As property insurers release their solvency reports, data shows that over 60 insurers generated more than CNY900bn ($123.5bn) in auto insurance premiums in 2024, with underwriting profits seeing significant growth compared to 2023. However, despite the overall positive trend in the auto insurance market, challenges persist in the NEV insurance sector.
These are the updates on insurance regulation across China this week.
Initially scheduled to come into force in January 2025, the implementation of mandatory motor third-party liability insurance has been delayed.
A revised draft of the Motor Vehicle Insurance and Repair Industry Code of Conduct will be available for public consultation in early March 2025 with submissions encouraged from the motor vehicle insurance and repair industry, government stakeholders and interested parties, a media release from the Insurance Council of Australia (ICA) said.
China's national financial regulator has issued the first-of-its-kind insurance guidelines for EVs and plug-in hybrids.
China's auto insurance market has provided remarkable figures in its latest report. The industry has undergone a major transformation since the comprehensive reforms of 2020. With changes in pricing structures, the implementation of unified reporting and execution, industry-wide self-discipline, and stricter regulatory oversight, auto insurance has shifted onto a sustainable growth trajectory.
These are the highlights for all events and updates across the industry this week.
Around 15% of Australians, approximately 2.8 million people nationwide, said car insurance was their most dreaded bill, according to research by Money.com.au.
According to news site Jakarta Globe, the implementation of mandatory third-party liability (TPL) insurance for motor vehicles has been delayed, as the country's regulator, Otoritas Jasa Keuangan (OJK) waits for a government regulation. The programme was to be implemented in January 2025.