In order to compete for the market share of the new energy vehicle industry, a number of new energy vehicle companies have announced price cuts or limited-time discounts for some brands, which has aroused widespread concern in the market about the upstream and downstream industrial chains of the new energy vehicle industry. Among them, the insurance industry and consumers are quite concerned about whether the widespread price reduction of new energy vehicles will lower the ** of new energy vehicle insurance?
In this regard, a number of industry insiders told the reporter that theoretically, the widespread price reduction of new energy brand models will drive the corresponding decline in new energy vehicle insurance. However, in fact, new energy vehicle insurance** is also affected by factors such as insurance ratio, loss ratio, risk assessment and pricing power of insurance companies.
Car Insurance** Changes.
Influenced by many factors.
Since March, a number of car companies have announced price cuts. According to public data, since BYD and Tesla, the two leading new energy car companies, launched brand price reductions and preferential price reduction policies on March 1, as of March 4, more than a dozen car companies have announced price reductions or opened limited-time discounts.
The price reduction of new energy brand models has aroused the concern of the insurance industry and car owners about whether new energy vehicle insurance will follow up with price reduction. In this regard, Zhang Lei, CEO of Cheche Technology, an insurance service provider for new energy vehicle companies, said to the reporter that theoretically, the widespread price reduction of new energy brand models will drive the corresponding decline in new energy vehicle insurance. Because the ** of car insurance is often closely related to the ** of the vehicle, the reduction of the ** of the vehicle may also reduce the corresponding premium, this is because the car insurance premium is usually calculated based on the value of the vehicle, the cost of repairs and other factors.
However, the actual changes in new energy vehicle insurance** are affected by a variety of factors and are uncertain. Zhang Lei further said that it should be noted that car insurance not only depends on the vehicle, but also is affected by a variety of other factors, one is affected by the change in the insurance rate and loss ratio of new energy vehicles, if the insurance rate and loss ratio are reduced, the car insurance may be reduced; The second is whether the risk assessment and pricing power of the insurance company has improved, and if so, it is likely to reduce the price.
Zhang Lei said frankly that at present, the maturity and data accumulation of the entire new energy vehicle market are insufficient, and it is difficult for insurance companies to conduct more accurate risk assessment and pricing. These problems have also made it difficult for most insurance companies to achieve profitability on the underwriting side, resulting in many difficulties and high premiums for new energy vehicle owners. In short, the widespread price reduction of new energy brand models may have a certain impact on new energy vehicle insurance**, but the specific impact degree and trend need to consider a variety of factors.
In fact, due to many reasons, such as insufficient accumulation of claims data and the need to improve the risk pricing power of insurance companies, many insurance companies currently have underwriting losses in the field of new energy vehicle insurance. However, car owners believe that the current premium of new energy vehicle insurance is too expensive and "cannot afford to insure". The data also shows that unlike traditional fuel vehicles, the ** of new energy vehicle insurance is much higher than that of traditional commercial vehicle insurance, and the average premium of new energy vehicle insurance in 2023 is as high as 4,003 yuan, while the average premium of traditional commercial vehicle insurance is 2,209 yuan, and the former is about 1 of the latter8 times.
New energy vehicle insurance.
It is both an opportunity and a challenge.
Despite facing many underwriting pain points, the development of new energy vehicle insurance has become a growth point in the industry.
In recent years, the new energy vehicle market has developed rapidly. According to data released by the China National Association, in 2023, the production and sales of new energy vehicles will be 95870,000 and 94950,000 units, an increase of 358% and 379%, with a market share of 316%；The domestic sales volume of new energy vehicles was 82920,000 units, a year-on-year increase of 335%。
The rapid development of the new energy vehicle market has also triggered the rapid growth of new energy vehicle insurance premiums of leading property insurance companies. According to the data, in the first half of 2023, the number of new energy vehicles insured by PICC property insurance will reach 28240,000 units, an increase of 54 year-on-year4%, the premium income of motor insurance was about 12.6 billion yuan, an increase of 547%, and the premium accounted for 94%；CPIC's primary insurance premium income from P&C and new energy vehicle insurance increased by 65% year-on-year1%。
From the trend point of view, the continuous growth of new energy vehicle sales will promote new energy vehicle insurance to become an important direction for the development of the auto insurance industry. Zhang Lei said that from the perspective of growth prospects, with the continuous popularization of new energy vehicles, the auto insurance market pattern is expected to usher in new changes. It is estimated that the new energy vehicle insurance market will reach 100 billion yuan in 2024 and 200 billion yuan in 2025. By the end of 2025, at least a quarter of the motor insurance market share will be contributed by new energy vehicle insurance.
Xu Yishan, an analyst at Founder**, also believes that in the future, as the penetration rate of new energy vehicles continues to increase, the scale of auto insurance premiums may continue to increase.
Although the industry recognizes the huge potential of the new energy vehicle insurance market, due to the lack of experience of insurance companies in the operation of new energy vehicle insurance, the current insurance rate and loss ratio of new energy vehicle insurance remain high, and the premium is more expensive than that of traditional fuel vehicles.
Based on this, many insurance companies, especially small and medium-sized insurance companies, have weakened their interest in deploying new energy vehicle insurance, and some insurance companies have even adopted "one-size-fits-all" measures such as refusal and restriction of underwriting for new energy vehicles.
It is also due to the above reasons that in January this year, the regulatory authorities issued the "Notice on Effectively Underwriting New Energy Vehicle Insurance", which clarified that compulsory traffic insurance shall not be denied, and commercial insurance is willing to be fully insured; It is not allowed to adopt unreasonable restrictive underwriting measures such as "one-size-fits-all" for specific new energy vehicles in terms of system control and underwriting policies, and adjust the unreasonable assessment targets set for new energy vehicle insurance.
This requirement also poses a challenge for small and medium-sized insurers to underwrite new energy vehicle insurance. Zhang Lei believes that the biggest difficulty faced by small and medium-sized insurance companies in the field of underwriting is that compared with the head property insurance companies, there is a lack of data accumulation, and in the face of continuous iteration of new energy vehicle technology, it is more difficult to price premiums, and it is also difficult to obtain good underwriting targets.
Judging from the current market structure, the advantages of the 'old three' property insurance companies (PICC property insurance, CPIC property insurance, and Ping An property insurance) are indeed very obvious in terms of traditional fuel vehicles and new energy vehicles, and it is difficult to shake them in the short term. Zhang Lei further said that if small and medium-sized insurance companies can find a good positioning, there are still opportunities to enhance their competitiveness in the market segment. For example, there are opportunities for differentiation in terms of customer types, channels, and regional layouts. The key is to "move, don't be afraid", and concentrate resources to form core competitiveness in the market segment.
Shi Hui, founder of Yancomb New School, also told the reporter that new energy vehicle insurance is both an opportunity and a challenge. The cost structure of new energy vehicle insurance has changed greatly, and operating new energy vehicle insurance in the traditional way of car insurance may face great pressure of loss risk. Therefore, small and medium-sized insurers must rely on data-driven and technology-driven to polish and improve the bidding model of their products, so as to increase their competitiveness in the new energy vehicle insurance market. （*