Event: Recently, the China Insurance Association issued the exclusive terms of commercial insurance for new energy vehicles of China Insurance Industry Association (Trial) (hereinafter referred to as the exclusive terms), which is applicable to all new and renewed new energy vehicles (excluding motorcycles, tractors and special vehicles). On the same day, the association of Actuaries issued the benchmark pure risk premium table of new energy vehicle commercial insurance (for Trial Implementation), clarifying the premium adjustment rules.
Comments: in recent years, the market scale of new energy vehicles has been expanding, and there are great differences between new energy vehicles and traditional vehicles in terms of insurance demand. The establishment of exclusive insurance clauses has clearly expanded the protection scope of new energy vehicles, clarified the insurance liability, better provided more targeted and diversified protection services for car owners, and better met the insurance needs of car owners. On the one hand, it will escort the vigorous development of new energy vehicle industry, on the other hand, it will help property insurance companies to standardize the development of new energy vehicle insurance business with great market potential.
I. expanded coverage and increased insurance liability
The exclusive terms are applicable to plug-in hybrid (including add-on program) vehicles, pure electric vehicles and fuel cell vehicles, covering almost all new energy vehicles on the market. Compared with the previous commercial motor vehicle insurance, the exclusive new energy vehicle insurance increases the targeted insurance liability and expands the scope of protection.
1. Cover diversified security scenarios. In terms of the definition of "use" scenario of insured new energy vehicles, the interpretation of "driving, parking and operation" of traditional vehicle insurance is continued, and the "charging" scenario is added to include the losses incurred in the charging process into the scope of compensation.
2. Specify the targeted insurance liability. Firstly, according to the risk characteristics of new energy vehicles, the "three electricity" system of new energy vehicles (battery and energy storage system, motor and drive system and other control systems) is clearly included in the insurance liability. "Three electricity" system is the core technical element of new energy vehicles different from traditional vehicles. Its cost usually accounts for about half of the whole vehicle cost and is the highest value part of new energy vehicles. In addition, in view of the "fire", "deflagration" and other risks of new energy vehicles, the "fire combustion" is included in the category of accidents.
3. Provide diversified security supply. Optional additional insurance types such as additional external power grid fault loss insurance, additional self use charging pile loss insurance and additional self use charging pile liability insurance are added to comprehensively cover the risk of property loss and personal loss that may be caused by the power grid and charging pile during the charging process of new energy vehicles, so as to meet the diversified insurance product needs of new energy vehicle owners. At the same time, this is also the first time that vehicle insurance underwrites external fixed auxiliary equipment, which is an innovation and exploration in the field of vehicle insurance.
The exclusive clause clarifies the problem of unclear division of insurance liability in the protection of new energy vehicles by traditional automobile insurance. According to the risk characteristics of new energy vehicles in the main structure and use process, it provides more targeted and high-quality insurance services for insured car owners, and improves the guarantee level.
II. Differentiated premium, the premium of medium and high-end models has risen
At present, China's commercial auto insurance premium consists of two parts: commercial auto insurance premium = benchmark premium × Rate adjustment factor. On the day when the China Insurance Association issued the exclusive terms, the association of Actuaries simultaneously issued the benchmark pure risk premium table of new energy vehicle commercial insurance (Trial), clarifying the premium adjustment rules.
1. In terms of benchmark premium, compared with traditional auto insurance, on the whole, the benchmark premium of three party insurance of new energy exclusive auto insurance decreased by 0.1%, the benchmark premium of vehicle damage insurance decreased by 1.2%, and the combined decline of the two was about 0.8%. The decline of the benchmark premium was mainly due to the adjustment of the surcharge rate (the upper limit of the surcharge rate was reduced from 25% to 15%). Specifically, for new energy vehicles with a vehicle price of less than 250000, the benchmark premium of vehicle damage insurance shall not be increased; The benchmark premium increase of new car building forces led by Tesla is more common. The main reason is that the maintenance cost, the price of core components and parts are higher, and the compensation cost of such vehicles is higher.
2. The rate adjustment coefficient is expected to be less affected by the new regulations. The rate adjustment coefficient mainly depends on the historical accident of historical car owners, traffic violations and the independent adjustment coefficient of insurance companies. On the one hand, it is related to the owner's personal factors, on the other hand, it is independently regulated by the insurance company.
3. Increase the depreciation coefficient and reduce the premium burden of new energy owners to a certain extent
The exclusive clause increases the depreciation coefficient of new energy vehicles. Among them, pure electric vehicles have the largest preferential range, and ladder coefficients (0.68% - 0.82%) are given according to different purchase prices. The lower the purchase price, the faster the depreciation speed of vehicles, and the greater the decline of premium under the same conditions.
III. new energy vehicle insurance enters the fast lane of standardized development
1. The premium adjustment is not expected to have a negative impact on the sales of new energy vehicles
(1) in general, the maintenance cost and driving energy consumption cost of new energy vehicles have great advantages over traditional vehicles. This premium adjustment will not affect the comprehensive price advantage of new energy vehicles.
(2) the exclusive terms divides the insurance consumer groups according to the value of new cars, realizes differentiated premium, and better controls the insurance cost of price sensitive car owners. Therefore, the premium adjustment will not affect the purchase choice of this part of consumers. The premium increase of some new energy vehicles such as Tesla is also reasonable, which matches its insurance liability, and the standardized price adjustment is expected to be accepted by consumers.
\u3000\u30002. In the medium and long term, there is positive feedback of interaction between new energy vehicle insurance and new energy vehicle market
The implementation of the exclusive terms has solved the contradiction between insurance companies and new energy vehicle owners in the definition of insurance liability to a certain extent, can provide more comprehensive and high-quality guarantee services for vehicle owners, and help new energy vehicles further expand their market share. The increase of the ownership rate of new energy vehicles will bring more insurance policies, which form a virtuous circle.
3. The new energy vehicle insurance business will develop rapidly, and the head insurance enterprises have obvious advantages
According to the new energy vehicle industry development plan (2021-2035) of the State Council, China plans to account for about 20% of the sales of new energy vehicles in 2025, and pure electric vehicles will become the mainstream of new vehicle sales in 2035. This means that the composition of auto insurance business of property insurance companies is about to change significantly, and the proportion of new energy auto insurance business will continue to increase.
In addition, the additional cost rate of new energy vehicle insurance decreased from 25% to 15%, which requires property insurance companies to further reduce costs and reduce their dependence on intermediaries. Head insurance companies have obvious advantages in scale effect and are expected to benefit.
Investment suggestion: affected by the comprehensive reform, some small and medium-sized insurance enterprises have gradually withdrawn from the auto insurance market. The exclusive insurance clauses of new energy vehicles continue the idea of reducing the cost of comprehensive reform of vehicle insurance, and further reduce the additional cost rate of new energy vehicle insurance to 15%. It is expected that the Matthew effect of new energy vehicle insurance market will be further highlighted. Since May 2021, the market share of China's property insurance and auto insurance has rebounded for seven consecutive months, with a stable leading position, obvious scale advantages and strong cost control ability. It is recommended to focus on it.
Risk tips: major changes in science and technology; Macro environmental change; The implementation of the policy was not as expected.
