Benefit ratio high-new energy vehicle insurance test risk management

As a new service target in the insurance market, the use of new energy vehicles and the rate of insurance coverage are increasing day by day. Recently, China Insurance Information Technology Management Co., Ltd. (hereinafter referred to as “China Insurance News”) disclosed that the average annual premium growth of new energy vehicles in the past five years reached 72%, and the average premium per capita was 21% higher than non-new energy vehicles. For new energy vehicles, it is obviously not a long-term solution to extend the use of traditional commercial vehicle insurance. Because of the relatively high insurance loss ratio of new energy vehicles, how to reasonably test the risk control capabilities of insurers.

Average annual premium growth exceeds 70%

Beijing Commercial Daily reporter learned that due to policy subsidies, new energy vehicles have attracted many owners with high cost performance in recent years. With a small base figure, the development speed is very rapid. According to product features, new energy vehicle models are divided into small and micro (A00 and A0) and ordinary type (A-class / SUV / MPV / B-class and above cars) two types. After the former 2017 subsidy price is generally within 70,000 yuan, A00 even up to 4-6 million yuan, is an economical model; the latter subsidy after the price is generally more than 120,000 yuan, the price range directly in the target High-grade fuel vehicles, high cost performance.

From the perspective of sales, according to the data disclosed by the China Association of Automobile Manufacturers, in 2017, the production and sales of new energy vehicles in China were close to 800,000, reaching 794,000 and 777,000 vehicles, respectively, an increase of 53.8% and 53.3% year-on-year respectively. Among them, among the new energy passenger vehicles, the production and sales of pure electric passenger cars have respectively completed 478,000 vehicles and 468,000 vehicles, an increase of 81.7% and 82.1% year-on-year respectively.

In recent years, with the introduction of motor vehicle restriction policies in different regions, new energy vehicles that are energy-saving, environmentally friendly, and are not limited are increasingly popular. Sales have been blowouts, and insurance demand has also grown rapidly. According to the data disclosed by China Insurance News, 2013-2017 The average annual growth rate of underwriting new energy vehicles reached 78.6%, and the average annual premium growth rate was 72%. In 2017, the number of new energy vehicles underwriting vehicles reached 1.717 million, an increase of 47% year-on-year, and the scale of premiums was 10.16 billion yuan, a year-on-year growth of 50.4%.

Single average premium is obviously high

It is understood that from the perspective of the number of insured vehicles, the proportion of new energy vehicles in various types of vehicles has continued to increase. Especially in urban public transport, the proportion of new energy vehicles has reached 39%; in the rental of rental cars, new energy sources The number of cars accounts for 10.3%; among official cars and domestic cars, the proportion of new energy vehicles accounts for less than 1%.

Judging from the total compensation for the case, new energy vehicles are slightly higher than non-new energy vehicles, with a difference of approximately 2.8%. From the perspective of the loss ratio, new energy vehicles are 0.4% higher than non-new energy vehicles. However, the average premium of new energy vehicles is 21% higher than that of non-new energy vehicles.

Analysts pointed out that the overall frequency of outbreaks, case indemnity, loss ratio and single average premium comparison, the overall new energy car claims and non-new energy vehicles, the difference is relatively small, but the new energy car single premium is higher than the non-new energy 21% of the autos stated that it is difficult to apply new non-new energy auto insurance terms and rates to objectively and reasonably manage the risks of new energy vehicles. The new energy auto insurance market calls for exclusive insurance clauses and rate plans.

Although the development of new energy vehicle insurance is rapid, it has a very low proportion in the overall auto insurance market. According to the data disclosed by China Insurance News, in 2017, the proportion of new energy vehicles in the total number of cars increased to 0.94%, which was about 6.7 times that of 2013. In the new car market, the share of new energy vehicles underwriting increased from 0.32% in 2013 to 2.74% in 2017, about 8.6 times that of 2013.

Auto insurance risk control pricing pending

With the rapid development of new energy vehicles, there are also some problems that need to be solved. For example, when it comes to insurance, “the car is cheaper and the car insurance is more expensive” is the common feeling of most new energy car owners. Insiders pointed out that the main reason is that consumers enjoy high subsidies for national and local policies when purchasing new energy vehicles. As a result, the actual purchase price of a new car is often much cheaper than the manufacturer’s guide price and can be used when consumers purchase commercial vehicle insurance. However, the insured amount must be calculated according to the price before the vehicle subsidy.

For insurance companies, new energy vehicles have a higher risk rate and higher loss ratio, which also leads to the insufficiency of the underwriting price for new energy vehicles. According to the analysis report of Zhongbaoxin, the risk rate and the loss ratio of new energy vehicles are different from those of non-new energy vehicles. The risk rate of new energy vehicles in domestic cars is much higher than that of non-new energy vehicles, which is 11.7 percentage points higher. The rate of new energy vehicles in government vehicles and road passenger cars is significantly lower than that of non-new energy vehicles, which is lower by 8 and 7.1 respectively. percentage point. From the perspective of the loss ratio, new energy vehicles are 0.4% higher than non-new energy vehicles. In the household car sector, the ratio of new energy vehicles to non-new energy vehicles is 5.4 percentage points higher.

It is worth noting that, compared with traditional motor vehicles, new energy vehicles have not accumulated more risk data, new energy vehicles and ordinary car structure is different, such as pure electric new energy vehicles without engines, engine water insurance does not require , And currently there is no battery-specific insurance.

Accelerated battery aging will also be a problem for new energy vehicle insurance. An insurance researcher explained that the new energy car battery aging is relatively fast, once there is no separate battery insurance, it is difficult to prevent the policyholder's moral hazard, such as damage to the car through the man-made damage to the new energy car battery, which tests the insurance company pricing power And moral hazard prevention capabilities.

Beijing Commercial Daily reporter was informed that, in recent days, the China Insurance Industry Association held a regular meeting of the commercial vehicle insurance model terms and conditions research working group, brewing exclusive terms for new energy automobile insurance, exclusive terms are expected to be announced at the end of August.