China issues 20 sci-tech insurance measures to back innovation risk

Policy framework encourages simpler financial protection tools.

China released new public guidelines to boost the development of science-technology (sci-tech) insurance, as part of wider efforts to strengthen technological self-reliance, as reported by state press agency Xinhua.

The document was jointly released by the Ministry of Science and Technology, the National Financial Regulatory Administration, the Ministry of Industry and Information Technology and the China National Intellectual Property Administration.

The guidelines set out 20 measures across six areas to build a sci-tech insurance system that is more closely aligned with technological innovation.

Sci-tech insurance has been used to help offset the high costs, long development cycles and higher risks linked to innovation.

Last year the sector provided around $1.16t in risk coverage. Premium income rose 44% year-on-year.
offer simpler and more affordable products, with easier access and more streamlined claims processes.