Original title: Play the role of economic shock absorber and social stabilizer (cited topic)
Create characteristic products, insurance companies make efforts in the field of green finance of science and technology (theme)
Reporter Li Ben
In recent years, in order to give full play to the functions of economic shock absorber and social stabilizer of the insurance industry, many insurance companies have actively innovated in the fields of technology and finance, pension finance and green finance, and continuously promoted the development of the industry by creating their own characteristic products.
Serving scientific and technological innovation to help enterprises grow.
In recent years, insurance companies have made full use of the functions of financing, continuously deepened the multi-level, professional and characteristic financial service system, and made greater contributions to strategic emerging industries and technological innovation.
Zhang Baohui, the main person in charge of the strategy department of China PICC Group, said that PICC China actively followed up the risk management and protection needs of modern industrial entities, served the relevant national industrial policies effectively, and helped the high-quality development of the real economy. In the first 11 months of 2023, it provided insurance services to more than 900,000 enterprises, and the amount of risk protection exceeded 900 trillion yuan.
It is understood that China PICC provides risk protection for the transformation of traditional industries and helps to optimize and upgrade the industrial structure. The underwriting projects include domestic large aircraft C919; By focusing on the pain points and difficulties of the industry, we innovatively launched comprehensive insurance service plans for industrial parks such as chemical industry, biomedicine and new energy industry. In the first November of 2023, we provided 22.7 trillion yuan of risk protection for 132,000 enterprises in the park. In addition, the Group has also developed "Kechuangbao" combination products to provide risk protection for scientific research and development and transformation.
We should not only participate in risk protection, but also pay attention to project investment. By the end of the third quarter of 2023, the stock investment scale of China life insurance funds to support scientific and technological self-reliance exceeded 300 billion yuan, and a number of special projects were launched, such as the "China Life Insurance-Electronic Mixed Reform No.1 Equity Investment Plan" initiated by its asset company, which successfully completed fundraising and issuance.
Reinsurance, as insurance, is an important mechanism of social risk dispersion, and China Re Group also plays an important role in supporting scientific and technological innovation. Wang Zhongyu, deputy general manager of China Re Property Insurance, a subsidiary of China Re Group, introduced that China Re Property Insurance cooperated with the client company to sign the first "special contract for comprehensive insurance for specialized and special small and medium-sized enterprises" in China to innovate and promote the construction of small and medium-sized enterprises related to insurance services and the national modern industrial system. In addition, China Re-Property Insurance also supports the construction of domestic satellites and other projects all the year round, providing reinsurance risk protection of 100 billion yuan.
According to the data released by China Xinbao, in technology and finance, the company has increased its support for large-scale single machine and complete sets of equipment export projects with high technology and high added value, as well as strategic emerging industries and other key areas. Data show that from January to November 2023, China Xinbao supported seven industrial chains, including electronic information, household appliances, vehicle construction machinery, biomedicine, new energy, textiles and clothing and modern agriculture, with a total export value of 332.86 billion US dollars. "In the future, China Xinbao will further increase its support for new-generation information technology, new energy, high-end equipment and other strategic emerging industrial projects, help Chinese enterprises to fight key core technologies and help high-level scientific and technological innovation and industrial upgrading." Yang Minggang, general manager of China Credit Insurance Business Management Department, said.
Enriching old-age products to help "provide for the aged" and "enjoy the old"
In terms of the development of pension industry, in order to meet the challenge of aging, insurance companies have continuously increased their exploration and practice in pension, medical care, health and other related fields in recent years, giving full play to the long-term financial advantages of insurance and actively participating in the development of health industry and pension industry.
Zhao Guodong, vice president and secretary of the board of directors of China Life Insurance Company, said that for a long time, China Life has closely focused on the needs of the elderly in pension funds, personal safety, health management, disability care, and pension services, enriched the supply of pension financial products and services, and helped "the old people have a sense of security, which is difficult to help, the sick have medical care, and they have a sense of happiness", and strived to do a good job in this big article "Pension Finance". As the first investment manager of the basic old-age insurance fund, China Life Insurance’s pension insurance company provides investment management services for the basic old-age insurance fund of more than 40 billion yuan based on the principle of safety and stability, and its specific portfolio size and performance rank among the top in the market, making the people’s "pension money" become "safe money". It is understood that China Life Pension Insurance Company independently developed and launched a personal pension planning service system, and took the lead in launching commercial pension products in the industry. By the end of 2023, the stock scale was 7.9 billion yuan and the number of effective accounts was 340,000.
