Core Viewpoint - The introduction of specialized insurance products by China Life Property & Casualty Insurance in Yanggu County aims to mitigate risks associated with the cultivation and commercialization of Yanggu chili peppers, enhancing the sustainability and profitability of the local chili industry [1][2][3]. Group 1: Risk Mitigation in Chili Pepper Cultivation - Yanggu County's unique climate and fertile soil contribute to the distinctive quality of Yanggu chili peppers, which are known for their vibrant color, thickness, spiciness, and aroma [1]. - China Life Property & Casualty Insurance has established a dedicated "Chili Industry Guarantee Service Team" to address risks throughout the entire chili production chain, from planting to sales [1][2]. - The insurance products cover various risks, including natural disasters and market fluctuations, providing financial protection to farmers and cooperatives [2][3]. Group 2: Innovative Insurance Solutions - The chili cultivation insurance combines weather index insurance and pest index insurance, utilizing satellite remote sensing to monitor soil moisture and pest damage, which automates the claims process when certain thresholds are exceeded [3]. - Farmers pay a premium of 78.75 yuan per acre for coverage of 1,500 yuan, which helps to alleviate financial burdens during adverse conditions [3]. - The insurance also includes specific provisions for fire risks associated with the innovative mechanized planting techniques used in chili cultivation [3]. Group 3: Brand Protection and Market Stability - The Yanggu chili brand has faced issues with infringement, prompting the introduction of a geographical indication infringement loss insurance to protect local producers from unauthorized use of the brand [5]. - The insurance compensates for direct economic losses and legal costs incurred due to brand infringement, thereby supporting the local economy [5]. - Additional insurance products, such as processing and storage insurance, have been developed to cover risks in the harvesting and processing stages, ensuring comprehensive protection for the chili industry [5][6]. Group 4: Future Developments and Collaborations - China Life Property & Casualty Insurance plans to collaborate with local government departments to implement financial incentives that support the chili industry, aiming to enhance the economic viability of chili farming [5][6]. - The company is also working on developing a series of insurance and credit products to further reduce operational risks and costs for farmers [6].