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The China Insurance Regulatory Commission (CIRC) assistant chairman Yuan Li said recently the regulator may allow insurance companies to adjust the premium rate for compulsory vehicle liability insurance.

The regulator will reset the premium rate after it has done more research and analyzed operational conditions of insurance companies. The CIRC will also refer to the performance of insurers who offer this kind of insurance. It will also hold hearings if the premium is increased is too much, according to Yuan.

Wang Wen, dean of the insurance department at the University of International Business and Economics, said the CIRC should consider regional disparity in setting the premium rate. He also added that, as a compulsory insurance, the premium rate should be lowered due to the generous profits insurers are making now.

Li Ruojin, a professor of the Central University of Finance and Economics, said the premium rate should be set depending on the different models of cars and the drivers.

Shanghai is leading the way in practicing a floating premium rate, as shown by data from the CIRC Shanghai Bureau. In the first quarter of this year, 40.7 percent of a total of 409,200 compulsory vehicle liability insurance policyholders paid less premium insurance, on average, only 15 percent of them spent more on their premiums, and 44.3 percent paid the same.

Currently, the compulsory vehicle liability insurance covers both lives and property, but Wang said the insurance should cover more compensation for personal injury. If the property coverage was excluded in the insurance, the premium rate should be lowered further.

Huang Xueyuan from China Continent Property & Casualty Insurance Co Ltd said, the compulsory insurance looks like extensive coverage, but the maximum compensation for property is only 2,000 yuan (US$258.73), which is meaningless for a vehicle owner.

(For more biz stories, please visit Industry Updates)