Q3 2023
Property & Casualty Insurance Company Premium Ranking
Car Insurance Premium Ranking
Among the three oldest, Ping An has the fastest growth rate
15 companies such as Guoren and Asia-Pacific grew by more than 20%.
Non-motor insurance premium rankings
The growth rate of CPIC was 20%, closely following Ping An
Zhong'an, Taikang, Zijin and other companies rose in the rankings
Q3 2023
63 car insurance premium rankings
85 non-motor insurance premium rankings
Last week, when analyzing the premiums of property insurance companies in the third quarter of 2023, "13 Jing" mentioned that compared with the life insurance industry, the Matthew effect of the property insurance industry is more prominent.
Taking the "old three" as an example, although the market share has risen or decreased slightly over the years, it has maintained more than 60% since 2008, and it is the unshakable head company of property insurance.
For details, see "The Premium Ranking List of Property Insurance Companies in the Third Quarter of 2023: CPIC has the highest growth rate among the three oldest, and 9 companies including Taikang, Cathay, Huanong, and Zhongyi have a growth rate of more than 30%!".》
However, as the industry accelerates its transformation to non-auto insurance, the competitive landscape in the non-auto insurance market has not yet been formed, and the market share of the old three companies is also smaller.
Therefore, compared with the mature auto insurance market, the Matthew effect of non-auto insurance is weaker, which may be a breakthrough point for many small and medium-sized companies to make efforts.
For example, among the four Internet insurance companies established around 2014, Zhongan Property Insurance and Taikang Property Insurance, both of which have been established for less than ten years, have been promoted to the 10 billion insurance company club, and non-auto insurance ranks sixth and twelfth respectively.
Today, we will divide car insurance and non-car insurance, and take you to see the ranking of each insurance company in two dimensions, as shown in the figure above, and the detailed list is shown below.
It should be noted that after the VAT reform, the caliber of the written premium involves the issue of tax and tax excluded.
Judging from the data disclosed so far, the caliber of the signed premiums of various insurance companies is not consistent, for example, PICC Property Insurance discloses tax-free caliber, and Ping An Property Insurance discloses tax-inclusive caliber.
Therefore, we should also consider the inconsistency of calibers, which leads to the incomparability between some insurance companies.
Speed up for car insurance and speed down for non-car insurance
The growth rate of the property and casualty insurance industry slowed down at the end of the third quarter
The growth rate of non-auto insurance continues to decline, and auto insurance rises!
First of all, from the perspective of the industry as a whole, in the first three quarters of 2023, 85 property insurance companies will have a premium of 124 trillion, a year-on-year increase of 75%。
Among them, the written premium of motor insurance business was 644.3 billion, a year-on-year increase of 58%, accounting for 52%.
The written premium of non-motor insurance business was 594.7 billion, a year-on-year increase of 94%, accounting for 48%.
Since the data can only be obtained from the dimensions of motor insurance and non-motor insurance, unless otherwise specified, the "non-motor insurance" referred to in this article refers to all businesses in the property insurance business except motor insurance, including short-term accident insurance and health insurance.
Although the growth rate of non-auto insurance is still ahead of auto insurance, according to the latest data disclosed by the regulator, the growth gap between the two is gradually narrowing under the standard of original insurance premium income.
As can be seen from the chart above, the growth rate of cumulative premiums for non-motor insurance has continued to decline since February, from 147% fell to 8 at the end of October6%。
The slowdown in non-auto insurance was mainly due to the continued negative growth of accident insurance, as well as the slowdown in health insurance and liability insurance.
On the contrary, the growth rate of motor insurance premiums has rebounded since July, which is related to the year-on-year growth rate of new car production and sales, which was affected by travel and other factors in the same period last year, and the year-on-year base was low.
As a result, the gap between the contribution of non-motor insurance and motor insurance to the premium growth rate of the property insurance industry has also narrowed, contributing 404% and 312%, compared with the same period last year, the contribution of non-motor insurance decreased significantly.
In the non-auto insurance market, the competition among leading companies is intense.
Secondly, from the perspective of market competition, as mentioned above, the Matthew effect in the auto insurance market is more prominent than that of non-auto insurance.
As can be seen from the chart above, the old three companies account for nearly 70% of the auto insurance market, but less than 59% of the non-auto insurance market, reflecting the higher market concentration of the auto insurance market.
However, since many foreign-funded and captive companies do not engage in motor insurance business, compared with 60 entities competing for 30% of the motor insurance market share, 81 entities have to compete for 40% of the non-motor insurance market share.
In particular, the battle for the head of non-auto insurance companies is quite anxious, after all, it is important to preemptively determine the lead if you refer to the development of the auto insurance market in the past.
It can also be seen from the extremely small gap in premiums between Ping An and CPIC, China Life and China United, Dadi and Zhong'an, these three pairs of companies.
Car Insurance Premium Ranking
Among the three oldest, Ping An has the fastest growth rate
15 insurance companies, including Guoren and Asia-Pacific, grew by more than 20%.
Among the "old three", Ping An Auto Insurance has the fastest growth rate, and the TOP15 Zhonghua Thai has surpassed Yingda and risen 1 place!
As the largest type of insurance in the property insurance industry, the auto insurance market is not only a prominent Matthew effect, but also a relatively solid competitive landscape.
