The auto insurance business, which accounts for 70% of the domestic property insurance industry and has an annual average premium of hundreds of billions, is now at a crossroads. The reporter recently learned from the interview that the premium income of the entire auto insurance market has continued to slow down, and the underwriting efficiency is close to the critical point of breakeven.
Deep-seated problems are also gradually emerging. The growth of new car sales related to auto insurance premiums continued to fall, and the obvious pulling effect of new car sales on premium growth will gradually weaken over the years. This means that the auto insurance market relies on the rapid growth of new car sales, and the extensive development model that can drive premium growth over 100 billion per year is unsustainable.
When the wholeInsuranceThe industry is moving towards a new journey of high-quality development, and the automobile insurance has also reached a comprehensive deep-water period of reforming the “bone-scraping treatment” and self-innovation. In the next few years, whether it is possible to prioritize the transformation from scale to top will be related to the continuation of the vitality of the entire auto insurance industry.
Internal and external difficulties
A group of data that the reporter learned from inside the industry showed that in October 2018, the national commercial auto insurance premiums were 3037 yuan, compared with three years ago, the average auto insurance premiums of the owners decreased by about 900 yuan a year, and the commercial auto insurance insurance rate Significant improvement. The decline in premiums, the improvement in support capacity, and the continuous improvement in consumer sentiment indicate that the phased effectiveness of the pilot reform of the commercial auto insurance clause rate system has gradually emerged in the past three years.
However, some industry insiders who are close to the regulatory authorities said that they should not only see the overall stability of the auto insurance market, but also the enthusiasm of consumers to benefit from it. It is also important to note that some companies, some regions and some links are hidden behind the overall market. . These problems are precisely the key factors that constrain the role of auto insurance.
At present, the internal problems facing the auto insurance business in the industry mainly focus on the following aspects: First, high-cost and high-fee-cost bundled sales, second, heavy-duty, light-compliance and light-effective, and third, the problem of unrealistic data is prominent. The risk of cash flow has increased.
According to a group of data that the reporter learned, in October 2018, the national auto insurance premium income was 630.997 billion yuan, a year-on-year increase of 4.87%. The premium growth rate decreased by 5.52 percentage points year-on-year, which was 2.25% lower than the first quarter and second quarter of 2018. 0.68 percentage points. Auto insurance premiums accounted for 65.23% of the entire property and casualty insurance industry, down 4.82 percentage points year-on-year.
The growth rate of auto insurance premiums declined, and the underwriting efficiency was close to the profit and loss threshold. At the same time, the fee and commission outflow rate soared. The property insurance company’s “only premium theory” business concept of heavyweight, light compliance and light efficiency was revealed. Nothing.
Industry insiders bluntly, due to the certain scale effect of auto insurance business, some property insurance companies andshareholderwithExecutiveBlindly pursue the scale of premiums. Regardless of the company's capabilities and conditions, regardless of whether the company has operational benefits or not, no matter how many illegal red lines it has stepped on, it is necessary to engage in predatory vicious competition. The price of “very silly” is the overwhelming cost of acquisition, the cost of compensation and the operating expenses.
The test from the outside should not be underestimated. From January to November 2018, China's automobile production and sales continued to decline year-on-year, and the decline was larger than that from January to October. With the popularization of family cars from first- and second-tier cities to third- and fourth-tier cities and even county markets, the new car market is gradually saturated. The obvious pulling effect of new car sales on auto insurance premium growth will gradually weaken over the years.
Under the difficulties of internal and external affairs, the auto insurance market has reached a point where it is impossible to rectify.
An industry insider who is close to supervision told reporters that if the wrong business philosophy of irrational competition without cost and recklessness is not corrected for a long time, it will not only seriously damage the interests of consumers, but also undermine the competition order in the auto insurance market and shake the long-term healthy development of the auto insurance market. The foundation.
Under the background of the high-quality development of the insurance industry, the next step in the auto insurance business is to “scrape the bones” and self-innovation in terms of quality, efficiency, efficiency, power and service.
The next regulatory trend that the reporter learned from the industry is that the regulation of the auto insurance market order will only be greater, and will focus on a group of typical serious treatments to increase market shock. Taking the case of severely cracking down on the rate of violation of the terms of the application, in addition to the administrative penalties for the investigation of illegal and illegal violations, the supervision department will study and supervise the use of insurance clauses and insurance rates and modification within a time limit. Measures.
According to industry insiders, large companies and "top wind crimes" companies will become the focus of the local silver insurance regulatory bureau. "Some local banks have issued a signal of strict investigation, strictness, and strict management. In 2018, only 10 auto agencies were punished for illegal activities, and the amount of fines and penalties may exceed 10 million yuan. ”
(Article source: Shanghai Securities News)