Picture source: Oriental ICh
On October 25, Banking and Insurance Regulatory Commission issued a statement saying that in recent years, Property Insurance 's supply-side structural reform has made new breakthroughs.
Specifically, in terms of continuing to deepen the reform of auto insurance. Since 2012, regulatory authorities have focused on solving difficult problems such as "high insurance and low compensation" and "no compensation without responsibility" that the masses have strongly reflected, and have continued to carry out auto insurance reform. Based on the summary of the previous reform pilot, the "Guiding Opinions on Implementing Comprehensive Reform of Auto Insurance " was implemented nationwide on September 19, 2020. Since the implementation of the reform, the phased goals of "reducing prices, increasing insurance, and improving quality" have been basically achieved, and consumers have obtained tangible reform dividends. As of the end of June 2022, the average premium for consumers' cars was 2,784 yuan, a sharp drop of 21% from before the reform, and 87% of consumer premium expenditures decreased, reducing auto insurance consumers' spending by more than 250 billion yuan. The degree of protection has been significantly improved. With the unchanged price, the amount of compulsory motor vehicle insurance coverage has been increased from 122,000 yuan to 200,000 yuan; the average coverage of motor vehicle commercial third-party liability insurance has reached 1.94 million yuan, a significant increase from before the reform. The protection liability is more comprehensive, and responsibilities such as glass breakage and engine water damage are included in the main insurance coverage, and new additional insurance products such as wheel loss insurance and medical insurance external drug liability insurance are developed. The exclusive insurance products for new energy vehicles will be launched by the end of 2021 to support the development of the new energy vehicle industry and help achieve the "dual carbon" goal.
At the same time, the China Banking and Insurance Regulatory Commission has steadily promoted product supervision reform. Revise and issue the "HTM3 Property Insurance Company Insurance Terms and Insurance Premium Rate Management Measures ", formulate the guidelines and rate determination guidelines for property insurance companies insurance product development, and standardize product development behavior. Carry out reforms for independent registration of registered products of property insurance companies, launch independent registration platforms, establish an information disclosure mechanism for independent registration of products at 7*24 hours a day and timely disclose to the public to improve product information transparency. As of the end of 2021, there were 101,840 registered products, and the cumulative number of public inquiries reached more than 2.56 million times. Four rounds of product spot checks were organized to achieve full coverage of all property insurance companies, and a total of more than 3,800 problematic products were cleared. We insist on asking the people about their needs, carry out major surveys on the demand for property insurance products, widely listen to the opinions and suggestions of the public, and enhance the applicability of product development.
In fact, it promotes the establishment of the catastrophe insurance system . In 2015, it guided the industry to form a catastrophe insurance community for urban and rural residents in China. In 2016, the Ministry of Finance issued the "Implementation Plan for Establishing an Earthquake and Catastrophe Insurance System for Urban and Rural Residents". In 2017, the Ministry of Finance issued the "Regulations on the Management of Special Reserves for Earthquake and Catastrophe Insurance" to establish an earthquake and catastrophe insurance system and promote the construction of a disaster-causing insurance system. As of the end of June 2022, the earthquake catastrophe insurance community has provided a total of 708.7 billion yuan in earthquake catastrophe risk protection to 18.76 million households across the country, with a total compensation of approximately 96.36 million yuan. The risks in areas with frequent earthquakes have been effectively covered, and the level of earthquake catastrophe insurance protection has been continuously improved. Guide insurance companies to carry out local comprehensive catastrophe insurance pilot projects in 12 provinces, cities and regions including Shenzhen, , Ningbo, , Guangdong, and the coverage scope gradually expands to disasters such as typhoons and floods. (Blue Whale Insurance Li Danping [email protected])
