Ping An Property and Casualty supports rural revitalisation by boosting farmers’ income with assistance in product quality management.
Ping An Insurance Group of China, 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 and 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.
Ping An Property and Casualty’s innovations include its Digital Risk System 2.0 to help property owners protect their properties and minimise 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. 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 by over RMB200 million.
In addition, Ping An Property and Casualty supports rural revitalisation by boosting farmers’ income with assistance in product quality management. Ping An expanded the ‘source-tracing + insurance’ approach country-wide. As of December 2022, Ping An Property and 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.