The China Banking and Insurance Regulatory Commission issued its annual update on 2024 compulsory motor vehicle traffic accident liability insurance, reporting an expansion in insured vehicle coverage, broadly stable average premiums and higher claims payouts. Insured vehicles reached 372 million, up 4.2% year on year, including 334 million cars, up 5%. The total insured amount provided through the scheme was CNY 74.3tn, up 4.2%. Premium income totalled CNY 271.06bn, up 4.2%, while claims payouts rose 11.6% to CNY 226.28bn. Average premium per vehicle was CNY 762.5, up 0.3%. Underwriting results showed a loss of CNY 15.27bn, alongside CNY 4.62bn in allocated investment income and a CNY 1.1bn contribution to the road traffic accident social assistance fund; the update also referenced the use of mechanisms such as mutual recognition of vehicle damage assessments for major disasters and non-discriminatory rescue arrangements. The regulator said it will continue guiding the insurance sector to strengthen compulsory motor liability protection and improve service quality.
China Banking and Insurance Regulatory Commission 2025-09-05
China Banking and Insurance Regulatory Commission publishes 2024 compulsory motor liability insurance figures showing 372 million vehicles covered and CNY 15.27 billion underwriting loss
The China Banking and Insurance Regulatory Commission reported an expansion in insured vehicle coverage and higher claims payouts for 2024 compulsory motor vehicle traffic accident liability insurance. Insured vehicles reached 372 million, with premium income at CNY 271.06 billion and claims payouts rising 11.6% to CNY 226.28 billion. The regulator aims to enhance motor liability protection and service quality.