2021年8月3日

Banking and Insurance Regulatory Commission: After the comprehensive reform of auto insurance, 89% of insurance policy signing premiums dropped

Banking and Insurance Regulatory Commission: After the comprehensive reform of auto insurance, 89% of insurance policy signing premiums dropped

Xinhua News Agency, Beijing, April 6 Reporters learned from the Banking and Insurance Regulatory Commission, since September 19, 2020, the implementation of the comprehensive reform of auto insurance, auto insurance market to maintain overall stability, “price reduction, increase insurance, improve the quality of the” phased goal has achieved initial results, basically in line with the reform expectations.

Data show that 89% of policies have seen a drop in premiums since the reform was implemented half a year ago, among which 64% have seen a drop of more than 30%. The average amount of three liability insurance increased from 890,000 yuan before the reform to 1.33 million yuan. By the end of February, the comprehensive cost ratio of national auto insurance had dropped by 9.39 percentage points year on year, and the registration rate of auto insurance had dropped by 6.75 percentage points year on year.

A person in charge of China Banking and Insurance Regulatory Commission said that since the implementation of the comprehensive reform of auto insurance, some new situations and new problems have emerged in the auto insurance market. China Banking and Insurance Regulatory Commission plans to organize 10 banking and insurance regulatory bureauto carry out targeted inspection on 12 provincial branches of 5 major property insurance legal entities.

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