On April 25, the General Administration of Financial Supervision issuedRafflerouletteHas adopted the guidance on promoting the High-quality Development of Green Insurance (hereinafter referred to as "opinions").

The "opinions" clearly put forward the main objectives of the two stages, and at the same time put forward nine key tasks on the debt side, such as improving society's ability to cope with climate change, ensuring green and low-carbon scientific and technological innovation, and promoting green and low-carbon transformation of energy. On the investment side, there are three key tasks, such as improving the green investment management system and strengthening the green development support of insurance funds.

Define the development goals in stages

In November 2022, the original Bank Insurance Regulatory Commission issued the notice of the Statistical system of Green Insurance Business (hereinafter referred to as "notice"), which clearly defined "green insurance" for the first time, that is, the insurance industry provides risk protection and financial support in the aspects of environmental resources protection and social governance, green industry operation and green living consumption.

This "opinion" further defines the development goal of green insurance in two stages. Specifically, by 2027, the green insurance policy support system will be relatively perfect, the service system will be initially established, the risk reduction service and management mechanism will be optimized, and the ability of product service innovation will be enhanced. a number of green insurance service models with typical exemplary significance have been formed, and the growth rate of green insurance risk protection and green investment of insurance funds is higher than that of the industry as a whole. Its role in promoting the green transformation of the economy and society has been enhanced.

By 2030, important progress has been made in the development of green insurance, the service system is basically sound, and it has become an important financial means to promote the comprehensive green transformation of the economy and society. The level of risk protection of green insurance and the scale of green investment of insurance funds have increased significantly. The satisfaction and recognition of green insurance from all walks of life has significantly increased, and the influence of the market for the development of green insurance has been significantly enhanced.

The person in charge of the relevant departments and bureaus of the General Administration of Financial Supervision said that the previous "notice" laid a solid foundation for the development of green insurance, but through research, "We found that the market subjects still need to further unify their understanding of the development principles, objectives and tasks of green insurance. There is an urgent need for policy guidance and support in promoting development direction, incentive and restraint policies, supervision and evaluation system, and information sharing mechanism."

Strengthen green insurance protection in nine major areas

According to the notice, green insurance includes insurance products and services provided by insurance institutions around green, low-carbon and sustainable development on the liability side.

The opinion further points out the direction for the business development of insurance institutions. On the whole, Including enhancing the ability of society to cope with climate change, ensuring green and low-carbon scientific and technological innovation, promoting the transformation of green and low-carbon energy, consolidating and enhancing the capacity of carbon sequestration, supporting green and low-carbon national action, improving the level of prevention and control of environmental pollution in enterprises, serving the industrial sector of green low-carbon and green manufacturing engineering development, promoting urban and rural construction energy saving, carbon reduction and efficiency, and promoting the green and low-carbon development of transportation.

In order to enhance the ability of society to cope with climate change, it is clear that the opinions should speed up the development of climate insurance and promote catastrophe insurance coverage. For some time, the policy layer has made a lot of arrangements for this. Taking catastrophe insurance as an example, in March this year, the General Administration of Financial Supervision jointly issued the Circular on expanding the scope of Housing catastrophe Insurance for Urban and Rural residents and further improving the catastrophe Insurance system, requiring an increase in the basic insurance amount and doubling the basic insurance amount from 50,000 yuan for urban residential households and 20,000 yuan for rural residential households. It will be raised to 100000 yuan for urban residents and 40, 000 yuan for rural residents. This "opinion" once again proposes to expand the coverage of catastrophe insurance, at the same time, use reinsurance to effectively disperse risks, study and explore new ways of risk transfer such as catastrophe bonds to broaden risk diversification channels, promote the formation of a multi-level and multi-dimensional catastrophe risk diversification system, and enhance the ability of the industry to bear catastrophe risks.

"in terms of insurance protection, the guidance encourages insurance companies to actively focus on the comprehensive green transformation of service economic and social development, and to provide targeted risk protection programs in key areas and industries for the construction of ecological civilization, so as to protect the high-quality development of ecological priority, green and low carbon." The head of the relevant departments and bureaus of the General Administration of Financial Supervision said.

At present, the transportation industry is one of the key points of green and low-carbon transformation. On the one hand, the "opinion" is clear from the consumer side, it is necessary to actively provide insurance protection for new energy vehicles, electric bicycles and shared bicycles, and promote green and low-carbon travel. On the other hand, it is clear from the supply side to promote the green and low-carbon development of transportation. Including the development of new energy vehicles, intelligent network vehicles, rail transit and other fields to provide insurance guarantee for research and development, manufacturing, application and other links; provide adaptive insurance guarantee schemes around low-altitude economy, multimodal transport, green distribution and other fields; centering on green transportation infrastructure construction, provide comprehensive risk protection plan for planning, construction, operation and maintenance.

On the investment side, the opinion puts forward three key tasks: improving the green investment management system, strengthening the green development support of insurance funds, and strengthening the green investment process management.

Among them, in the use of insurance funds, the "opinion" points out that it is necessary to give full play to the long-term investment advantages of insurance funds and increase the allocation of green bonds and investment in green industries under the premise of controllable risks and sustainable commerce. Adhere to the principle of asset-liability matching, actively use insurance asset management products and other tools, increase financial support for green, low-carbon, circular economy and other areas, and gradually enhance asset allocation in the field of green industries.

Strengthen supervision and guidance and increase policy support

The "opinion" requires to strengthen the support of the green insurance operation and management ability of the main body of the industry. in this regard, the "opinion" proposes to strengthen the subject responsibility, increase the input of resources, enhance the risk control ability, and improve the service system.

In terms of resource input, the "opinion" is clear that insurance companies should formulate green insurance work plans and give differentiated support policies in terms of business strategy and business management. Strengthen the training of green insurance and enrich the reserve of professionals. Explore the establishment of specialized green insurance departments, characteristic branches, innovation laboratories and other specialized agencies, and actively apply new science and technology to improve the digital level of carbon management. Implement green office, green operation, green procurement, green travel, etc., to improve the level of green operation.

In order to ensure the implementation of various arrangements, the "opinion" proposes to strengthen regulatory guidance in the future and gradually optimize the rules for calculating the solvency of green insurance. We will improve the policy on the use of insurance funds and strengthen support for green investment of insurance funds. We will optimize the filing management of green insurance products and encourage the establishment of a regional innovative protection mechanism for green insurance products. Improve the relevant systems and norms in the field of green insurance business. Strengthen the supervision and evaluation of the operation of green insurance, bring the results into the working systems such as solvency supervision and off-site supervision, explore differentiated classified supervision, and strengthen the positive incentive role of supervision.

At the same time, the "opinion" also makes it clear that the whole industry should strengthen communication and coordination with various business departments and local government departments, actively strive for policy support in finance, taxation, and funds, and strengthen data exchange and sharing. we will jointly promote the high-quality development of green insurance. We will increase the business innovation and service coordination of green insurance in key areas such as Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macau Greater Bay Area and the Shuangcheng Economic Circle in Chengdu and Chongqing, and support the construction and promotion of green insurance pilot areas in green financial reform and innovation pilot zones. to create a multi-level, wide coverage and differentiated green insurance development system.

Editor-in-chief: Yang Yucheng

Proofreading: Gao YuanRaffleroulette?