Core Insights - The importance of catastrophe insurance in disaster risk reduction and economic stability is emphasized, particularly in the context of increasing natural disasters due to climate change and human activities [1][2] Group 1: Catastrophe Insurance Development - The top-level design of catastrophe insurance in China is continuously improving, with the coverage expanding to include various natural disasters such as typhoons, floods, and landslides [2] - In 2024, China Pacific Insurance developed a catastrophe risk reduction digital platform called "Risk Radar," which integrates disaster loss warning models for comprehensive disaster management [3] - The establishment of a catastrophe insurance community by China Insurance, involving over 40 insurance institutions, aims to provide 22.36 trillion yuan in catastrophe risk protection for 64.39 million households [2] Group 2: Technological Innovations - Insurance companies are leveraging technology to enhance product innovation and improve disaster risk assessment, claims processing, and risk management capabilities through the use of drones, satellite remote sensing, and artificial intelligence [2][3] - China Re has developed catastrophe risk models with independent intellectual property rights covering various disasters, contributing to better risk management [3] Group 3: Policy and Regulatory Framework - The government is encouraging local governments to pilot catastrophe insurance projects, with Hebei and Hubei leading the way in comprehensive catastrophe insurance trials that cover personal, housing, and indoor property [2] - The guidance issued on enhancing financial and meteorological collaboration aims to support the development of catastrophe insurance and improve the prediction capabilities for extreme weather events [3][4] Group 4: Future Directions - The development of catastrophe insurance is crucial for enhancing and innovating China's multi-layered national risk governance and insurance protection system [4] - There is a call for domestic reinsurance companies to increase support for catastrophe risks and explore new risk dispersion methods in the global reinsurance market [4]

Core Viewpoint - The article emphasizes the importance of disaster prevention and reduction in China's governance system, highlighting the role of China People's Insurance Group (PICC) in developing a comprehensive risk management system that integrates insurance, risk reduction services, and technology [1][10]. Group 1: Risk Management and Technological Innovation - PICC has established a full-cycle risk management system covering pre-disaster prevention, in-disaster response, and post-disaster compensation, transitioning from reactive compensation to proactive loss reduction [2][10]. - The company developed the "Disaster Safety Platform," integrating 9 categories and 99 million risk data points to support risk reduction services, and conducted nearly 100,000 risk inspections for high-risk enterprises in 2024 [2][3]. - During the 2024 flood season, the platform provided early warnings for high-risk areas, assisting in the transfer of 42,100 vehicles and the recovery of 560,000 acres of crops [2][3]. Group 2: Comprehensive Catastrophe Insurance System - PICC is actively involved in the national catastrophe insurance system, collaborating with over 40 institutions to expand coverage from earthquakes to various natural disasters, providing a total catastrophe risk coverage of 22.36 trillion yuan for 64.39 million households [5][6]. - The company has implemented localized catastrophe insurance projects in 20 provinces, with 94% of cities being exclusively or primarily insured by PICC, tailoring insurance solutions to regional risk characteristics [5][6]. - In 2024, PICC launched comprehensive catastrophe insurance pilot projects in Hebei and Hubei, offering multi-layered protection for personal, housing, and indoor property [5][6]. Group 3: Efficient Service and Community Support - In response to major disasters, PICC initiated emergency responses 38 times in 2024, addressing 255 significant disaster incidents and disbursing over 20 billion yuan in claims [8][9]. - The company utilized smart tools and IoT devices to enhance disaster response efficiency, deploying 24,500 devices in flood-prone areas to trigger automatic alerts and facilitate rapid rescue operations [3][9]. - PICC's innovative approach to claims processing, including the use of drones and satellite technology, enabled rapid compensation, with over 600 million yuan paid for rice crop insurance within 24 hours of a disaster [9][10].

Core Viewpoint - The insurance industry is increasingly focusing on disaster prevention and risk reduction services, emphasizing the importance of technology and innovative insurance products to enhance disaster resilience and response capabilities [3][4][5]. Group 1: Industry Initiatives - The insurance sector is exploring various measures to support disaster risk reduction, including the implementation of catastrophe insurance and catastrophe bonds to distribute risks [3][4][7]. - The "new national ten measures" released last year highlight the need to enrich catastrophe insurance forms and improve emergency service mechanisms [3][5]. - The industry is encouraged to utilize technologies such as big data, artificial intelligence, and satellite remote sensing to enhance risk reduction services [3][5]. Group 2: Technological Advancements - China Pacific Insurance's "Eagle Eye System" disaster management platform sent over 10.5 billion disaster warning messages, covering more than 67 million individuals and businesses [4]. - China Insurance's "Catastrophe Anlan" platform integrates 9 categories of 99 million risk data points to support risk reduction services [4]. - The industry recognizes the need to strengthen data analysis capabilities and develop innovative insurance products to better address future challenges [5]. Group 3: Catastrophe Insurance and Bonds - The catastrophe insurance system is being continuously improved, with recent expansions in coverage to include various natural disasters [7]. - The issuance of catastrophe bonds is helping the insurance industry enhance risk diversification capabilities, allowing for the transfer of non-financial risks to capital markets [8]. - The first comprehensive catastrophe insurance for urban and rural residents was launched in Hebei Province, marking a significant step in expanding catastrophe insurance coverage [7].

Core Viewpoint - The article emphasizes the importance of disaster prevention and reduction in the context of increasing climate change and extreme weather events, highlighting the role of China People's Insurance Group (China P&C) in establishing a comprehensive risk management system that integrates insurance, risk reduction services, and technology [1][2]. Group 1: Risk Management System - China P&C has developed a full-chain risk management system covering pre-disaster prevention, in-disaster response, and post-disaster compensation [1]. - In 2024, China P&C's risk reduction initiatives have cumulatively reduced social losses by over 1 billion yuan [1]. - The company has integrated 9 categories of 99 million risk data points into its self-developed "Catastrophe Safety" platform to support risk reduction services [1]. Group 2: Insurance and Support - China P&C has provided insurance coverage for nearly 40 major natural disasters, including Typhoon "Mojie," through a multi-disaster, multi-year, and multi-level protection system [1]. - As the chief co-insurer, China P&C has collaborated with over 40 insurance institutions to form a catastrophe insurance community, offering 22.36 trillion yuan in catastrophe risk protection to 64.39 million households [1]. Group 3: Technological Integration - The company is transitioning risk management from "post-event compensation" to "pre-event prevention" by leveraging technology [1]. - China P&C employs IoT devices to enhance safety networks and utilizes smart tools to improve the effectiveness of safeguarding livelihoods [1]. - The company has enhanced its data-driven capabilities through smart claims systems, "Yunzhibao" smart screens, and satellite remote sensing technology to ensure rapid response during disasters and efficient data review post-disaster [2]. Group 4: Continuous Improvement - China P&C analyzes post-disaster claims cases using big data to continuously optimize risk models and emergency plans, forming a closed loop of "early warning - response - review" for long-term disaster prevention [2]. - The China Disaster Prevention Association has established a subcommittee for disaster insurance and risk reduction, with China P&C's subsidiary, China People's Property Insurance Co., Ltd., elected as the chair unit [2].