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  本报记者 冷翠华

  见习记者 杨笑寒

  4月15日,华映科技(集团)股份有限公司、上海百联集团股份有限公司和浙江新和成股份有限公司3家A股上市公司同时发布拟购买董责险的公告,引发投资者关注。

  今年以来,A股上市公司购买董责险步履稍有放缓。据东方财富Choice数据统计,截至4月16日,年内已有93家A股上市公司发布公告披露董责险购买计划,相较于去年同期减少16%。

  受访专家表示,年内拟购买董责险的上市公司数量同比有所下降,与市场消化风险、成本控制、公开赔付案例较少、赔付周期长等因素有关。从长期来看,随着司法实践推动和公开赔付案例增多,董责险市场渗透率有望进一步上升。

  “董责险”全称是“董事、监事和高级管理人员责任保险”,是一种保障上市公司董监高在履职过程中,因工作疏忽、不当行为被追究责任时,由保险公司赔偿法律诉讼费用及承担其他相应民事赔偿责任的保险。

  上海市建纬律师事务所高级顾问律师王民对《证券日报》记者表示,年内拟购董责险的上市公司数量减少,可能有三方面原因:一是市场环境趋稳,企业风险感知有所变化;二是经营压力与成本控制,部分企业削减非核心支出,而董责险作为非强制险种,可能被削减;三是法律与监管调整的滞后影响,尽管去年施行的公司法加强了董监高责任,但实际诉讼案例尚未大规模爆发,部分企业对风险紧迫性认知不足。

  与此同时,近年来,董责险费率呈现下降趋势。上海市建纬律师事务所保险团队与险律科技(北京)有限公司联合发布的《中国上市公司董责险市场报告(2025)》显示,2023年董责险费率变化出现转折,呈现出下降趋势。这一趋势一直持续到整个2024年度,截至2024年第四季度,董责险简单平均费率不足千分之五。

  中国精算师协会创始会员徐昱琛对《证券日报》记者分析称,董责险费率下降受到以下因素影响:一是董责险赔付滞后性。董责险赔付具有明显的长尾效应,从索赔到最后结案可能需要两到三年的时间,目前来看,董责险公开赔付案例较少。二是董责险市场竞争加剧。早期开展董责险业务的保险公司较少,险企进入董责险市场时也较为谨慎,近年来随着新险企加入,市场竞争加剧,董责险费率有所下滑。

  记者梳理发现,近几年,拟投保董责险的上市公司数量呈现波动态势。2022年、2024年,拟投保董责险的上市公司数量同比增速均超过30%,而2023年拟投保董责险的上市公司数量则同比有所下滑。总体来看,国内上市公司对董责险的投保率相对国外而言仍处于较低位,董责险要进一步“扩圈”,仍需保险业持续发力。

  徐昱琛认为,董责险投保率较低一方面与市场透明度不足有关,许多保险公司因保密协议而不公开董责险的理赔情况,导致许多上市公司对董责险的理赔情况缺乏了解,影响了投保率;另一方面,董责险现有条款中存在除外责任,如故意行为(保险公司不承担被保险人因故意行为而导致的损失)、行政罚款(保险公司不承保被保险人因行政罚款或违法所得而导致的损失)等,其中部分除外责任的界定较为模糊,在理赔时容易引发法律纠纷。此外,与董责险相关的市场规则与法律制度尚不成熟,也对董责险的投保率产生了影响。

  展望未来,王民表示,董责险市场短期调整是周期性与结构性问题叠加的结果,从长期来看,随着相关司法实践的推动与保险赔付案例的增多,董责险市场渗透率有望进一步上升。

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