三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

US EUROPE AFRICA ASIA 中文
Business / Insurance market

China's auto insurance policy may lift profitability: PICC

(chinadaily.com.cn/Agencies) Updated: 2012-02-21 10:36

China's decision to allow foreign insurers offer mandatory auto insurance may help local players with "more timely" government adjustments to the base rates for such policies, the nation's biggest non-life insurer said.

The impact from the opening of compulsory third-party liability vehicle insurance will be "very limited" for local companies, Zhang Xiaoli, Beijing-based board secretary of PICC Property & Casualty Co, said by phone on Feb 16. Foreign insurers, under pressure from the European debt crisis, aren't likely to "launch any big offensive," he added.

Regulators will probably loosen its controls on the premium rates for the compulsory insurance with the entry of overseas companies for such policies, BoCom International Holdings Co said. An increase in the government's base rate may help local insurers, who have posted losses from the mandatory insurance.

"That is certainly good news" for local companies, said Li Wenbing, a Beijing-based analyst at BoCom International. "Just breaking even in the mandatory business will be a huge boost to profitability."

The opening of the mandatory insurance removes a restriction that the American Chamber of Commerce said "effectively blocked" foreign companies from tapping the world's biggest car market. Drivers tend to choose the same insurer for both optional and compulsory coverage.

Profitability

PICC suffered a 4.3 billion yuan ($682 million) underwriting loss from the mandatory business in 2010, BoCom's Li said. That compares with its 5.2 billion total net income that year, which almost tripled as the Beijing-based insurer tightened controls on claims and costs.

China's auto insurance sector has turned profitable since 2009 as regulatory controls on price competition tightened, reversing years of losses in an industry where about 70 percent of premiums come from auto insurance. Underwriting losses from mandatory policies, which protect drivers against third-party claims in accidents, totaled 9.7 billion yuan in 2010, according to a statement on the China Insurance Regulatory Commission's website on Aug 4.

A press official at the CIRC had no immediate comment, declining to be named because of the regulator's policy.

Insurers should lower premium rates by 30 percent from the regulator's base rates if the policyholder had no liable traffic accidents in the previous three years, according to the CIRC regulation enacted in 2007. Government-tailored price cuts would push premium rates down by 4.9 percent in 2009 from the previous year's level, PICC said in a report on June 29 that year.

American International Group Inc is among the biggest foreign insurers operating in China.

China's share of global auto production surged to more than 20 percent by 2009 from 1 percent in 1990, according to estimates at CLSA Asia-Pacific Markets. Growth accelerated after its 2001 entry into the World Trade Organization and China passed the US as the largest auto market in 2009.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 在线亚洲精品国产成人二区 | 亚洲精品不卡午夜精品 | 免费人成黄页在线观看忧物 | 国产三级一区二区三区 | 国产免费网站看v片元遮挡 国产免费自拍 | 国产性生活 | 欧美一区二区精品系列在线观看 | 7m凹凸国产刺激在线视频 | 久久精品伦理 | 色啊色 | 国产欧美日韩精品一区二 | 黄色网址在线视频 | 毛片一级在线观看 | 日本一级特黄毛片免费视频 | 久久香蕉精品视频 | 日本特黄特黄刺激大片 | 国产一级内谢a级高清毛片 国产一级毛片大陆 | 黑人欧美一级毛片 | 黄页网站18以下禁止观看 | 久久99国产亚洲高清 | 免费国产成人高清视频网站 | 国产精品三区四区 | 欧美+日本+国产+在线观看 | 午夜视频免费在线观看 | 欧美日一级 | 一级毛片一级毛片a毛片欧美 | 天天鲁天天玩天天爽天天 | 国产高清不卡码一区二区三区 | 97色伦图片97综合影院久久 | 久久亚洲国产高清 | 成人做爰又黄又爽免费视频 | 免费视频爰爱太爽了 | 日本丰满hdxxxxx护士 | 国产萝控精品福利视频免费观看 | 亚洲自拍色| 福利视频不卡 | 一级坐爱片| 国产情趣酒店鸳鸯浴在线观看 | 亚洲日本在线观看视频 | 日韩久久一级毛片 | 一区二区三区影视 |