As can be seen from the chart above, among the top 15 companies in terms of auto insurance premium scale in the first three quarters of 2023, except for Huatai, which surpassed Yingda to rank 14th, the rest of the rankings have not changed.
At the beginning of the last round of comprehensive reform, the proportion of family cars and the renewal rate increased, laying the foundation for subsequent steady business growth.
At the end of last year, these companies also predicted the increase in the loss ratio of auto insurance this year in advance, and increased reserves in advance.
Although the growth rate of auto insurance in 2023 will be greater than that of the industry in the same period last year, Ping An can still outperform the market, and PICC and CPIC can also keep up with the market.
In addition, the advantages of the comprehensive cost ratio of the old three auto insurance, and the balanced development of scale and efficiency, will still consolidate their position as the head of auto insurance.
Guoren, Asia-Pacific, Zhongcheng, Taikang**, etc., with a growth rate of more than 20%!
Compared with the old three, although the auto insurance companies with tens of billions of yuan still rank high, the overall premium growth rate is low.
According to the scale of motor insurance premiums of property insurance companies in 2022, "13 Jing" divides the companies operating car insurance into 5 categories, as shown in the figure above.
In the first three quarters of the six property insurance companies with a scale of 10 billion yuan, the overall auto insurance premium growth rate was 4%, which was the lowest growth rate among the five types of companies.
Among them, only Huaan and Zhonghua United have a growth rate exceeding the market, and the growth rate of Sunshine Wealth's auto insurance is 56% to be able to keep up with the market.
On the other hand, among the 2 billion and 1 billion insurance companies, many companies' auto insurance premiums have grown rapidly, and the vast majority of them have exceeded the market.
For example, Guoren, Asia-Pacific, Zhongcheng, Taikang**, Beibu Gulf Property, Zhong'an Property, China Coal and many other companies have a growth rate of more than 20%.
Companies with less than 1 billion motor insurance premiums in the previous year showed a relatively differentiated trend, which may be related to the small scale of the company's premium growth rate fluctuated.
For example, the growth rate of three companies such as Zhongyi, Strait Jinqiao, and Modern Property exceeded 50%, while Yanzhao, AVIC Groupama, and Sunshine Agriculture had negative growth.
Non-motor insurance premium rankings
The growth rate of CPIC was 20%, closely following Ping An
Zhong'an, Taikang, Zijin and other companies rose in the rankings
CPIC continued to grow at a high rate, and Zhong'an, Taikang, Zijin and other companies rose in the rankings!
In terms of the non-motor insurance market, the top 10 companies in the first three quarters of 2023 are PICC Property Insurance, Ping An Property & Casualty, CPIC Property & Casualty, China United Insurance, China Life Insurance, Zhong'an, Dadi, Sunshine, Taiping, and Yingda.
In recent years, CPIC P&C has seized the opportunity of non-vehicle development and has maintained a growth rate that exceeds the market, and this year it is the company with the highest growth rate among the three old companies, and it is far ahead.
As a result, CPIC P&C narrowed the premium gap between it and Ping An Property & Casualty to RMB 3 billion (excluding the impact of Ping An's tax-inclusive caliber, the gap is even smaller).
Zhongan Property & Casualty Insurance, with a growth rate of 28%, achieved a non-auto insurance premium of nearly 21.8 billion, surpassing Dadi and ranking sixth in the industry one quarter earlier than the previous year.
In the TOP15, Taikang and Zijin both rose by 1 place, of which Taikang** had the fastest growth rate of 30%.
It can be seen that as the industry is still transforming to non-auto insurance, the competition pattern of the market still has some room for change, and the battle for the head is also showing a scorching trend.
For example, the battle between the second non-auto insurance and the fourth non-auto insurance.
Tens of billions of insurance companies have made efforts in non-auto insurance, and companies such as China Life Finance, Dadi, Sunshine, and Taiping have grown rapidly
According to the scale of non-auto insurance premiums of property insurance companies in 2022, "13 fine" divides non-auto insurance companies into 5 categories, as shown in the figure above.
Compared with the auto insurance market, the growth rate of the old three insurance companies is higher than that of 10 billion insurance companies, and the growth rate of 10 billion insurance companies in the non-auto insurance market is significantly ahead of the market.
Among them, China Life Property, Zhongan Property, Dadi Property, Sunshine Property, and Taiping Property Insurance, the growth rate of these five companies is more than 10%.
In the past, when auto insurance still occupied a large share of the property insurance market, most of the tens of billions of insurance companies accounted for a high proportion of auto insurance business.
Today, tens of billions of insurance companies are focusing on non-auto insurance, relying on the rapid growth of non-auto insurance to expand the scale of the company.
Moreover, the non-auto insurance business of China Life Finance, Sunshine and Taiping has accounted for more than 40%.
Note: There are a total of 85 property insurance companies in the premium ranking list of this statistics, and Tianan Property Insurance has not yet released a solvency report.
For the latest situation of Tianan Property Insurance, please refer to the "State Administration of Financial Regulation, Agreeing to the Establishment of Shenergy Property Insurance!".The registered capital is 10 billion, and 8 shareholders have a background.
Unless otherwise specified, the premiums referred to in this article are all written premiums, and the difference between them and the original insurance premiums and insurance business income can be found in the "Premium Ranking List of Property Insurance Companies in the First Half of 2023".