What is the development of liability insurance in China? 5

Liability insurance refers to a form of property insurance in which the insurer bears the liability for compensation when the insured is liable for civil liability to a third party in accordance with the law and is required to make a claim for compensation.

Liability insurance is a kind of property insurance, and its products have dual protection functions, a wide range of applications, and many fields. Thanks to factors such as favorable policies and the growth of downstream market demand, the scale of liability insurance premiums in China has increased year by year, but the growth rate has gradually declined.

1. The premium income continues to be high, and the growth rate is gradually slowing down

From the perspective of the premium income of property insurance companies, the premium income increased from 100 million yuan in 2010 to 90.1 billion yuan in 2020, with a compound annual growth rate, of which the growth rate of property insurance insurance premium income reached the highest value in recent years in 2018, and then the growth rate was virtual or declining year by year. <>

2. The market share has increased rapidly

From the perspective of the proportion of liability insurance premiums in the overall premium income of property insurance companies, from 2010 to 2020, the proportion of liability insurance premium income increased year by year, but the proportion was still at a low level. In 2020, the original insurance premium income of property insurance companies totaled 1,358.4 billion yuan, of which liability insurance premium income accounted for the proportion.

3. Compensation expenses have risen

From the perspective of property insurance companies' liability insurance claims and the payment of chime oranges, from 2010 to 2019, the liability insurance claims increased from 4.4 billion yuan to 100 million yuan, with an average annual compound growth rate. According to the preliminary estimation of the proportion of liability insurance claims in the total claims and benefits of property insurance companies, the liability insurance claims of property insurance companies in 2020 will be about 37 billion yuan.

Note: The China Banking and Insurance Regulatory Commission (CBIRC) and the National Bureau of Statistics (NBS) have not yet released the 2020 property insurance liability insurance compensation and payment data.

4. The number of insurance policies has increased, and the growth rate has decreased

From the perspective of the number of policies, from 2017 to 2020, the number of liability insurance policies increased year by year, with an average annual compound growth rate. In 2020, the number of liability insurance policies was 100 million, accounting for the total number of policies of property insurance companies.

5. The amount of risk insurance is **, and the growth rate is decreasing

From the perspective of risk insurance amount, from 2017 to 2020, the amount of liability insurance insurance increased year by year, with a growth rate of more than 70%, with a rapid growth rate. In 2020, the amount of liability insurance risk protection was one trillion yuan, accounting for the overall insured amount of property insurance companies.

What is liability insurance, the development status of liability insurance in China, and the development trend of liability insurance in the future: the emergence and development of liability insurance is called the third stage of the development of the entire insurance industry by the insurance industry.

Hello, there is China Taiping Insurance Group Sales Stool Co., Ltd. China Taiping Insurance Group Co., Ltd. is China's first multinational financial and insurance group company, and is also a leading financial enterprise [60], its brand history has a long history, which can be traced back to the Taiping Fire and Water Insurance Company founded in 1929, the China Insurance Co., Ltd. founded in 1931 and the Hong Kong Minzai Pong An Insurance in 1949. Hope it helps you and have a great day!

Please give a thumbs up!

Liability insurance, as a kind of independent system of insurance business, began in the middle of the 19th century and developed in the 70s of the 20th century. The emergence and development of liability insurance is known as the third stage of the development of the insurance industry, which has expanded the insurance industry from underwriting material interest risks and personal risks to insuring various legal risks.

In the first decades of the development of liability insurance, not enough attention was paid to it. Until the middle of the 20th century, with the development of society, various civil activities have increased dramatically, the legal system has been improved, and people's awareness of compensation has been continuously enhanced, and finally the liability insurance has been comprehensively and rapidly developed in the industrialized countries after the leakage of friends in the 70s of the 20th century, and has entered the first period. Although the development time of liability insurance is very short compared with other insurance, it has become an insurance type with considerable scale and influence.

The history of the development of international insurance shows that the degree of development of liability insurance is an important indicator to measure the development of a country's or region's property insurance industry. Relevant data show that the liability insurance business in the United States is the pillar of non-life insurance companies, and the liability insurance market has accounted for 45% to 50% of the entire non-life insurance business since the late 20th century; In European countries, it accounts for about 30%, and some countries are as high as 40%; Japan also reached 25-30%. Since the 90s of the 20th century, many developing countries have also paid more and more attention to the development of liability insurance business, and the global average of this indicator is more than 20% of non-life insurance business.

Liability insurance has penetrated into all aspects of social life, promoted social progress and development, and played a role in maintaining social stability.

As an insurance business, liability insurance was born in Europe and the United States in the 19th century, and developed rapidly in industrialized countries after the 70s of the 20th century. In 1880, the United Kingdom promulgated the Employers' Liability Act, and a special employers' liability insurance company was established in that year to cover the legal liability of the employer in the event of personal injury or property damage caused by the employer's fault in the course of business. In 1886, Britain opened an employer's liability insurance branch in the United States, while the United States' own employers' liability insurance company only appeared in 1889.

