China’s insurance authority has approved the launch of Taiping Technology Insurance, the market’s first insurer specially catering to the burgeoning Chinese technology sector.
According to a statement by the China Insurance Regulatory Commission (
CIRC), it has already granted permission to
China Taiping Insurance Group to debut its technology-focused insurance arm.
The new company is headquartered in Jiaxing in Zhejiang Province, and has a registered capital of RMB500 million (US$77 million), reported
Xhinhua.
Taiping Technology Insurance will provide insurance products and services, such as corporate and household property insurance, targeted at scientific and technological businesses.
The idea to set up technology-focused insurance companies was raised by CIRC and the Ministry of Science and Technology in 2006, in order to form an insurance mechanism for various businesses engaging in scientific research and development, as well as transferring technological achievements.
While Taiping Technology Insurance is the first tech insurer granted approval by the government, it is not the first to apply for a licence. In February 2017, the CIRC rejected the application of Suzhou High-Tech Venture Capital Group due to a lack of a feasible business model, among other reasons.
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