken out new auto insurance have generally seen a decrease in premium, some car owners have said that the insurance premium has increased by a large margin this year. Recently, Ms. Huang told the Securities Daily: the premium of automobile insurance last year was less than 5000 yuan, but after the comprehensive reform of automobile insurance recently, the insurance company calculated the premium of more than 6200 yuan, and the premium increased by about 25%. The explanation given by insurance companies is that the discount rate of premium is lower than last year. In addition, small types of insurance such as water-related, glass and spontaneous combustion are merged into the vehicle damage insurance, so the premium is increased
Comprehensive reform forces insurance enterprises to improve their service ability
From the perspective of the industry, after the comprehensive reform of automobile insurance, the growth rate of automobile insurance premium may be under pressure in the short term, but in the long run, it is good for the development of the industry.
It is noteworthy that with the implementation of comprehensive reform of vehicle insurance, the property insurance industry may be affected by the short-term delay of vehicle insurance, and the growth rate has slowed down. Sun Jianping, chairman and CEO of Ping An Property Insurance, believes that the comprehensive reform of automobile insurance has entered the deep water area, and the industry will certainly have a period of pain. In the short term, the growth rate of automobile insurance premium in the industry may decline, or even negative growth, and the comprehensive cost rate may exceed 100%. However, market-oriented reform is the best choice for Chinas automobile insurance. Only by promoting market-oriented reform can we solve the long-term existence of the automobile insurance market In order to further achieve high-quality development of vehicle insurance.
Gu Yue, chairman of PICC Property Insurance, said at the 2020 capital market opening day on September 24, the intention of the comprehensive reform of automobile insurance is to protect the rights and interests of consumers as the center, on the other hand, it also forces insurance companies to increase the degree of intensification, so as to provide consumers with more and better products and services with lower prices.. As for the impact of the reform on the industry, the management of PICC Property Insurance believes that three core capabilities determine whether the company has the ability to cope with: the first is the ability to directly access customers. According to the current reform ideas, if there is no direct customer capacity, there will be great pressure in the future competition; the second is the intensive ability, and the upper limit of the additional charge rate of commercial vehicle insurance products will be reduced from 35% to 25%. How to obtain these 10 points, at the same time, the insurance company also needs to make profits and comprehensively improve the intensive ability; the third is how to provide customers with the best service The best protection. It is difficult to translate many safeguards into concrete results. To some extent, the competitiveness of insurance companies in the future will be reflected in the level of service ability.
Shi Hui, general manager of property insurance, also said in an interview with Securities Daily that the comprehensive reform of automobile insurance will inevitably have a great impact on the market and the cost structure of insurance companies automobile insurance operation, and test the ability of actuarial pricing, risk control and cost accounting of insurance companies. It has a greater impact on the companies with extensive operation and poor management ability. Although there are pains in the comprehensive reform of automobile insurance, it will eventually promote the operation of insurance companies from sales and product centered to customer-centered. Insurance companies should fully predict the change of cost structure caused by the change of risk and consideration premium, and actively consider the Countermeasures in the aspect of operation and management mode.