Automobile liability insurance, which is compulsory and legally underwritten in most countries, began at the end of the 19th century and became an important symbol of the boundary between modern insurance and modern insurance together with industrial insurance. At that time, the British "legal accident insurance company" was the most active, and it issued a car insurance policy that only covered the car's liability for bodily injury to a third party, and the insurance premium was charged at a rate of 10-100 pounds per car, and fire insurance was listed as an additional insurance that could be insured; It wasn't until 1901 that the United States began to have a modern sense of automobile third-party liability insurance, which covered legal liability for bodily injury and property damage. After entering the 70s of the 20th century, the development of liability insurance has entered the first period in industrialized countries.

In this period, first of all, third-party liability insurance for various means of transport has developed rapidly; The second is that employers' liability insurance has become a popular type of liability insurance. With the development of the commodity economy, all kinds of civil activities have increased sharply, the legal system has been continuously improved, people's awareness of claims has been continuously enhanced, and various civil compensation accidents have emerged one after another, and finally the liability insurance has been comprehensively and rapidly developed in industrialized countries after the 70s of the 20th century, and in the 70s of this century, the premium income of various liability insurance business in the United States accounted for about 45%-50% of the entire non-life insurance business income. The liability insurance business income of some European countries accounts for more than 30% of the entire non-life insurance business income, and the liability insurance business income of Japan and other countries also accounts for 25%-30% of their non-life insurance business incomeSince the 90s of the 20th century, many developing countries have also paid more and more attention to the development of liability insurance business.

The western insurance community believes that the development of the insurance industry can be divided into three major stages of development: the first stage is the traditional marine insurance and fire insurance (later extended to all property insurance); The second stage is life insurance; The third stage is liability insurance.

After the insurance industry expands from underwriting material interest risks to underwriting personal risks, it will inevitably expand to underwrite various legal risks, which is an objective law proven by the development of the insurance industry in the West. At the same time, we also know that the status of liability insurance in the insurance industry is very high, which is not only the result of the improvement of the legal system, but also the specific manifestation of the insurance industry's direct involvement in social development and progress.

It is of great significance to vigorously develop China's product liability insurance and establish and improve the product liability insurance system, which is the fundamental requirement for implementing the scientific concept of development and promoting the construction of a harmonious society, and is also a booster for China's continued stable and sustained economic growth in the new era.

First of all, the construction of product liability insurance is conducive to the transfer of product liability risks, avoiding major business crises or even bankruptcy crises, and achieving sustainable and stable operation.

Secondly, the construction of product liability insurance is conducive to consumers to obtain timely and effective compensation for injuries, effectively protect the rights and interests of consumers, and promote social harmony and stability. In reality, when a product accident occurs, many enterprises often fail to receive timely and effective compensation for various reasons such as cash flow difficulties and inability to pay. Although for major accidents, sometimes the relevant departments come forward to compensate with fiscal and tax revenues, due to financial constraints, the amount of compensation is generally far from the actual losses of consumers and the requirements for rights protection.

Thirdly, the construction of product liability insurance is conducive to reducing the time, manpower and financial resources spent on participating in the aftermath of product liability risk accidents, avoiding "taxpayers paying" after the accident of the enterprise, and promoting the transformation of the company's functions. The development of product liability insurance is conducive to reducing the pressure, getting rid of the handling of accidents, reducing the financial burden, realizing the transformation of functions, and improving administrative efficiency.

Finally, the construction of product liability insurance adapts to the needs of foreign countries, which is conducive to promoting the export of products to earn foreign exchange. Developed countries in Europe and the United States often require the exporter to purchase product liability insurance for imported products, and even make it a condition for issuing letters of credit. The establishment of an enterprise product liability insurance system can not only promote product exports, but also enhance the ability to resist risks, and resolve the crisis in a timely manner when encountering public safety incidents in foreign countries.

The vigorous development of product liability insurance is to achieve the purpose of controlling risks and avoiding disputes.

Vigorously developing product liability insurance is conducive to the improvement of China's market economic system.

Vigorously developing product liability insurance is conducive to safeguarding the legitimate rights and interests of civil subjects.

Product liability insurance refers to a kind of liability insurance that underwrites risks based on the product liability of product manufacturers, sellers, repairers, etc., and product liability is based on the product liability legal systems of various countries.

The so-called product liability refers to the civil liability for damages that should be borne by the product supplier (including manufacturers, sellers, repairers, etc.) in accordance with the law when the product causes personal or property losses to users, consumers or the public due to its defects during use.

The manufacturer of the product includes the producer, processor and assembler of the product; Product repairer means the repairer of damaged or obsolete or defective products; Product sellers include wholesalers, retailers, exporters, importers and other commercial organizations, such as wholesale stations, stores, import and export companies, etc. In addition, if the carrier damages the product during transportation and thus causes a product liability accident, it shall also bear the corresponding product liability.

It can be seen that the product liability covered by product liability insurance is a kind of liability insurance that takes the product as the specific object, takes the property damage or personal injury to others that the product may cause as the specific insured risk, and takes the relevant parties who create or can affect the occurrence of the product liability accident as the insured.