December 24, ChinainsuranceIndustry Association (hereinafter referred to asinsuranceIndustry Association) released the 2020 compulsory traffic insurance operations to the public. Statistics show that in the whole year of last year, compulsory traffic insurance insured 301 million motor vehicles (of which, 267 million cars), premium income was 227 billion yuan, and the amount of protection was 43 trillion yuan.Compensation costs were 138.4 billion yuan, and various operating costs were 67.2 billion yuan (including aidfund2.7 billion yuan), underwriting profit of 12.8 billion yuan, and amortized investment income of 8.9 billion yuan. A total of 2.7 billion yuan of relief funds has been withdrawn. Since the implementation of the relief fund system, a total of 24.4 billion yuan has been drawn.
In September 2020, the China Banking and Insurance Regulatory Commission implemented the comprehensive reform of auto insurance, and coordinated with relevant ministries and commissions to timely adjust the liability limit for compulsory traffic insurance and optimize the rate of floating coefficient. The limit of liability for compulsory traffic insurance was increased from 122,000 yuan to 200,000 yuan, an increase of 64% over the pre-reform period. The upper limit of the floating coefficient of the fee rate remained unchanged, and the lower limit of the floating rate was expanded from -30% to -50%. In the fourth quarter of 2020 alone, it will reduce consumer premiums by 2.1 billion yuan and increase insurance coverage by 6 trillion yuan. Compulsory Compulsory Insurance reported underwriting losses in the fourth quarter of 2020 on new insurance policies, and the underwriting losses from January to October 2021 have exceeded 2 billion yuan. Through more than a year of reform and development, the compulsory traffic insurance has basically achieved the phased goal of “cutting prices, increasing insurance, and improving quality”, and is operating on a virtuous track of “no profit and no loss” with the gradual increase in the level of protection and the overall operation.
insuranceThe industry association stated that in recent years, the role of compulsory traffic 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 has carried out a series of work. One is to help fight the epidemic and reflect the responsibility of insurance companies. Since the outbreak of the new crown epidemic in 2020, the insurance industry has actively supported governments across the country to implement motor vehicle suspension policies, and do a good job in extending the protection period of auto insurance including compulsory traffic insurance policies. Hubei province alone saved consumers 2.2 billion yuan in insurance premiums that year. The second is to participate in disaster relief and upgrade claims services. This year, Henan was hit by a catastrophic rainstorm. The insurance industry took active actions to organize flood prevention and relief work, mobilize the backbone of the national claims business, set up a catastrophe team to help Henan, set up a green channel for claims, and greatly shortened the time for claims. In this disaster, the insurance industry has paid more than 7 billion yuan in auto insurance, which played an important role in protecting people’s lives and property. The third is to continuously transform, upgrade and innovate online services. The insurance industry continues to innovate online products and enrich online services. Through the official website, APP, WeChat official account and other self-operated network platforms, the application of smart self-service equipment, smart consulting services and remote service terminals, using biotechnology, image recognition, and artificial intelligence , Big data and other technologies, adopt video connection, remote authentication and other means, strive to realize off-site inspection and survey, and realize “zero-touch” claims settlement services. According to statistics, the current online service coverage of major companies has reached 80%. The fourth is to strengthen the application of science and technology to improve guarantee efficiency. Relying on the Internet of Things equipment to carry out flood warnings, for underground garages and lowlands that are prone to flooding, upload flooding risk data to the cloud platform through monitoring terminals, and at the same time provide driver risk warnings to prevent traffic caused by vehicle flooding risks in advance accident. Actively introduce incident risk control mechanisms, rely on technology carriers such as anti-collision systems and map prompts to manage the dangerous driving behavior of motor vehicle drivers, intervene in risky events, and prevent major accidents in advance.
In the next step, the Insurance Association will continue to focus on the main responsibilities of the main business, continue to do a good job in the information disclosure of compulsory traffic insurance, cooperate with the regulatory authorities to improve the compulsory traffic insurance system, and give full play to the functions of the auto insurance expert advisory committee. Strengthen the normative role of industry self-discipline, improve the quality of compulsory traffic insurance services, and protect the rights and interests of consumers.
(Article Source:Securitiesdaily)
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