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Insurance innovations promote new financial development of Ningbo
2019-02-17Text Size: A A A

In 2019, Ningbo will make great efforts to build itself as a city with the best insurance policies, the best insurance innovation atmosphere, the best insurance market environment and the clustering of insurance talents. As a new highland for insurance innovation, Ningbo will explore the new road for the provincial and national government-insurance cooperation and insurance innovation demonstration.

In June 2016, Ningbo was approved by the State Council as the first national comprehensive pilot zone for insurance innovation in China. Over the past over two years, under the guidance of the provincial party committee, the provincial government and the Banking and Insurance Regulatory Commission, Ningbo has been giving full play to the insurance’s active roles in serving the people’s livelihood, social governance and economic development, providing a batch of practical experiences and demonstration models for promoting the supply-front structural reforms, the modernization of the social governance and the reforms and innovation of the insurance all over the county. In 2018, Ningbo achieved a total insurance premium revenue of 32.1 billion yuan and a total insurance assets volume of 61.1 billion yuan, with 29 innovative projects for insurance, including 12 nationally pioneering projects and four provincial ones.

Since its establishment, the comprehensive pilot zone has actively promoted the construction of the platforms for insurance cooperation and exchange, think tank research, cultural display and talent training, so as to provide strong support for the development of insurance entrepreneurship and innovation. In 2018, the development fund for insurance was officially launched, helping to establish the first Internet-based investment fund for insurance with an investment of two billion yuan and promoting the establishment of the one billion-yuan insurance technology investment fund in Ningbo by the FOSUN Group. The first insurance technology industrial park in China was set up in Yinzhou District, attracting the settlement of over 20 technology-empowered insurance technology enterprises. The Ningbo National Insurance Development Institute of Wuhan University, jointly built by Ningbo Municipal Government and Wuhan University, became the first domestic insurance institute co-built by the government and a university. Co-built by Ningbo Municipal Government and the Insurance Society of China, and operated by the Chinese Museum of Finance, the China Insurance Museum was officially put into use, serving as a new landmark for the domestic insurance culture, the front field for insurance publicity and an important platform for the internal communication of insurance.

Serving entity economy and promoting supply-front structural reform

By actively exploring the new methods and new paths for the insurance industry to promote the economic transformation and upgrading and the supply-front structure reform, the comprehensive pilot zone has developed as a “safe belt” for the development of the entity economy.

Serving as venture security for products “made in Ningbo”. The “insurance for the application of the first batch of new materials” provided a total venture security fund of 2.411 billion yuan for the 188 pieces of new materials by 25 enterprises in Ningbo, up by 164.33% over the previous year. The “insurance for the first piece (set) of major technological equipment” provided a total venture security fund of 35.97 million yuan for six pieces of major equipment. To guarantee the technological research and development, and the entrepreneurship and innovation, the pilot zone initiated the “insurance for R&D cost loss”, greatly stimulating the passion for R&D input and independent innovation of technological enterprises. The “insurance + rights + service” model of the “insurance for exclusive rights of trademarks”, the first of its kind of China, encouraged the enterprises to strengthen their brand building and protection. The patent insurance helped nearly 300 enterprises to effectively prevent patent infringement and infringement risk, resulting in a venture security fund of 897 million yuan. The “insurance for makers” provided insurance for over 2,000 makers from 23 maker spaces and over 700 small and micro enterprises.

Providing considerate services for small and micro enterprises. By constantly expanding its scale and coverage, the “insurance for urban-rural small loans” helped to alleviate the financing difficulties of the small and micro enterprises, providing 4.215 billion yuan for 5724 small and micro enterprises, agricultural projects and the urban and rural business starters, up by 17.07% over the previous year. The “property insurance for small and micro enterprises” has formed an insurance supporting system benefiting the small and micro enterprises all over the city.

The export credit insurance has effectively helped the enterprises concerned to cope with the trade frictions. In 2018, the insurance had a penetration rate of over 32%, involving over 36% enterprises for a total export volume of US$26.5 billion. The navigation insurance has been developed to serve the construction of the “Belt and Road” comprehensive pilot zone. The Donghai Marine Insurance Company achieved a total premium volume of 189 million yuan in 2018, up by 8.34% over the previous year, and provided 233.689 billion yuan as the venture security fund. The related policies supporting the navigation insurance and the research of the navigation finance projects have promoted the development of the navigation insurance and the industrial clustering. Preparation work for the featured and professional “Belt and Road” insurance agencies has been under way, and in cooperation with the domestic and foreign financial groups, Ningbo has initiated the property insurance companies to provide exclusive services for the “Belt and Road” construction.

The introduction of the insurance capital has been strengthened as a total of 13 billion yuan was introduced to Ningbo in 2018, providing fund for the renovation of the shanty towns, the urban construction, the growth of enterprises and the development of modern agriculture. The comprehensive insurance for construction projects released a total security of over 10 billion yuan for construction enterprises, resulting in a reduction of 659 million yuan in cost for enterprises. The pilot of the “tariff guarantee insurance” launched the “clearance before tariff” era for the customs clearance, greatly alleviating the financial burden of the importers.  

Helping people in need and promoting modernization of social governance system

To address the difficulties of the economic and social development, the comprehensive pilot zone has launched a series of new insurance products, models and measures to improve social governance, promote social harmony and give impetus to poverty alleviation, and built up a multi-level, multi-insurance and multi-field risk security network, serving the urban security and social governance of Ningbo.

