Yin Jiang'ao, Director of the Property Insurance Department at the National Financial Regulatory Administration (NFRA), shared insights during an interview with 21st Century Business Herald regarding the next steps in developing science and technology insurance. He emphasized that NFRA will focus on establishing a comprehensive policy framework for tech insurance and building a product and service system covering the full lifecycle of tech enterprises. Following the principle of "government-led, market-driven," the NFRA will promote the development of science and technology insurance in three key areas:

First, expanding product offerings. The NFRA plans to innovate technology insurance products to address the coverage needs across the full lifecycle of tech enterprises and the entire process of technological innovation. For instance, they aim to optimize the insurance policy mechanism for the first set of key technological equipment and products, improve intellectual property insurance systems, and explore new types of insurance, such as cybersecurity and research and development loss insurance. Yin mentioned that cybersecurity insurance, a relatively new business, has already reached over $10 billion in global business volume.

Second, refining policies. The NFRA will collaborate with relevant departments to enhance policy support for tech insurance, establishing a comprehensive, multi-level policy system with wide coverage. The aim is to encourage local governments to innovate in areas such as reward and subsidy mechanisms, tax incentives, and risk-sharing measures, ultimately creating new paths, models, and solutions for tech insurance.

Third, promoting pilot programs. Regions such as Ningbo, Lingang in Shanghai, and Donghu in Wuhan have already built solid foundations for science and technology insurance pilots. The NFRA will continue supporting these regions as they expand these pilot programs.

"Tech insurance is highly specialized and differs significantly from traditional insurance in terms of risk characteristics. We must build a multi-participant data resource sharing platform, develop a diverse talent pool, and cultivate supporting service institutions to ensure that tech insurance not only grows but thrives," Yin stated.

According to data, between January and August this year, science and technology insurance premiums amounted to 38.8 billion yuan, providing risk protection worth over 7 trillion yuan for activities such as technological research and development, commercialization, and application. For example, the compensation mechanism for the first set of key technological equipment and products has provided nearly 1 trillion yuan in risk coverage for major technological equipment and key new materials.