15 February 2023Insurance

Chinese giant Ping An launches insurance to protect marine ecosystem

Ping An, China’s largest insurer by market size, has launched its first ocean carbon sink index insurance policy for marine ecosystem protection in the city of Dalian.

The launch follows the firm's pilot of the forest carbon sink remote sensing index insurance in 2021.

Ping An Property & Casualty Insurance said the ocean carbon sink index insurance provides carbon sink risk protection with RMB400,000 for 13.3 mu (8,866.67 square meters) of kelp, shellfish and algae, which will enrich its carbon sink insurance coverage on terrestrial and marine ecosystems, including forests, mangroves and grasslands.

The ocean carbon sink index insurance in Dalian is Ping An P&C's first foray into the field of the ocean carbon sink. Ping An P&C will provide compensation when specific changes in the marine environment damages local species such as kelp, shellfish and algae and lead to the weakening of carbon sink.

Additionally, the loss compensation can be used for post-disaster marine species rescue to restore the carbon sink resource, as well as ecological protection and restoration.

Jiang Hua, director of Ping An P&C, said: "We will continue to develop more agricultural insurance products for ecological and environmental protection, as well as explore different pathways to achieve low-carbon transformation for insurance services. We will fully support the development of carbon sink forests and carbon sink fisheries, providing comprehensive risk protection for carbon sink resources to help China achieve its 'dual carbon' goals."

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

24 January 2022   The announcement follows the Belgian government taking a 6.3% stake.
10 February 2023   Andrew Whitehouse is leaving to pursue opportunities outside the Allianz Group.