After the NDRC issued a 1.2 billion fines, the current round of auto anti-monopoly entered a small climax. On the 20th, the National Development and Reform Commission disclosed that 12 Japanese Auto Parts manufacturers such as Denso, Mitsubishi Electric and Seiko had violated the "Anti-Monopoly Law" and imposed a fine of 1.235 billion yuan on 10 Japanese companies. This is the biggest ticket issued by the National Development and Reform Commission since the introduction of the Anti-Monopoly Law in 2008.
Since July, many well-known car companies have accepted the anti-monopoly investigation of the National Development and Reform Commission. In response, Jaguar Land Rover, Audi, Mercedes-Benz and other brands have actively lowered the guidance price of the vehicle market, spare parts prices and after-sales service prices.
Behind the anti-monopoly, the contradiction between car companies and insurance companies is highlighted. The anti-monopoly of the auto industry can see the insurance industry everywhere. Among the previous zero-ratio surveys, which were called the basis of anti-monopoly investigations, one of the leading players was the China Insurance Industry Association. Audi’s alleged illegal antitrust law in Hubei also stems from the game between Audi and local insurance companies.
As part of the spare parts of this round of anti-monopoly, it is closely related to the insurance industry.
The contradiction between car companies and insurance companies has been around for a long time. Auto insurance is an important source of income for insurance companies. However, auto insurance has a high degree of homogeneity and relies heavily on sales channels. This makes insurance companies lag behind automakers and 4S stores, and is at the end of the auto market value chain.
Auto insurance premium income is determined by the new car purchase price, while the payout amount is mainly determined by the part price. As car companies continue to lower the price of new cars and increase the price of spare parts, insurance companies lacking bargaining chips face double pressures of lowering premium income and higher claims.
According to the data of the China Insurance Regulatory Commission, 70% of the insurance company's auto insurance claims are used to pay for the replacement of auto parts. In 2013, nearly 60 manufacturers adjusted the price of spare parts more than 170 times, and the insurance company's claims cost increased.
In 2013, the auto insurance industry fell all the way. Among the 49 insurance companies that announced auto insurance profits, except for the three profits, the remaining 46 companies lost money across the board.
In early 2014, in order to fight against the local insurance industry association, Audi's 11 dealers in Hubei agreed to “price alliance†to limit the minimum price for insurance claims. This has also become a "crime" for Audi to be subject to anti-monopoly penalties.
In the first half of 2014, the comprehensive cost ratio of auto insurance has reached 99%, approaching the critical point of loss in the whole industry. In this context, the contradiction between insurance companies and car companies is on the verge. In April this year, the China Insurance Industry Association and the China Automobile Maintenance Association first disclosed the “zero ratio of complete vehicle parts†for 18 common models, and publicized the price of abnormally high auto parts and accessories. The prelude to monopoly.
Insurance industry becomes the biggest winner of anti-monopoly Under the huge demand of China's auto market, anti-monopoly is difficult for consumers to get benefits, and the insurance industry is expected to become a direct beneficiary.
Generally speaking, the foreign zero ratio (that is, the ratio of the price of the specific model parts to the total vehicle sales price) does not exceed 300%, while the domestic zero ratio is usually more than 400%. The price reduction of parts and components brought about by anti-monopoly will reduce auto insurance claims and directly benefit insurance companies.
The Essence Securities research report pointed out that parts for after-sales use have been subject to the control of OEMs, and they have retained about 30% of profits before entering the distribution channel. This is the main reason for the abnormally high price of after-sales parts.
In the medium term, auto anti-monopoly will promote the gradual liberalization of the domestic parts and components after-sales system, weaken the insurance companies' dependence on the 4s stores, and improve the right to speak of auto insurance business.
On the other hand, the price of parts is an important indicator for the foreign auto insurance industry to determine the amount of insurance coverage. However, the current price data of parts measured in China is far from covering all models on the market, and there is no uniform standard or naming rules for the model names. Accurately measure its risk.
In the long run, the direction of commercial auto insurance reform is determined by the price of parts and components. Automobile anti-monopoly will make the price of spare parts more transparent, clearing the obstacles for auto insurance reform and further improving the profitability of auto insurance business of insurance companies.
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