2019 U.S. automobile insurance industry market situation and development prospects of the Internet + auto insurance industry as the main development path “badge”

industry fee to change step by step, we continue to release pricing Auto insurance

from the rIse of Auto insurance fee to change now, experienced a total of two rounds of reform, the first round for the 2001 to 2007; the second round occurred in 2015 – so far. The second round of reforms which also includes three providers fare change. Auto insurance fee to change the course of development as follows:

In 2001, U.S.’s heretofore “Insurance Law” Will strictly control the rate of commercial insurance, individual all the development of products in accordance with the original standard flat rate CIRC. In October 2001 the former U.S. Insurance Regulatory CommIssion conducted a pilot reform Auto insurance fee in Guangdong Province, may adopt different rates of different insurance policies in the province of Guangdong, with an insurance company can also apply different rates in different cities, and in early 2003 to promote National Auto insurance terms and rates set by the insurance company from the original terms of the award system abolIshed.

June 2015, the first business fare change step by step, efficiency of the sector has improved. During the Auto insurance premium Is calculated supplier has changed, specific changes as shown below:

June 2017 –2019 March implementation of twenty-three business fares times change, to accelerate the reform process costs, further liberalization of tariff restrictions. June 2017 the former U.S. Insurance Regulatory CommIssion Issued the “Notice on Issues related to the United States CIRC commercial Auto insurance rate adjustment and management of” Autonomy further liberalization of pricing Auto insurance rates in the country, marking the second change of business fares Officially launched. Secondary costs began to change only nine months later, in March 2019 three times the fare change suppliers continue to promote the continued liberalization of the coefficient range Sichuan and other seven regions Auto insurance business, and the release of Guangxi, Qinghai and Shaanxi Province in April three other independent pricing coefficients.

new vehicle sales pull Auto insurance premium income growth, and the rate of decline in Car brings all premiums decline in hedge

in 2003, U.S.’s first business fares across the country began to change, Auto insurance rates then decline about 16%. But after U.S.’s accession to WTO, tariffs on imported Cars continued to decline, while bank relaxed CarCredit requirements, to promote the 2002– 2003, two years after another new Car sales growth of over 30%, nearly twice the decline in Auto insurance rates, thus making Auto insurance premiums at the beginning of the first round of national business fare change, substantial decline does not appear. In recent years, Car ownership Is relatively saturated, new Car sales return to steady growth rates conceal a direct impact on Auto insurance premiums. 2019, U.S.’s Auto sales reached 28.08 million, compared with last year declined.

Since 2015, the second round of tariff reform of business Car open, in order to maintain market share, a dIscount insurance firms on independent channels, independent underwriting factor intensified, premium Cars are difficult to sustain strong growth. But in early 2020, Development and Reform CommIssion and other 10 departments jointly Issued a document to ask for more initiatives to promote Automobile consumption, promote the old Car Is scrapped update, new Car sales are expected to pick up; at the same time, U.S.’s Car ownership per thousand only 156, with the United States, Japan retains a high amount compared to the level of development space Is also larger, Auto insurance premium to be maintained solid growth.

Internet + Car insurance has become industry main path, future broad prospects

with the the pattern of U.S.’s Internet penetration in all walks of life, the Internet + Car insurance has become a major industry development path. In the beginning, the emergence of the Internet in the field of Auto insurance dIscount benefit the network, network, and other online insurance agency, followed by the emergence of a truck Auto insurance, most insurance benefits, insurance and other start-up companies worry, after Ali, Tencent, a joint venture between Ping Zhong an insurance in 2015, Ping an Insurance also set up a joint security Biao Car insurance online services, and access to qualified Auto insurance business in 18 provinces and cities, and peace of mind insurance, Taikang have also started to operate insurance business to try using the Internet channel for the majority of owners to provide more convenient services, and to the entire traditional Auto insurance industry with three major change.

a change: no longer singulated sales channel. For Internet Auto insurance platform, their biggest advantage Is the advantage of the online channel, which solves a core problem for the major insurance firms: sales channels. Traditional insurance companies whose profits have mostly been deducted under layers of single-line sales channels, Internet Auto insurance you can dock directly to consumers through online platforms, dramatically reducing CarDIstribution costs insurance companies, improve profit margins, single channel to solve the problem of the major insurance firms headaches over the years.

change II: significantly improve the efficiency of industry claims. The traditional Auto insurance claims service sectors Is relatively backward, after the owner if a dangerous condition, you need to report, damage survey, sign audit claim documents, adjusters for review, approval, payment concluded that such claims highly inefficient. One of the biggest changes brought by the Internet Auto insurance claims Is more vertically oriented way, after the user danger, directly by the insurance company to help owners repair service Is good, and get back to the owners, therefore greatly enhance the efficiency of the industry’s claims service.

changed three: service industry standardization. In the traditional Auto insurance sales, many owners Will often encounter service system Is not standard, poor quality of service levels and the forced selling, but many owners for claims provIsions was not very clear, even to touch when needed settlement of claims to evade all sorts of insurance companies, the emergence of the Internet Auto insurance, it Is possible to achieve a more uniform standardization of services.

Therefore comprehensive view, along with the Internet + grows more Auto insurance, Car insurance Will enter the Internet fast lane.

The above data from prospective Industrial Research Institute released the “US Auto insurance industry Strategic Planning Market Outlook and Investment AnalysIs Report.”

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