China News Service, Beijing, December 24 (Reporter Wang Enbo) Data released by the China Banking and Insurance Regulatory Commission and the Insurance Association of China on the 24th show that the compulsory motor vehicle traffic accident liability insurance in 2020 will cover more than 300 million motor vehicles for the first time, of which the car insurance rate Reached 95%, premium income was 227 billion yuan (RMB, the same below), and the amount of protection reached 43 trillion yuan.

　　Compulsory traffic insurance is a type of compulsory vehicle insurance for motor vehicles launched by the Chinese government in response to the implementation of the Road Traffic Safety Law. Compulsory liability insurance to compensate for property losses.

In recent years, the insurance industry has actively relied on technological measures to reduce costs and increase efficiency, with stable operations and a slight surplus in underwriting.

　　In September 2020, the China Banking and Insurance Regulatory Commission implemented a comprehensive reform of auto insurance, increasing the compulsory traffic insurance liability limit from 122,000 yuan to 200,000 yuan, a 64% increase over the pre-reform period.

The upper limit of the floating coefficient of the fee rate remained unchanged, and the lower limit of the floating factor was expanded from -30% to -50%. The rate of preferential rates for consumers who did not receive compensation was significantly increased.

　　According to the China Banking and Insurance Regulatory Commission, this reform measure reduces consumer insurance premiums and significantly improves the degree of protection.

In the fourth quarter of 2020, the insurance premiums will be reduced by 2.1 billion yuan for consumers, and the insurance coverage will be increased by 6 trillion yuan. The new insurance policy will experience underwriting losses; January-October 2021, the compulsory traffic insurance underwriting losses have exceeded 2 billion yuan, and the compulsory traffic insurance reform will cut prices The phased goal of "increasing insurance and improving quality" has basically been achieved.

　　The data disclosed on the same day also showed that the compulsory traffic compulsory insurance protection function was further improved. In 2020, the compensation cost of compulsory traffic insurance was 138.4 billion yuan, and the relief fund was 2.7 billion yuan.

Since the COVID-19 outbreak in 2020, local governments have been actively supporting the implementation of motor vehicle suspension policies. Hubei province alone saved consumers 2.2 billion yuan in auto insurance premiums that year.

During the flood disaster in Henan in 2021, the whole industry will be used to carry out flood prevention and disaster relief work, and the auto insurance has paid more than 7 billion yuan.

　　According to the China Banking and Insurance Regulatory Commission, after more than a year of reform and development, the traffic compulsory insurance protection function has been significantly enhanced, and it is operating on a benign track of "no profit or loss" in the overall operation with a gradual increase in the level of protection.

In the next step, we will continue to promote the enhancement of the compulsory traffic insurance protection level and service capabilities to ensure the healthy and stable operation of the compulsory traffic insurance.

(Finish)