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China’s Average New-Energy Vehicle Insurance Premium Falls

Published: Apr. 2, 2026 4:34 p.m. GMT+8

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New-energy vehicles on a street in Zhuhai, Guangdong province, March 22. Photo: VCG

China’s average insurance premium per new-energy vehicle (NEV) fell in 2025, while insurers remained loss-making in the world’s largest NEV market.

The average premium dropped to 4,360 yuan ($610), down about 180 yuan from the previous year, according to Caixin calculations based on data released Tuesday by the China Association of Actuaries and China Banking and Insurance Information Technology Management Co. Ltd. The latter runs a national banking and insurance information-sharing system.

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China's NEV average insurance premium fell to 4,360 yuan ($610) in 2025, down 180 yuan YoY.
Insurers covered 43.6M NEVs (+40%), premiums rose 35% to 190B yuan, losses narrowed to 5.6B yuan.
High repair costs, accidents pressured margins; 143/429 models had >100% payout ratios; top 3 insurers hold 80% market.

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Who’s Who

PICC Property and Casualty Co. Ltd.: PICC Property and Casualty Co. Ltd., along with Ping An Property & Casualty Insurance Co. of China Ltd. and China Pacific Property Insurance Co. Ltd., controls about 80% of NEV insurance policies in China last year, per Caixin calculations from annual reports.

Ping An Property and Casualty Insurance Co. of China Ltd.: Ping An Property and Casualty Insurance Co. of China Ltd. is one of three major insurers—alongside PICC and China Pacific—that controlled about 80% of NEV policies last year, per Caixin calculations from annual reports.

China Pacific Property Insurance Co. Ltd.: China Pacific Property Insurance Co. Ltd., along with PICC Property and Casualty Co. Ltd. and Ping An Property and Casualty Insurance Co. of China Ltd., controlled about 80% of NEV insurance policies last year. (28 words)

China Banking and Insurance Information Technology Management Co. Ltd.: China Banking and Insurance Information Technology Management Co. Ltd. runs a national banking and insurance information-sharing system. It released data (with the China Association of Actuaries) used for Caixin's calculations on 2025 NEV insurance premiums, showing an average of 4,360 yuan per vehicle.

AI generated, for reference only