According to the data released by the China Insurance Industry Association (hereinafter referred to as the insurance industry association) on the 24th, from January 1, 2020 to December 31, 2020, the number of motor vehicles underwritten by traffic compulsory insurance was 301 million (including 267 million vehicles), the premium income was 227 billion yuan and the guarantee amount was 43 trillion yuan. The compensation cost was 138.4 billion yuan, various operating costs were 67.2 billion yuan (including 2.7 billion yuan of rescue fund), underwriting profit was 12.8 billion yuan, and the shared investment income was 8.9 billion yuan. 2.7 billion yuan has been withdrawn from the rescue fund, and 24.4 billion yuan has been withdrawn since the implementation of the rescue fund system.
According to the relevant person in charge of the Insurance Association, in September 2020, the cbcirc implemented a comprehensive reform of vehicle insurance, timely adjusted the liability limit of traffic compulsory insurance and optimized the floating coefficient of premium rate together with relevant ministries and commissions. The liability limit of compulsory traffic insurance was increased from 122000 yuan to 200000 yuan, 64% higher than that before the reform. The floating upper limit of rate floating coefficient remained unchanged, and the floating lower limit was expanded from – 30% to – 50%. In the fourth quarter of 2020 alone, the premium expenditure for consumers will be reduced by 2.1 billion yuan and the insured amount will be increased by 6 trillion yuan. In the fourth quarter of 2020, the new insurance policies of compulsory traffic insurance had underwriting losses, and the underwriting losses from January to October 2021 had exceeded 2 billion yuan. Through more than a year of reform and development, the phased goal of “reducing price, increasing insurance and improving quality” has been basically achieved, and it is running on a benign track of gradually improving the guarantee level and “no profit and no loss” in the overall operation.
The official said that in recent years, the role of traffic compulsory insurance in participating in social governance and promoting road traffic safety has become more and more obvious, and consumer satisfaction has been further improved. The insurance industry carried out a series of work. First, it helped fight the epidemic and reflected the responsibility of insurance enterprises. Since the outbreak of covid-19 in 2020, the insurance industry has actively supported governments all over the country to implement the motor vehicle suspension policy and do a good job in extending the guarantee period of vehicle insurance, including traffic compulsory insurance. Hubei Province alone saved 2.2 billion yuan of premium expenditure for consumers that year.
Second, participate in disaster relief and upgrading claim settlement services. This year, Henan suffered a severe rainstorm. The insurance industry took positive action to organize flood control and disaster relief, transfer the backbone of national claims business, establish a disaster team to rush to Henan, open a green channel for claims, and greatly shorten the time limit for claims. In this disaster, the auto insurance industry has paid more than 7 billion yuan, which has played an important role in ensuring the safety of people’s lives and property.
Third, continue to transform and upgrade and innovate online services. The insurance industry continues to innovate online products, enriching online services, and through the official website, APP, WeChat official account and other self operated network platform, with the application of intelligent self-service equipment, intelligent consulting services and remote service terminals, and using biotechnology, image recognition, AI, and big data technology to take video link and remote authentication, and strive to achieve off-site inspection. Realize “zero contact” claim settlement service. According to statistics, the online service coverage of major companies has reached 80%.
Fourth, strengthen the application of science and technology and improve the guarantee efficiency. Relying on IOT equipment to carry out flood warning, for underground garages and lowlands prone to flooding, upload the flooding risk data to the cloud platform through the monitoring terminal, and do a good job in driver risk prompt to prevent traffic accidents caused by vehicle flooding risk in advance. Actively introduce the incident control mechanism, rely on the anti-collision system, map tips and other scientific and technological carriers, manage the dangerous driving behavior of motor vehicle drivers, intervene in risk events, and prevent major accidents in advance.
(Xinhua Finance)
