At the end of last year, Ms. Wu from Guangzhou bought a new energy vehicle with a price of more than 200,000 yuan, with the first year's premium of 6,200 yuan. In the absence of any danger in that year, the renewal fee this year has risen to 7,200 yuan. 'Car insurance in the second year is actually more expensive than that in the first year. I've learned a lot!' Ms. Wu exclaimed.

By the end of June this year, the number of new energy vehicles in China has exceeded 10 million, and the insurance scale and premium price of new energy vehicles have also risen. Why did new energy insurance premiums rise this year? Where is it expensive?

The quotation is rising

Since the beginning of this year, insurance companies have generally raised the quotation of new energy vehicle insurance. After the introduction of the exclusive clause of new energy auto insurance, Tesla said that the national average increase of its vehicle premium was about 10%; The average premium increase of high-performance models is within 20%. Xpeng Motors also publicly responded to the premium increase, saying that the premium increase of all its models was in the range of 2.9% to 18.2%.

In July this year, Mr. Xu from Zhuhai, Guangdong bought a new new energy car with a joint venture brand. Mr. Xu said that the price of a new car with an original price of 168,000 yuan is about 143,000 yuan after the discount, and the insurance premium of the new car is 5,182 yuan. He understands that the insurance price of new energy vehicles at this price was about 4,000 yuan last year.

Mr. Ye calculated an account: the total cost of electricity, insurance, maintenance, etc. is indeed less than that of fuel vehicles, so it is acceptable to increase the insurance premium. However, some car owners joked that the money saved was subsidized to the auto insurance policy.

Where is it expensive?

In December, 2021, insurance association of china issued the Exclusive Clause of Commercial Insurance for New Energy Vehicles (for Trial Implementation), and the China Association of Actuaries simultaneously issued the Benchmark Pure Risk Premium Table for Commercial Insurance for New Energy Vehicles (for Trial Implementation). Nowadays, the exclusive terms of new energy auto insurance have been officially implemented for more than half a year, and some new energy car owners said that the premiums did rise a lot.

Where is the new energy car insurance expensive? It has been learned from many insurance companies in shanghai securities news that after the content of exclusive insurance for new energy vehicles has changed, the price of some products has increased.

Before the introduction of new energy auto insurance exclusive clauses, new energy vehicles and traditional fuel vehicles shared the same auto insurance clauses. According to the old auto insurance, the auto-ignition protection of vehicles has been included in the scope of auto insurance liability, but accessories such as batteries for new energy vehicles are not covered. The exclusive terms of new energy auto insurance formally include motor, battery and electronic control, and also cover the driving, parking, charging and operation scenarios, and customize some additional insurance for car owners.

From the perspective of premium composition, cross-border traffic insurance is a fixed premium 950 yuan. Car damage insurance, third party liability insurance, and personnel liability insurance on board need to be calculated according to the vehicle price. Different insurance types and vehicle prices will lead to different premiums.

A staff member in charge of auto insurance of a large insurance company in Guangdong said: 'This year, all insurance companies have stricter requirements for insurance of new energy vehicles. The number of accidents in the past and the number of violations handled by car owners have an impact on the price of auto insurance. '

For insurance companies, new energy vehicles have high risk rate, high maintenance cost and high payout ratio, which leads to great pressure on new energy vehicles to pay compensation. According to the statistics of China Yinbaoxin, from 2016 to the first half of 2020, the overall accident frequency of new energy vehicles was 3.6% higher than that of non-new energy vehicles, the accident rate of household new energy vehicles was 9.3% higher than that of non-new energy vehicles, and the average case compensation of household new energy vehicles was 2.7% higher than that of non-new energy vehicles.

Shen Hongyuan reported that in recent years, the risk rate of new energy auto insurance is still increasing. It is estimated that the risk rate of new energy private cars will exceed 40% and that of new energy operating vehicles will exceed 50%.

Chen Sen, chief actuary of CPIC, said that although the overall cost of new energy vehicle insurance is higher than that of fuel vehicle, this situation has improved with the development of the market. After the introduction of exclusive products of new energy automobile insurance, the cost level has further decreased, approaching the break-even point. At present, the cost rate of new energy vehicle declaration is about 101%, which is close to the break-even point.

Because the payout ratio of new energy auto insurance is higher, at present, small and medium-sized insurance companies are cautious about underwriting new energy vehicles. The person in charge of auto insurance of a small and medium-sized insurance company said that new energy auto insurance is indeed a big cake, but it is not easy for small and medium-sized insurance companies to lay out this business.

New premiums accounted for nearly half

By the end of June, the number of new energy vehicles in China had exceeded 10 million; 2.209 million new energy vehicles were newly registered, a year-on-year increase of 100.26%, accounting for 19.90% of the newly registered vehicles. At this rate, the sales of new energy vehicles in 2022 may reach 7 million.

New energy insurance premiums are also rising. According to CPIC property insurance data, as of the end of May, new car premiums accounted for nearly 50% of new energy auto insurance business. According to the data of CNPC, the insurance premium income of new energy vehicles has exceeded 30 billion yuan in 2021, accounting for 3.8%.

The industry believes that new energy exclusive auto insurance has become the main position of auto insurance incremental market, and it is expected to reshape the market structure. Leading auto insurance companies have more obvious advantages in data and sales network, and their market share is expected to further increase.

According to CPIC's property insurance data, in the fuel auto insurance market, the market share of the top three insurance companies is 67%; In the new energy auto insurance market, this figure is 71%, and it is expected to continue to increase.

Wang Ding, an analyst at Guoxin Securities, said that this year, the stock of new energy auto insurance will start to implement the exclusive terms of new energy auto insurance, and the premium scale will be increased year-on-year. At the same time, the incremental new energy auto insurance will grow faster year-on-year, and the premium scale of auto insurance is expected to reach 800 billion yuan. With the increase of the penetration rate of new energy vehicles, the average vehicle premium has gradually increased, and the average annual growth rate can reach 6% to 10%. The total premium scale is expected to exceed one trillion yuan by 2024.