Recently, the National Financial Regulatory Administration, the Ministry of Science and Technology and other authorities jointly convened an exchange and promotion meeting on sci-tech insurance. The meeting was held to implement the Opinions on Accelerating the High-Quality Development of Sci-Tech Insurance to Effectively Support High-Level Technological Self-Reliance, summarize practical experience from local governments and insurance institutions, and arrange key tasks for the next phase.

The meeting noted that thanks to coordinated efforts among relevant authorities, local governments and insurance institutions in recent years, sci-tech insurance has moved from pilot exploration to systematic rollout, with rapidly expanding business scale and continuously broadening risk coverage. From January to August 2026, sci-tech insurance provided risk protection worth 8.7 trillion yuan for scientific and technological activities, a year-on-year increase of 66.9%. The number of market operators has risen from the initial 4 pilot institutions to more than 60. The insurance mechanism for the first set of major technical equipment and the first batch of key new materials has operated for over a decade, delivering risk protection exceeding one trillion yuan for major technical equipment and key new materials. Positive results have been achieved in local explorations of sci-tech insurance covering commercial aerospace, integrated circuits, quantum technology and other sectors.

The meeting pointed out that sci-tech insurance serves as an effective instrument to improve the risk diversification mechanism for tackling major technological challenges and support high-level technological self-reliance. Centering on “who to protect, what to cover and how to underwrite”, relevant policy measures shall be put in place to give full play to the insurance sector’s role as an economic shock absorber and social stabilizer. Local authorities shall develop tailored, innovative insurance products and services suited to local conditions and strive to build a diversified insurance protection system.

The meeting stated that the 15th Five-Year Plan period marks a critical stage for achieving high-level technological self-reliance and building a powerful country in science and technology. It is essential to fully recognize the importance of sci-tech insurance in serving scientific and technological innovation. Characterized by high investment, high risks and long cycles, sci-tech innovation requires sci-tech insurance to achieve three extensions: extending from asset protection to process protection, from outcome protection to exploration protection, and from “economic compensation” to “risk reduction” and “credit empowerment”. Authorities shall step up policy communication, establish a coordination mechanism for advancing sci-tech insurance, and ensure the effective implementation of sci-tech insurance policies. Support will be given to the international sci-tech innovation centers in Beijing (Beijing-Tianjin-Hebei region), Shanghai (Yangtze River Delta) and the Guangdong-Hong Kong-Macao Greater Bay Area to serve as the “launching grounds” for sci-tech insurance innovation, so as to exert the roles of pilot trials and exemplary leadership.

The meeting required that efforts be focused on national major sci-tech tasks and small and medium-sized sci-tech enterprises to expand insurance coverage, and promote sci-tech insurance to reach industrial parks, business incubators and high-tech zones. Insurance products shall be optimized along the full chain of R&D, pilot testing, achievement commercialization, first trial and application, and industrialization. Risk assessment, monitoring and early warning, and hazard inspection shall be embedded into enterprises’ innovation workflows. Insurance institutions shall strengthen capacity building in policies, products, teams, talent and performance assessment, accumulate sci-tech risk data and improve actuarial pricing. Insurance capital shall pursue early-stage, small-scale, long-term and hard-tech investment via bonds, funds, equity investment, asset securitization and other channels. Authorities including financial regulators, sci-tech, industry and information technology, fiscal and intellectual property departments shall enhance coordination, balance innovation support and capital safety management, and foster a sound development environment. Meanwhile, the meeting launched a themed publicity campaign for sci-tech insurance and exchanged views on sci-tech insurance policies and typical cases.

Source: Shanghai Securities News