China Life(HK:02628) Qi Lu Wan Bao·2025-07-11 07:29Core Viewpoint - The introduction of a temperature index insurance for sea cucumber farming in Weihai City, Shandong Province, aims to mitigate risks associated with high sea temperatures, which can adversely affect sea cucumber production [1][3]. Group 1: Insurance Product Overview - The policy-oriented sea cucumber farming temperature index insurance was launched by China Life Property & Casualty Insurance in late June, quickly gaining popularity among farming enterprises, with over 6,600 acres insured and risk losses covered amounting to 40 million yuan [3][6]. - The insurance provides compensation of up to 10,000 yuan per acre when the average sea temperature reaches a disaster threshold, effectively addressing the financial risks faced by farmers [1][3]. Group 2: Industry Context - Weihai City, known as the "Sea Cucumber Capital," has over 300,000 acres of sea cucumber farming, generating an annual output value of 7 billion yuan, benefiting from favorable natural conditions such as a long coastline and suitable water temperature [3][5]. - The sea cucumber industry is a significant driver of Weihai's high-quality marine economic development, with the "Weihai Sea Cucumber" brand recognized as a famous agricultural product in China [3][5]. Group 3: Risk Management Challenges - The sea cucumber industry has historically faced challenges due to unpredictable marine climate changes and a lack of effective risk management tools, leading to a reliance on natural conditions for production [5][6]. - High sea temperatures pose the greatest risk to sustainable sea cucumber farming, necessitating innovative insurance solutions to enhance resilience against environmental changes [5][6]. Group 4: Technological Integration - The insurance product leverages marine big data and advanced technology to assess risks, provide early warnings, and facilitate rapid claims processing, addressing the difficulties in risk quantification and disaster management in aquaculture [8][10]. - The collaboration with marine data application companies allows for real-time monitoring of environmental factors, enhancing the risk prevention capabilities for farmers [10][12]. Group 5: Future Developments - The Weihai government plans to expand the insurance program and develop additional insurance solutions for sea cucumber breeding, processing, and quality assurance, aligning with national strategies for high-quality marine economic development [12].