CPIC ESG Achievements
November 2023
Innovation & Practice
in Green Insurance by CPIC P/C
Articulated strategic directions, road-map & implementation measures for green insurance, incorporating ESG elements into management process and Enterprise Risk Management (ERM) system, enhancing information disclosure and communication with stakeholders, improving relevant polices, regulations and management process.
Exploratory efforts date back to the end of 2020. Based on insights into ESG and the role of insurance, CPIC P/C became the first P/C insurer with a clear strategic plan for sustainable insurance
and a systematic approach towards its implementation.
In August 2022, formulated Strategic Plan and Implementation
Programme for Green Insurance (sustainable insurance) between 2022
and 2024, seeking to advance green agenda at strategic level.
Our sustainable (green) insurance classification was based on areas and directions of professional service,
a reflection of industry needs for green insurance business development. Implementation follows the principle
of unified design, prioritisation and step-by-step improvement.
First to Develop
Corporate Standards
In July 2022, developed guidelines for green insurance,
first of its kind in industry, which covered all types of
encouraged green insurance business, while completing
statistical platform for green insurance.
Coordinating Formulation
of Industry Standards
Joined in drafting Guidelines of Green Insurance Classification for the industry, leading document interpretation, which was publicly distributed.
Promoted innovation in products and services centring on green energy, reduction of pollution and carbon emissions, green transport, and environment protection, with a total of 26 "first-of-its-kind"products on the market, and 4 of them launched in 2023. By the end of September 2023, CPIC P/C provided cumulatively 12 trillion yuan in SA.
Green Energy
Cumulative 1.2 trillion yuan in SA in the past 20-odd years,
contributing to China's energy security and energy mix transition.
Innovation "Feng Guang Wu Xian" platform; maritime weather early-
warning platform
Green Transport
Covering more than 2mn new-energy vehicles, with SA totalling over 2 trillion yuan Serving risk protection for Rail Transit over 600billion yuan in SA
First in industry New business model for NEV auto insurance
Reducing pollution & carbon emissions
Served nearly 700,000 clients in 8 sectors with high energy consumption
and carbon emissions, with SA nearing 9 trillion yuan.
First in industry | Insurance against loss in carbon trading of machinery damage for low- |
carbon projects, guarantee insurance for carbon-secured loans, | |
guarantee insurance for performance of carbon-assets repurchase, insurance for oil CCUS
Environment
Contributing to farmland fertility, carbon sequestration, water quality, and bio-diversity
First in industry | Carbon sink insurance for forestry, wetland, grassland, and oysters; |
indemnity insurance for carbon leakage in cases of fire; water quality | |
insurance, liability insurance for relief & rescue of environment-related | |
emergencies; liability insurance against damage caused by wildlife |
Developed comprehensive risk solutions integrating all- around risk protection and carbon neutrality for large events, a benchmark for insurance to serve exhibitions of green industries.
Carbon Neutrality | All-around Risk |
Service | Protection |
Carbon neutrality | Comprehensive |
insurance coverage | |
for large events | |
Tan Puhui system | Risk reduction |
service | |
Launched Tan Puhui for insurance, the first of its kind in the industry, a
user-authorised,single-purpose platform to measure and incentivise low-
carbon behaviours.
Tan Puhui of CPIC
Internet + big data + carbon finance
1 unified | 3 channels of | |
account system | 1 single | consumption |
methodology | 8 customer | 1 | shared reward |
points platform | |||
scenarios | |||
No. of provinces | No. of cities |
covered (6) | covered (38) |
Cumulative users | NEVusers |
(115,000) | (74%) |
Green actions completed Total interactions
(25,000)(66,000)
To lower carbon emissions, we built an integrated management model of "physical objects + finance + carbon emissions" based on combinations and upgrading of various measures across asset types and operational processes, such as improvement of rules and policies, regulation of work process, system support, follow-up and tracking, and institutional innovation.
By the end of September, our carbon emissions fell by 8.4pt year on year.
6 typical asset types
Motor vehicles | Low-value but | Work-places | |
important fixed assets | |||
Key office supplies | IT equipments Business travel & | ||
commuting |
1 low-carbon operating manual
0102
Low-carbon
Operating
System
0403
1 low-carbon operating platform
-
closed-loopintegrating carbon information collection, measurement, and presentation, which enables differentiated monitoring and management of data for low-carbon operation. Completed data collection from 2022 till now.
1 set of mechanisms to promote innovation and reduce carbon emissions
Put in place guidance for corporate low- carbon, first used in business travels.
Support for Rural Invigoration
Since 2018, CPIC P/C has actively engaged in serving the national rural revitalisation strategy, focusing on the overall initiative of "thriving industry, livable ecology, civilised village style, effective governance, and prosperous life". Giving full play to the advantages of the main insurance business, CPIC P/C follows the path of "products + technology + services" to boost innovation, with vigourous efforts and positive results in ensuring food security, improving rural financial services, protecting rural ecology and improving the life of farmers.
In 2019, the Leading Group for P o v e r t y A l l e v i a t i o n a n d Development of The State Council awarded the Company the "National Poverty Alleviation Aw ard for Organisational Innovation Award".
I n 2 0 2 1 , t h e P a r t y C e n t r a l Committee and The State Council awarded the Company the honorary t i t l e o f " N a t i o n a l A d v a n c e d
Collective in Poverty Alleviation".
In 2020, "Anti-poverty insurance", was awarded Best Poverty Reduction Case at the 1st Global Cases of Poverty Alleviation.
In 2021, Price index insurance for sugar canes in Guangxi was awarded Best Poverty Reduction Case at the 2 n d G l o b a l C a s e s o f P o v e r t y Alleviation.
In 2022, "Insurance + futures" programme for corn income protection in Shandong was awarded Best
Poverty Reduction Case at the 3rd
Global Cases of Poverty Alleviation.
Thriving industry | Livable ecology | Civilisedvillagestyle | Effectivegovernance | Prosperous life | |||
Facilitate agricultural development, continuously innovate in products
We push for higher standards, expanded coverage and diversification of products for agricultural insurance, put in place a product system of "government-sponsored basic insurance + commercial insurance + rural-related riders", and have developed cumulatively over 3,500 agricultural insurance products, covering agriculture, forestry, fishery, animal husbandry. In 2022, we provided 507.7bn yuan in SA of agricultural insurance to 24.49mn rural households.
Food security is a national priority. Developed a wide range of products such as insurance for the 3 staple food crops, full cost indemnity and income protection. In 2022, we offered risk cover of nearly 100bn yuan in SA to the 3 staple food crops.
Seeds are like "chips" of agriculture. We write a range of seed insurance, and in 2022, provided SA of over 600mn yuan to seed production of wheat, corn and rice in 22 provinces/municipalities.
Achieved integration of building and management of high - standard f a r m l a n d v i a " i n s u r a n c e + service".
In 2022, provided 1.4bn yuan in risk cover to high- standard farmland in 15 provinces/municipalities.
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China Pacific Insurance (Group) Co. Ltd. published this content on 08 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 November 2023 13:31:58 UTC.