Great efforts have been made to promote the modernization of social governance. The extension of judicial aid insurance to the grass-roots courts explored the road to crack the national dilemma of difficult enforcement of judicial cases. The comprehensive insurance for holistic tourism helped to improve the risk-resistance and sustainable development capacity of tourism. The precise poverty alleviation and livelihood have also benefited. The critical illness insurance, involving 3.3 million urban and rural residents and 3.5 million urban workers, paid 350 million yuan as compensation for 149,000 people. The “comprehensive insurance program for precise poverty alleviation”, as a pilot in Yinzhou District, served to solve the difficulties in the work with the “rescue + insurance” model. The “comprehensive rescue insurance for children in need” and the “low income medical insurance” have been launched. The rural small-sum life insurance covered 1,274 administrative villages of Ningbo and provided services for 1.83 million people. There have also been insurance types to promote the beautiful countryside construction. The innovative exponential agricultural insurance products for such farm produce as loquat and honey peach, with the UAV-aided claim settlements, improved the security standard of the agriculture-related insurances. Cixi County launched a new round of reform of the rural insurance multi-help society by introducing the third-party team for management, increasing the insurance coverage rate to 85%.

Optimizing insurance ecology and building first-class environment for insurance innovation

By actively building the first-class environment for insurance policies, services, public opinions and culture, the pilot zone has attracted the accelerated gathering of such innovation elements as insurance agencies and insurance talents, building itself as a highland featuring modern insurance.

Efforts have been made to develop the insurance headquarters economy. The application, cultivation and reserve of insurance legal person organization have been improved. Two insurance legal person organizations have been approved, and some are under approval, application and reserve. The all-element ecological system of insurance innovation is being accelerated. The Fuli Insurance Technology Institute was established and signed the strategic cooperative agreement with the Singapore Financial Technology Association. The Taikang Insurance Group bought a piece of land at the core area of the Eastern New Town, and it will build a high-end urban medical and caring complex integrating such functions as medical care, nursing services, business, culture and leisure and entertainment. In terms of the academic communication and talent introduction and fostering of navigation insurance, the Navigation Insurance Commission of China Institute of Navigation settled down in Ningbo, being the first academic organization in the field of navigation insurance in China. By optimizing the “soft environment” for insurance innovation, carrying out the first domestic protection system of insurance innovation, launching the pilot of big data innovation for insurance credit, and conducting the specialized theoretical researches on projects as navigation insurance and the clustering and development of Ningbo’s insurance technology industry, the pilot zone has gained important theoretical support.

Looking forward to 2019

The year of 2019 is the 70th anniversary of the founding of new China, as well as a key year for the first hundred-year objective of building a well-off society in an all-round way. The comprehensive pilot zone will focus on its central work, and take the responsibility of boosting the “two high-level” construction as a pioneer.

The pilot zone will systematically summarize its work over the past three years and extract the useful experiences to provide powerful theoretical guidance for its further construction. It will conduct the new-round of communication of the member organizations of the leading group and strengthen the sense of mission and self-consciousness of accelerating the pilot zone construction, thus realizing the new recognition and development of the construction and better giving full play to the unique charm and the great potential of the modern insurance.

Ningbo will strive to implement the “14 rules” with the approval of the Banking and Insurance Regulatory Commission, and launch a series of strong and powerful specific supporting policies to the pilot zone. Together by amplifying the policy advantages and brand competitiveness of the insurance innovation, these measures will enable Ningbo t become the highland of the insurance innovation and the very place for insurance resources clustering. The evaluation methods for insurance innovation will be developed to stimulate the innovation vitality of the market subjects and lead the insurance companies to invest factor resources in the establishment of the product R&D and innovation bases in Ningbo.

The founding of new insurance companies and the headquarters economy of the insurance industry will be promoted. The navigation insurance policies have been launched to support the further development of the legal person organizations of the navigation insurance and build Ningbo as the innovation center and industrial base for the national navigation insurance. The existing insurance functional platforms and ecological system will be enriched, and the construction will be promoted for Ningbo Insurance Technological Industrial Park, China Insurance Museum and Ningbo National Insurance Development Institute of Wuhan University, making them the new landmarks for the domestic insurance culture and insurance technology clustering.

Focus will be put on the innovation of insurance products and services, to constantly boost such major strategies as “Belt and Road” initiative, rural revitalization, and precise poverty alleviation, and promote the development of the entity economy. The existing projects, like the security responsibility insurance and the environment responsibility insurance, will be improved and expanded, and the various insurance services for nursing services, health and long-term care will be developed, to enhance the sense of security and sense of gain of the people. The introduction of insurance capital will be accelerated to strengthen the insurance funds’ support and guarantee to the entity economy and the major strategies.

Emphasis will also be put on the publicity and driving effect of the high-end platforms and major events. The insurance cultural projects will be conducted, and the national insurance innovation forum and the international forum for navigation insurance will be held. Some other insurance-related forms will be carried out with the help of such cooperative partners as the Insurance Association of China and the Chinese Industrial Development Fund for Mutual Insurance. The promotion meeting of the pilot zone will be held in Beijing to enhance the influence of the zone.

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