According to the CBIRC, the average consumer car insurance premium was CNY2,784 ($381) as of the end of June 2022, a dramatic decrease of 21% from before the implementation of comprehensive motor reform.
Approximately 87% of policyholders experienced a decrease in their vehicle insurance premiums, resulting in a CNY250 billion reduction in total premium volume.
The reform's objectives include expanding automobile coverage, lowering costs, and enhancing quality. For instance, as a reform move, the total liability limit for mandatory automobile coverage was increased from CNY122,000 ($16,810) to CNY200,000, greatly raising the degree of protection.
Additionally, insurers have expanded the scope of coverage to include protection against hazards like engine flooding and glass breakage.
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