In 2025, new energy vehicle insurance underwriting reduced losses by 100 million yuan, with the comprehensive cost ratio decreasing by 1.3 percentage points year-on-year, and the comprehensive cost ratio also declined compared to the previous year.

The China Association of Actuaries and the China Banking and Insurance Information Technology Management Co., Ltd. jointly released 2025 new energy vehicle insurance claims payment information on March 31, 2025. In 2025, the insurance industry underwrote 43.58 million new energy vehicles, with premium income of RMB 190 billion. The industry posted an underwriting loss of RMB 5.6 billion, with the loss amount decreasing by RMB 100 million from the previous year.

Overall, underwriting coverage for new energy vehicle insurance has expanded, and underwriting quality and efficiency have improved. Underwriting of new energy vehicles grew year over year by 40.1%. The risk protection amount reached 159 trillion yuan, while the combined ratio fell by 1.3 percentage points year over year.

Industry insiders told a reporter from Shanghai Securities News that the continued underwriting losses were mainly because the industry proactively underwrote a large number of high-risk vehicle types, such as commercial trucks and online ride-hailing vehicles, effectively serving new employment groups like “Two Categories” (referring to truck drivers and online ride-hailing drivers).

Data show that the number of high-claims vehicle models with a claims ratio exceeding 100% reached 143 in 2025, up by 6 from the previous year. Among them, passenger vehicles accounted for 106 high-claims vehicle models, and trucks accounted for 37. In the ultra-high-claims intervals with a claims ratio of ≥150%, there were as many as 19 truck models.

Compared with gasoline vehicles, the repair costs for new energy vehicles are higher. Industry experts told the reporter that new energy vehicles have a high degree of intelligence and integration. For partial damage to intelligent devices and parts, repairs often require replacement as a set, and there is still insufficient consideration of repair cost-effectiveness. Most new energy vehicle companies and power battery companies adopt a repair authorization model. Because different companies’ repair systems are relatively closed off and have lower levels of socialization, the prices of spare parts and repair labor hours tend to be high.

Industry insiders said that the insurance industry provides subsidies to these high-risk vehicles with a per-vehicle amount of several thousand yuan. This reflects the insurance industry’s fulfillment of social responsibility and its support for vulnerable employment groups. It also reflects the insurance industry’s transformation from a pure risk transfer tool into a coordinated vehicle for social governance.

Regarding the underwriting loss reduction of RMB 100 million, industry insiders analyzed that this mainly comes from underwriting selection and expense control. In the future, the insurance industry needs to connect the “data—model—services” closed loop. By further improving operational quality and efficiency with deep, intelligent risk-control measures such as battery health monitoring and repair ecosystem coordination, the industry can continue to enhance performance.

Let low-risk vehicles enjoy lower prices, while high-risk vehicles bear higher prices—this is an inevitable requirement for precise pricing in new energy vehicle insurance, and it is also an inevitable trend for the long-term sustainable operation of new energy vehicle insurance.

The reporter learned from relevant channels that the autonomous pricing coefficient range for new energy vehicle insurance has recently completed a new round of adjustments, expanding from [0.6, 1.4] to [0.55, 1.45].

Industry insiders said that expanding the range of autonomous pricing coefficients aims to enhance insurers’ ability for precise pricing, so that premiums can more accurately match different vehicle usage purposes and model risk levels, and to promote alignment between insurance prices and risk.