In 2024, premiums from new energy vehicle (NEV) commercial insurance reached approximately CNY117.7bn ($17.66bn), marking a 52.93% year-on-year increase. This milestone represents the first time NEV commercial insurance annual premiums surpassed CNY100bn. Meanwhile, settled claims for NEV commercial insurance totalled around CNY58.7bn, a 63.47% year-on-year rise. Across the broader auto insurance market - including both commercial insurance and the Compulsory Automobile Liability Insurance (CALI) - premiums grew by 4.52%, with settled claims up by 9%.