As insurers release second-quarter solvency reports, the average vehicle insurance premium for property insurers in the first half of the year has come to light. A review of available data shows that, excluding insurers that have exited the vehicle insurance market or those not subject to disclosure standards, 60 property insurers currently operating related businesses have disclosed their first-half average premiums. The overall average stands at 2,107.5 yuan, with 38 insurers reporting premiums below 2,000 yuan and 40 insurers experiencing a year-on-year decline. Experts interviewed note that the decline in average premiums for most property insurers is influenced by the deepening of comprehensive vehicle insurance reforms and industry market competition.

The average value is 2,107.5 yuan. As a key product in the property insurance sector, the trend and development of vehicle insurance have always drawn attention. The average premium per vehicle is a crucial indicator for measuring the quality of an insurer's vehicle insurance business, pricing capability, and customer structure. In terms of distribution, among the 60 insurers that disclosed relevant data, 10 had average premiums of 3,000 yuan or more in the first half of the year, 12 had premiums between 2,000 yuan (inclusive) and 3,000 yuan (exclusive), 31 had premiums between 1,000 yuan (inclusive) and 2,000 yuan (exclusive), and 7 had premiums below 1,000 yuan. Looking at year-on-year trends, excluding 4 insurers without comparable data, 40 of the remaining 56 property insurers saw their average premiums decline year-on-year, 13 saw an increase, and 3 remained unchanged. Overall, the average premium for the 60 insurers was 2,107.5 yuan, up year-on-year, with a median of 1,674.9 yuan.

While most insurers saw a decline in average premiums, the overall average for the 60 companies rose. This is mainly due to the inclusion of new insurers in the statistics that lack comparable data for the same period last year, with some of them having high premiums, which pulled up the overall average. Specifically, Aioi Nissay Dowa Insurance (China) Co., Ltd., Jiu Long Property Insurance Co., Ltd., Beijing BNP Paribas Tianxing Property Insurance Co., Ltd., and Suzhou Dongwu Property Insurance Co., Ltd. have no comparable data. Among them, the first-half premiums for Aioi Nissay Dowa, Jiu Long, and BNP Paribas Tianxing were relatively high, at 8,700.00 yuan, 6,682.14 yuan, and 5,500.86 yuan respectively, ranking in the top three. Excluding the 4 companies without comparable data, the average premium for the 56 insurers declined year-on-year. Long Ge, deputy director of the Innovation and Risk Management Research Center at the University of International Business and Economics, told reporters that the decline in average premiums for most insurers is a direct result of the deepening comprehensive vehicle insurance reforms, with the core aim being "lower prices, better coverage, and improved quality." At the same time, industry competition has prompted insurers to optimize pricing models, attracting quality customers with more competitive prices, which has driven down average premiums for many insurers.

It is noteworthy that insurers with high average premiums are mostly small and medium-sized property insurers specializing in special vehicle insurance and new energy vehicle insurance. Specific examples, excluding the aforementioned three new insurers, include Hyundai Insurance (China) Co., Ltd., Sompo Insurance (China) Co., Ltd., JD Allianz Insurance Co., Ltd., BYD Insurance Co., Ltd., BOC Insurance Co., Ltd., Cathay Insurance Co., Ltd., and Dinghe Property Insurance Co., Ltd., all with average premiums of 3,000 yuan or more. Among these, Jiu Long Insurance focuses on special vehicle property insurance, with higher policy bases; BNP Paribas Tianxing, Hyundai Insurance, JD Allianz Insurance, and BYD Insurance all list new energy vehicle insurance as a core business. Due to factors like repair costs, accident rates, and vehicle usage, premiums for new energy vehicle insurance remain relatively high. In response, Yang Fan, general manager of Beijing Paipai Pai Insurance Agency Co., Ltd., told reporters that to lower premiums, insurers need to deepen cross-industry integration with automakers, promote the establishment of exclusive repair standards and parts circulation systems for new energy vehicles, and leverage telematics (UBI) technology for dynamic and precise pricing of driving behavior, optimizing risk stratification. For the industry to reach a profitability turning point, maturity in data dimensions and effective cost management are necessary.

Looking ahead to industry trends, Yang Fan stated that property insurers in the vehicle insurance market should adhere to a strategy of "refinement and risk reduction," using technology to enhance precise pricing and customer segmentation, digging deep into high-quality customer value amid existing competition, and extending the ecosystem of after-market services to boost customer loyalty through value-added services. In the non-vehicle insurance sector, they should adopt a strategy of "innovation-driven and blue ocean expansion," seizing opportunities from macroeconomic shifts and policy dividends, focusing on emerging areas like green insurance, health insurance, liability insurance, and agricultural insurance. By breaking away from traditional channel reliance through a "insurance + technology + service" model, they can accelerate product customization and ecosystem integration, optimizing business structure and enhancing resilience against economic cycles.