CHECHE

From September 19, the 'Guiding Opinions on the Implementation of Comprehensive Reform of Auto Insurance' issued by the CBIRC will come into effect, aiming to benefit more than 260 million car owners in China.

With long-term conflictsand challenges in the auto insurance market, the upcoming regulation is positioned as a comprehensive reformfor an effective solution. The CBIRC expressed that after the implementation of the reform, in the short term: 'prices will drop, coverage will increase and services will be more comprehensive'. In the long run, it intends to create a modernized auto insurance market featuring liberation of the market,fairness in regulations, improvement of insurance coverage, simplification of administration and decentralization of the participants.

In 2019, Chinese companies insured 260 million vehicles with total premium of RMB 818.9 billion,accounting for 63% ofthe P&C insurance industry. What will happen to the auto insurance market after the implementation of the new regulation? Mr. Zhang Lei, CEO of Cheche Technology, talked about how the comprehensive reform of auto insurance will benefit users in the show The Voice of Economy: the Vision.