In the expectation of people, the China Insurance Regulatory Commission finally released the financial report for the first business year of Compulsory Compulsory Insurance. As the first compulsory insurance type in my country, compulsory traffic insurance has aroused great controversy from the date of its implementation, and there are endless calls for adjustments.
The publication of this report finally gave people a certain degree of understanding of the questioned focus issues such as the “unexplainable” high fees, “windfall profits”, and irresponsible compensation. At the same time, they also put forward thoughts on the future adjustment of the traffic insurance. And suggestions.
Data reveals the veil of profiteering
"Winding profits" is one of the most questioned problems after the implementation of the compulsory traffic insurance, and the opaqueness of the income and expenditure of the compulsory traffic insurance has increased people's speculation. Sun Yong, a lawyer at Beijing Capitel Law Firm, believes that the compulsory traffic insurance has more than 40 billion yuan of "great profits" through his own calculations, which caused an uproar in the society for a while.
The first-year financial summary report issued by PricewaterhouseCoopers, one of the world's four largest accounting firms, unveiled its mystery.
According to the report, from July 1, 2006 to June 30, 2007, the national traffic compulsory insurance business insured a total of 57.55 million vehicles of various types, with an underwriting rate of about 38%, and a total premium income of 50.7 billion yuan. As of June 30 this year, the premiums of insurance liabilities have been terminated 22.7 billion yuan, and the premiums of insurance liabilities have not been terminated 28 billion yuan. Compulsory Traffic Insurance’s first year indemnities totaled 13.9 billion yuan, various operating expenses totaled 14.1 billion yuan, and investment income totaled 1.4 billion yuan.
The spokesperson of the China Insurance Regulatory Commission Yuan Li said that due to the large cost investment of various insurance companies in the first year of the implementation of the compulsory traffic insurance system, such as computer transformation, process reengineering, etc., and in accordance with the domestic accounting standards, all the initial investment is included in the current year, so the first year of compulsory traffic insurance The financial report summarized a book loss of 3.9 billion yuan. However, if calculated according to the international accounting standards for amortization of several years, there will be a small profit. From January to October 2007, China Compulsory Insurance achieved a book profit of 930 million yuan.
According to the data, the total operating expenses of Compulsory Insurance in the first year amounted to 14.1 billion yuan. Expense items mainly include handling fees, commissions, business taxes and surcharges, insurance protection funds, insurance business supervision fees, and administrative management fees. Calculated based on the total premium income of 50.7 billion yuan, the comprehensive cost ratio of compulsory traffic insurance is about 27%. Guo Zuojian, director of the P&C Insurance Department of the China Insurance Regulatory Commission, believes that the current level of expenses still has room for compression. "We are now urging insurance companies to further reduce operating costs and operating expenses and improve their operating standards by strengthening internal management." Of course, people with cars would like to see this statement from the regulatory authorities.
Rate reduction is best done at once
Low compensation has always been one of the controversial issues of compulsory traffic insurance.
Some drivers said that compared with third-party liability insurance, compulsory compulsory insurance premiums are high, but the amount of compensation is too low. Taking a family car as an example, the annual premium is 1,050 yuan, and the upper limit of compensation is only 60,000 yuan. Compared with personal injury losses, which are often as high as hundreds of thousands of yuan, the problem of compensation cannot be solved at all.
Yuan Li introduced that the evaluation of the traffic compulsory insurance business showed that with the smooth operation of the traffic compulsory insurance business, its operating costs have shown a gradual downward trend. Therefore, the China Insurance Regulatory Commission has initially planned to double the compulsory insurance liability limit to 120,000 yuan without increasing the burden on policyholders.
According to the preliminary plan for the adjustment of the basic rate of compulsory traffic insurance submitted by the Insurance Industry Association of China to the China Insurance Regulatory Commission announced on November 30, under the liability limit of 120,000 yuan, the basic rate of compulsory traffic insurance will be lowered in varying degrees according to different models. Among them, the insurance premium for the popular family car is planned to be lowered from the current 1050 yuan to 950 yuan. At present, among the 42 types of vehicle types in 8 categories, 16 types will be involved in the reduction of the basic rate, and the reduction range will range from 5% to 33%.
In this regard, the owner of the car, Mr. Wang, said that even with such a standard, the rate of compulsory insurance is still too high. He thinks that it is reasonable to be around 500 yuan. This is a guarantee rather than a burden.
At the same time, some drivers also raised objections to the classification of loss categories by compulsory traffic insurance, believing that after the respective limits are set, even if the total loss does not exceed the total limit, they cannot be fully paid. There should be no distinction between loss categories, as long as the loss is within the total insurance limit, it should be paid.
Source: Pacificcarnet
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