The China Insurance Regulatory Commission (CIRC) has introduced three new sets of commercial auto insurance guidelines in a bid to eliminate price wars, restore industry profitability and encourage competition over services rather than price, the Shanghai Securities Journal reported.  CIRC president Wu Dingfu had earlier said price wars in the sector had jeopardized profitability in the property insurance industry, of which auto insurance accounts for 70% of premium revenues. The overall cost ratio in China’s property insurance market increased from 97.5% in 2005 to 102.7% in 2006 as a result, he said. The new guidelines took effect on April 1 and cover three product types  - A, B and C. They unify insurer practices on discounts, exemption amounts and additional risks, and expand coverage to include robbery, broken windows and theft.