Saturday, January 20, 2018

China’s first tech insurer set for launch

The first-ever insurance company to specialise in services to the technology sector is set for launch in China.

This comes after the country’s insurance regulator, the China Insurance Regulatory Commission (CIRC), gave the green light for China Taiping Insurance Group to launch Taiping Technology Insurance.

The new company will be based in Jiaxing, a city in east China’s Zhejiang Province.

It has a registered capital of Rmb500 million (US$77 million).

As part of its wide assortment of products and services, the firm will offer services related to scientific and technological businesses, such as corporate and household property insurance and engineering insurance.

In 2006, the Ministry of Science and Technology and CIRC floated the idea of setting up technology insurers.

Their goal was to provide an insurance mechanism for high-tech firms in research and development, as well as the transfer of tech achievements.

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