According to the website of the CBRC, in September 2020, the CBRC promoted the implementation of comprehensive auto insurance reform. Since the implementation of the reform for more than a year, the phased objectives of "reducing prices, increasing insurance and improving quality" have been basically achieved, consumers have generally benefited and their sense of gain has been significantly improved. By the end of October this year, the average premium paid by vehicles was 2762 yuan, 21% lower than before the reform, and 87% of consumers' premium expenditure decreased. It is estimated that since the reform, the accumulated expenditure for auto insurance consumers has been reduced by more than 200 billion yuan. At the same time, the average no compensation preferential treatment coefficient (NCD coefficient) of commercial auto insurance has decreased from 0.789 before the reform to 0.753. Many low-risk car owners with good driving habits and low accident frequency enjoy more premium concessions.
(Financial Associated Press)
