HONG KONG and SHANGHAI, Feb. 1, 2023 /PRNewswire/ — Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or the “Group”, HKEx:2318; SSE:601318) announced that the group and its subsidiary Ping An Property and Casualty Insurance were jointly awarded CSR Initiative of the Year by InsuranceAsia News (IAN).
Ping An strives to create value for its shareholders, clients, employees, business partners, communities, and the environment through technology and finance. With the support and guidance from Ping An Group, Ping An Property & Casualty Insurance integrates social responsibility with corporate strategy to develop “heartwarming” insurance products and services, seeking to enhance both commercial and social values that will help people live better lives.
“Judges were impressed with Ping An’s contribution in integrating insurance with disaster prevention and mitigation, and enhancing society resilience towards disasters,” said the judges of the IAN Awards for Excellence 2022. “Proactive initiatives, such as issuing disaster alerts to customers and streamlining claims process after natural disasters, demonstrated the critical role that insurers can play in managing and responding to risks.”
Ping An Property & Casualty’s innovations include its Digital Risk System 2.0 to help property owners protect their properties and minimize losses caused by extreme events related to climate change, such as earthquakes, floods, typhoons and rainstorms. The professional research team uses technologies, such as numerical simulation, machine learning, and satellite remote sensing monitoring, to conduct risk research for climate change. The platform has 2.2 trillion data points on natural disasters, internal underwriting and claims records that assess the risk levels of natural disasters. It can also be used to send advance warnings to property owners, car owners and business owners. As of the end of 2022, the system issued more than 4.33 million disaster prevention warnings and information to nearly 2.16 million users, reducing losses for customers for over RMB200 million.
To enhance the government’s ability to prevent, mitigate, and respond to disasters, Ping An has consolidated the features of catastrophe insurance and index insurance in its Catastrophe Parametric Insurance. The index for insurance payouts is based on data on heavy rainfall and typhoons. The insurance can simplify the claims procedure after a natural disaster, facilitating the government’s post-disaster reconstruction and the affected enterprises to resume business operations. In May 2022, the city of Shaoguan in China’s Guangdong province recorded multiple heavy rainfalls, but the municipal government of Shaoguan received RMB82.80 million from Ping An Property & Casualty, which was the largest catastrophe insurance compensation payment in Guangdong province in the past 5 years.
In addition, Ping An Property & Casualty supports rural revitalization by boosting farmers’ income with assistance in product quality management. For example, in Zhongning County in northwest China’s Ningxia Hui Autonomous Region, local wolfberry (Goji berry) farmers struggled with low yields due to climate change and distribution issues amid COVID-19. In response, Ping An Property & Casualty built a source-tracing platform that used technologies such as blockchain and the Internet of Things (IoT) to track and standardize the production system. The platform provided a real-time hazard early warning system, allowing farmers to plan watering, fertilizing and early prevention of crop pests. Moreover, Ping An Property & Casualty underwrote wolfberry products and helped farmers sell them through online direct sales. As of December 2022, sales volumes and income for wolfberries from Zhongning County reached 200 thousand and RMB23 million respectively, helping more than 7,000 farmers. Ping An expanded the “source-tracing + insurance” approach country-wide. As of December 2022, Ping An Property & Casualty provided comprehensive agricultural information management and risk protection services with source-tracing protection of RMB41.57 million, covering more than 2.60 million crops in 25 core agricultural sectors, including apples in Shaanxi, beef in Inner Mongolia, peaches in Beijing, lychees in Guangdong and chestnuts in Tangshan.
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. (“Ping An“) strives to become a world-leading retail financial services group. With nearly 228 million retail customers, Ping An is one of the largest financial services companies in the world. Ping An advances intelligent digital transformation, and employs technologies to improve the quality and efficiency of its financial businesses and enhance risk management. The Company believes “Expertise Creates Value” and “Expertise makes life simple”. Ping An develops the “integrated finance + healthcare” service system and builds the “finance + elderlycare” and “finance + healthcare” industry ecosystems to provide professional “financial advisory, family doctor, and elderlycare concierge” services. As China’s first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai. Ping An ranked 17th in the Forbes Global 2000 list in 2022 and ranked 25th in the Fortune Global 500 list in 2022.
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SOURCE Ping An Insurance (Group) Company of China, Ltd.
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