Since the beginning of the year, sales of new energy vehicles have continued to rise, but at the same time, many new energy vehicle owners have found that the premium has increased significantly, exceeding expectations. In the view of insurance companies, the pricing of new energy vehicle insurance is difficult and the payout rate is high, and enterprises are also facing certain pressure. How to break the situation where car owners complain about being expensive and insurance companies complain about being difficult, and enable the insurance industry to further promote new energy vehicles? The premium is higher than that of gasoline cars in the same price range. The Xiaomi new car SU7 has received widespread attention since its launch. In addition to discussing appearance, price, and performance, the insurance cost of this car has also sparked discussions. The salesperson introduced that the first year price of Xiaomi car insurance is between 6000 and 8000 yuan. According to car owners, the high-end version of SU7MAX, including compulsory traffic insurance, has a premium of over 8000 yuan, with commercial insurance exceeding 6700 yuan. This cost is slightly higher than that of gasoline vehicles in the same price range. The "New Energy Vehicle Insurance Market Analysis Report" released by China Banking and Insurance Corporation shows that the average premium of new energy vehicles is actually about 21% higher than that of gasoline vehicles, and the premium is also rising relatively quickly. Some car owners have reported that although there was no accident last year, the premium has increased this year. "In the first year of buying a car, the insurance cost was over 6000 yuan. In the second year, it was reduced to 4500 yuan because there was no accident. This year, there was no accident, so it increased to 6500 yuan." "My family has been driving a tram for 7 years, and last year, the premium was 3700 yuan, but there was no accident. This year, the quoted price is 6700 yuan.". Some car owners have even been denied coverage. After being insured once, many insurance companies did not provide me with quotes, and some even offered high prices to persuade me to withdraw... In the interview, many car owners expressed concern about the high premiums and difficulty in renewing new energy vehicles. Looking at the industry, the market fundamentals of new energy vehicle insurance are indeed quite significant. According to data from the Ministry of Public Security, as of the end of 2023, the total number of new energy vehicles in China reached 20.41 million. Based on an average premium of 4000 yuan per vehicle, the market size of new energy vehicles is estimated to be nearly 100 billion yuan. According to a report released by Deloitte Management Consulting China on the transformation of property and casualty insurance business models from the perspective of new energy vehicle insurance, based on data analysis, it is reasonably estimated that by 2030, the premium scale of new energy vehicle insurance will reach 1.3 trillion yuan, accounting for approximately 31.3% of the total premium of vehicle insurance. Why are some insurance companies unwilling to underwrite new energy vehicle insurance despite having a large base and high premiums? The main reason is that the current compensation rate for new energy vehicles is too high. Yu Ze, Vice President of PICC, recently stated that the payout rate for new energy vehicle insurance in the entire industry is about 10 percentage points higher than that of gasoline vehicles. In addition, for some models that have been discontinued due to operational issues with car companies, the insurance company will not provide insurance coverage due to issues with components, after-sales, and other aspects. Risk assessment is not easy, how to calculate the premium for new energy vehicles? "The calculation principle of insurance premiums for new energy vehicles is basically no different from that of gasoline vehicles." Wang Kai, Associate Professor of Insurance and Actuarial Science at Southwest University of Finance and Economics, told our reporter that the approximate claim cost is calculated based on the probability of accidents and maintenance costs, as well as factors such as the operating expenses and profits of insurance companies. It is reported that new energy vehicle insurance is still using traditional car insurance pricing methods at present
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