The property insurance industry's combined ratio hit a 20-year low in the first three quarters of 2025, with the overall cost ratio reaching its lowest level in a decade. The implementation of the "unified reporting" policy has significantly improved cost control across the sector, optimizing operational efficiency.

Statistics reveal that nearly 60% of the 85 property insurers reported a combined ratio exceeding 100%, with five companies surpassing 200%. Dongwu Property Insurance, newly established and yet to stabilize its operations, recorded alarmingly high ratios: a combined ratio of 3,388.40%, expense ratio of 3,094.14%, and loss ratio of 294.26%.

While 64% of insurers showed year-on-year improvement in their combined ratios, over 80% maintained fluctuations within 10%. Nine insurers, including BYD Property Insurance, saw their ratios increase by more than 10 percentage points. Notably, specialized agricultural insurers demonstrated exceptional cost control.

Ten insurers successfully reduced their combined ratios below 100%, achieving underwriting profitability. However, most remained in the high range of 98%-100%, reflecting an industry-wide trend of "overall optimization amid widening divergence."

**Key Highlights:**

1. **Record-Low Combined Ratio** The industry's combined ratio hit a 10-year low in Q3 2025, with the median figures for combined ratio, expense ratio, and loss ratio dropping to 101%, 34.12%, and -526.94%, respectively. Extreme outliers, such as Dongwu Property Insurance, skewed the data.

2. **Divergence in Performance** Over 60% of insurers lowered their combined ratios year-on-year, yet 50 companies (58.8%) still exceeded 100%. Five insurers, including Dongwu and China COSCO Shipping, reported ratios above 200%.

3. **Notable Improvements and Deteriorations** - **Top Performers:** Japan Property Insurance, Railway Self-Insurance, Zurich, and Dinghe maintained ratios below 90%. - **Significant Declines:** BYD Property Insurance, China COSCO Shipping, and Qianhai Property Insurance saw their ratios surge by 515.71, 333.95, and 105.84 percentage points, respectively.

4. **Expense Ratio Trends** Nearly 70% of insurers reduced their expense ratios, with five exceeding 100%. Specialized agricultural insurers dominated the top 10 lowest expense ratios, with Sunshine Agricultural Insurance leading at 5.82%.

5. **Loss Ratio Analysis** Only three insurers reported loss ratios above 100%, while 71 fell within the 50%-100% range. BYD Property Insurance's loss ratio spiked by 331.15 percentage points to 96.05%.

**Conclusion** While the industry's combined ratio reflects overall improvement, the gap between top performers and struggling insurers—particularly new and smaller companies—remains stark. Addressing profitability challenges and mitigating risks will be critical in the coming phase.