trending Market Intelligence /marketintelligence/en/news-insights/trending/lc3EJcO0JgBQcCg-ywACxw2 content esgSubNav
In This List

China auto insurance pricing undergoes further reform

Blog

Anticipate the Unknown: Does Supply Chain Disruption Lead to Increased Credit Risk?

Blog

Data Stories: Data insights to help alleviate business complexity amid geopolitical risks

Blog

Expand Your Perspective: Data & Distribution Q&A

Podcast

Street Talk | Episode 90: Banks should not wait on the Fed to put cash to work


China auto insurance pricing undergoes further reform

The China Insurance Regulatory Commission introduced new rules to further reform commercial auto insurance premiums, effective June 8, the regulator said in a June 9 press release.

From June 8, property and casualty companies in most parts of China may extend a discount of up to 25% on auto insurance premiums, from 15% previously, based on the cost of direct, telemarketing and online sales. In Shenzhen, however, the discount ceiling was extended to 30% from 25% previously.

In addition, P&C companies in five provinces — Hebei, Fujian, Guangxi, Sichuan and Qinghai — and three cities — Tianjin, Qingdao and Xiamen — can extend premium discounts to 25% from 15% previously, based on individual driver and vehicle records. In Henan province, the discount ceiling based on such records was extended to 20% from 15%, while in Shenzhen, this premium discount on individual records was extended to 30% from 25% previously.