The strong insurance was finally profitable. According to the data released by the China Insurance Regulatory Commission recently, the national cross-border insurance in 2013 achieved a profit of 200 million yuan for the first time.
Although the strong insurance that has been in a loss state has turned losses for the first time in five years, the profit of 200 million yuan is based on the investment income of 4.5 billion yuan and the underwriting loss of 4.3 billion yuan. In other words, the main business of the cross-border insurance is still not optimistic.
The main business is still not optimistic. Today, the company has been operating for eight years, and 50 insurance companies (including 9 foreign-invested insurance companies) have obtained the qualification for traffic insurance.
According to the data compiled by the reporter, from 2006 to the end of 2008, the cumulative underwriting loss of the cross-strong insurance was 3.74 billion yuan, the investment income totaled 4.43 billion yuan, and the total profit was 690 million yuan. It seems that there is a good beginning for the cross-insurance.
However, the good times are not long. As the number of underwritten vehicles continues to increase and the loss ratio continues to rise, the cross-border insurance has entered a state of sustained losses throughout the industry. As of the end of 2012, after deducting investment income, the entire industry has accumulated losses of more than 25 billion yuan.
This year, the cross-border insurance finally broke out of the “mire pool†of losses in successive years, realizing the overall “micro-profit†of the industry. The data shows that the loss ratio and expense ratio of the cross-border insurance in 2013 decreased by 73% and 30.6% respectively (28.9% after the relief fund) and the comprehensive cost rate was 103%, the lowest in 6 years.
In addition, the investment income of insurance companies has hit new highs in successive years, which is also an important reason for industry profits. According to statistics, the industry investment income from 2009 to 2012 was 2.4 billion yuan, 2.5 billion yuan, 2 billion yuan, and 2.9 billion yuan respectively. In 2013, the industry's investment income was as high as 4.5 billion yuan, directly flattening industry losses and surpluses. 1 times.
Despite the realization of profitability, the status quo of the main business of the cross-border insurance is still not optimistic, the premium income and the cost of expenditure are almost the same, and the situation of underwriting losses in the whole industry has not changed.
Foreign insurance industry is "over the army"
Since the official implementation in 2006, the insurance premiums for cross-border insurance have been implemented in a unified national charging standard, but will vary according to the specific car model, that is, the number of car seats. Even though it has achieved profitability, the way insurance companies reduce costs through refusal to guarantee and refuse to pay is still criticized by consumers.
Due to the certain social security nature, and the charging standards and insurance terms are generally consistent, the profit margin of insurance companies in the insurance business is generally small. The data shows that only 8 of the 50 participating insurance companies have achieved profitability, namely China Life Insurance, Taibao Property Insurance, Ping An Property Insurance, China United Property Insurance, Dinghe Property Insurance, Changan Liability Insurance and Cinda Property Insurance. .
Except for the continuous profit from Ping An Property Insurance in 2008, the underwriting of the rest only turned losses into profits last year. In contrast, the nine foreign-invested insurance companies are “all over the army†and have no profit.
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