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S&T Insurance Forum

A forum on S&T insurance was held on March 27, 2008. Both LIU Yanhua, Chinese Vice-Minister of Science and Technology, and YUAN Li, assistant to Chairman of China Insurance Regulatory Committee (CIRC) spoke at the meeting. Some 80 participants from Ministry of Science and Technology, China Insurance Regulatory Committee, local S&T and insurance authorities involved in trial operation, and research institutes attended the meeting.

The S&T insurance initiative has since its launch witnessed an innovative development, with the support of both Ministry of Science and Technology and China Insurance Regulatory Committee. High-tech enterprises have been offered with insurance policies, which augmented their proprietary innovation capacity. In 2007, China has secured S&T insurance premiums worth RMB 1.587 billion, and a venture insurance over RMB 68.5 billion. Some 1100 high-tech enterprises have become the beneficiaries of S&T insurance. Of the six cities where S&T insurance has become an option on a trial basis, including Beijing, Chongqing, Shenzhen, Wuhan, and Suzhou, five have rolled out the policies on S&T insurance financing, with detailed rules on conditions, modes, and proportion for a subsidy.

In the future trial operations, efforts will be made to 1) open S&T insurance in the second group of cities; 2) further improve the development mode featured with stimulating S&T insurance using policy leverage; 3) strengthen communications and coordination among different government agencies, reflecting changes in both S&T insurance marketplace and operation; 4) integrate the resources of government, industry, and research institutes, establish a product development platform, and improve product lines of S&T insurance; and 5) raise the management level of insurance firms, improve service quality, and provide a better risk management service for high-tech enterprises.

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