Zhongzai Group said that the Group closely followed the special needs of the elderly to innovate products, developed a variety of insurance products such as universal insurance for hypertension, serious illness of the elderly, and loss of disability income, and carried out the business model of "insurance+diagnosis and treatment+rehabilitation services" to achieve long-term care. Effective connection between risk protection and aged care services. At the same time, by hiring an external consulting company to study the international experience of long-term insurance, it provides strategic support for further promoting similar products in China.
As an enterprise with its management headquarters in Guangdong-Hong Kong-Macao Greater Bay Area, China Taiping has established "basing itself on Hong Kong and Macao and deeply cultivating Greater Bay Area" as the core direction of future development. It is understood that China Taiping preferred international medical resources to launch the "Taiping cross-border medical service platform" to create a cost-effective, long-term multi-dimensional cross-border nursing service system; The first continuous care and old-age community project "Kapok Family" in Greater Bay Area was launched in Guangzhou to further meet the diversified and multi-layered old-age service needs of Greater Bay Area customers.
It is worth noting that in recent years, insurance companies have continued to accelerate the old-age service system such as the old-age community and actively explore the sustainable development model of inclusive old-age care. It is generally believed in the industry that establishing a one-stop health ecosystem of "health management+medical service+insurance" by opening up industrial chains such as insurance, physical examination, rehabilitation, pension, medicines and hospitals can effectively improve customer stickiness and empower the growth of insurance business.
It is understood that China Life is accelerating the layout of community projects for the aged in Tianjin, Suzhou, Qingdao and other cities, and at the same time actively docking and investing in medical and health enterprises, and better meeting the people’s needs for healthy old-age care by integrating service resources such as health management and medical and pharmaceutical hospitals; People’s Insurance Company of China has also set up pension institutions in Jiangsu, Zhejiang and other places, with a total number of beds exceeding 10,000, and established a "warm-hearted and happy" pension service system.
Promoting Green Supply and Promoting Industry Development
With the increasing supply of green insurance, product types and coverage, the green insurance business of insurance companies has also developed rapidly in recent years around the goal of "double carbon". Earlier, the Central Financial Work Conference proposed that more financial resources should be used to promote scientific and technological innovation, advanced manufacturing, green development and small and medium-sized enterprises.
According to the data released by China Life Insurance, the financing needs in low-carbon, recycling and ecological fields are mainly supported through green credit, green bonds and green funds. By the end of the third quarter of 2023, the green investment stock of China life insurance funds exceeded 460 billion yuan. In terms of product categories, five ecosystem carbon sink products, including marine carbon sink index insurance, agricultural carbon sink insurance and forest carbon sink insurance, were innovatively launched, which achieved effective coverage of ecosystem carbon sink protection. In the first three quarters of 2023, China Life Insurance Company provided over 3.85 trillion yuan of risk protection for green industry enterprises and environmental responsibility risk protection for over 2,500 enterprises.
It is understood that PICC China has also innovated and promoted the supply of green insurance products, helping the green upgrade of modern industries. "We actively explore new energy industry insurance, implement new energy and smart auto insurance reform leading projects, and set up an expert team for key new energy automobile brands." Zhang Baohui said that in the first November of 2023, PICC China completed the development of 30 "double carbon" products such as enterprise sustainable development insurance, and the amount of insurance protection provided by corporate "double carbon" insurance products was 471.5 billion yuan, with a premium growth rate of 10.4%.
In the field of new energy, China Xinbao also has its own practice. According to reports, in 2023, China Xinbao optimized its green business underwriting policy and introduced new energy support measures, with a cumulative underwriting amount of nearly $39 billion in new energy and other fields. "In the future, China Xinbao will also increase its support for the construction of the green Belt and Road, and actively guide foreign trade, project contracting and foreign investment to achieve a green and low-carbon transformation." Yang Minggang said.
Source: Economic Information Daily
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