Director Li Yunze of the China Banking and Insurance Regulatory Commission: Since 2024, life insurance companies have reduced costs by 350 billion. The comprehensive cost ratio of property insurance companies has fallen to the lowest level in nearly 10 years.

Li Yunze, Director of the China Banking and Insurance Regulatory Commission, stated at the State Council Information Office's "High-Quality Completion of the 14th Five-Year Plan" series theme press conference on September 22 that the implementation of a mechanism linking the benchmark interest rate with market interest rates and dynamic adjustments will be carried out. This will promote comprehensive reforms in vehicle insurance, further promote the integration of insurance and banking services, and reduce the costs of life insurance companies by 350 billion yuan since 2024. The comprehensive cost ratio of property insurance companies has reached its lowest level in nearly 10 years, and the expense ratio has also hit a new low in 20 years. The momentum of industry-led development continues to strengthen.