winzoncasino| [Financial Analysis] Regulation promotes the development of catastrophe insurance, technology empowers risk reduction

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Xinhua Finance and Economics, Beijing, May 21 (Reporter Zhang Siwen) recently, the State Administration of Financial Supervision and Administration issued the guidance on promoting the High-quality Development of Green Insurance. The "guidance" requires all insurance companies to focus on the new areas of green insurance, promote product innovation, enhance pricing power, enrich service forms, increase service supply, enhance service capacity, and provide a package of risk reduction and loss protection insurance programs. At the same time, it is necessary to promote the development of catastrophe insurance, expand the coverage of catastrophe insurance, and enhance the ability of the industry to bear catastrophe risks.

In recent years, China's insurance industry has actively promoted the formation of a multi-level and multi-dimensional catastrophe risk dispersion system through scientific and technological empowerment, making continuous efforts in the "forward" aspect of risk management, and vigorously promoting the social anti-risk ability.

Explore and construct the model of "insurance + service + science and technology" and actively carry out risk reduction service.

The "guidance" proposes that it is necessary to promote the development of catastrophe insurance, expand the coverage of catastrophe insurance, use reinsurance to effectively disperse risks, study and explore ways to broaden risk diversification through new risk transfer methods such as catastrophe bonds, promote the formation of a multi-level and multi-dimensional catastrophe risk dispersion system, and enhance the ability of the industry to bear catastrophe risks.

Insurance risk reduction is that insurance companies take the initiative to intervene in the risk management of the insured subject matter in advance by using professional and advanced scientific and technological means to reduce the total social risk by reducing the probability of accidents.

In recent years, focusing on the work of disaster prevention and mitigation, China's insurance industry has actively made use of scientific and technological empowerment to explore and build a "insurance + service + science and technology" model to promote the upgrading of the whole process from post-disaster compensation to pre-disaster prevention and early warning, rapid response to disasters, and accurate post-disaster claims settlement, and actively carry out risk reduction services for disaster prevention and mitigation.

According to the person in charge of Ping an of China, in terms of insurance innovation, Ping an of China has given full play to the risk diversification function of insurance and set up a multi-faceted and multi-level guarantee product system, including production safety liability insurance, catastrophe index insurance, enterprise property insurance, family property insurance, accident insurance and so on. In 2023, catastrophe insurance alone will provide a total insurance amount of 38.4 billion yuan. In the application of science and technology, Ping an of China independently developed the Hawkeye system DRS2.Winzoncasino. 0 "to provide customers with disaster early warning, risk screening, catastrophe risk management and other multi-scenario services.WinzoncasinoAt the same time, through the integration of the Internet of things monitoring system, real-time monitoring of fire safety accidents, combined with big data for all kinds of fire safety risk analysis and early warning, to help enterprises to improve fire safety management.

"in the application of science and technology, we have carried out the construction of the operation-side carbon footprint platform and the asset-side ESG rating and analysis system, independently developed the intelligent risk control platform 'risk radar', and built a unified visual risk map integrating underwriting information, risk claims, risk assessment, natural disasters and other multi-factor data." The person in charge of China Pacific Insurance said.

Zheng Hao, assistant professor of the School of Insurance of the University of International Business and Economics, said that over the years, China's insurance industry has made a lot of exploration in moving forward the risk barrier of scientific and technological enablement, and some insurance institutions have gradually explored a mature cooperation path with the agricultural sector and third-party science and technology service companies to enable risk reduction. In the future, with the rapid development of big data and artificial intelligence, future science and technology may bring more possibilities for risk reduction.

Promote the integrated development of "insurance + meteorology" to minimize the economic loss of meteorological disasters

The "guidance" points out that the insurance industry should strengthen risk protection for public infrastructure, urban housing, rural houses, and personnel, and actively respond to natural disasters. At the same time, we should develop meteorological index insurance in an orderly manner and innovate the service mechanism of "insurance + meteorology".

The reporter learned from PICC that recently, Qinghai Provincial Meteorological Service Center and Qinghai Branch of China people's property Insurance Co., Ltd. held a discussion on improving insurance weather forecast and early warning technology and exploring cooperation mode of insurance weather service. The two sides will make use of scientific and technological means to achieve on-line or "palmtop management" of meteorological disaster certification, carry out risk assessment of disastrous weather such as drought, snow disaster, and low temperature freezing, and provide data support for the determination of losses and claims for meteorological disasters.

"We will also develop insurance meteorological risk forecasting and early warning services by region, by type of disaster and by type of insurance, so as to effectively reduce production risks in engineering construction, agricultural cultivation, livestock breeding and other areas, minimize economic losses caused by meteorological disasters, and promote the transformation of insurance business from 'post-disaster' compensation to 'pre-disaster' prevention." The person in charge of PICC said that at the same time, the two sides have strengthened the analysis and application of data fusion and jointly carried out research and development on rainfall insurance index during harvest such as wheat, cauliflower hail weather insurance index, and meteorological disaster risk zoning in eastern agricultural areas, so as to promote the integration and development of "meteorology + insurance".

The industry believes that all parties should work together to improve the ability of risk early warning and the speed of insurance exploration and compensation. According to the person in charge of Sunshine property Insurance, the company organically combines meteorological early warning with insurance guarantee effectiveness through the tripartite cooperation mechanism of "insurance, meteorology and government". Help to reduce the pressure on local governments in disaster relief, post-disaster recovery and reconstruction after natural disasters, and promote the development of local agricultural economy. In August 2023, Sunshine property Insurance landed on Agricultural catastrophe Insurance in Xinyu City, Jiangxi Province, providing risk protection of 4 million yuan for the insured area. The insured area includes rainstorm, drought, freezing injury, hail, wind disaster, snow disaster and earthquake (aftershock) a total of seven major types of insurance disaster coverage.

"as a professional institution of risk management, the insurance industry has always played an important role in catastrophe protection and climate response." An industry insider said that in the future, the insurance industry will continue to give full play to its advantages to provide risk protection and financial support to deal with climate risks and promote green and low-carbon transformation, so as to promote sustainable economic and social development.

Editor: Yin Yang