Underwriting Risk Management
Ping An continues to research and monitor global climate change risks such as climate warming and extreme weather disasters/ events, and social change risks such as demographic changes, aging population, and high incidence of disease. Ping an manages and avoids risks in the underwriting process, integrats ESG risks within the Group's investment risk management system to achieve reasonable ESG risk pricing of insurance products.
Sustainable Insurance Product System
ESG related risks will encourage natural and market driven needs of developing new insurance products. For example, the increasing probability and frequency of extreme weather conditions and natural disasters bring a huge market for catastrophe insurance, and the change of population structure due to urbanization and aging also present a potential opportunity for developing insurance products for specifics groups of people. In addition, Ping An is also keen on developing inclusive financing insurance products for the less fortunate groups in need of risk coverage.
Ping An actively carries out joint research with peers and industry partners to continuously improve the diversity and professionalism of Ping An green insurance and inclusive insurance product offerings.
Ping An has developed a unique sustainable insurance product system that not only promotes the company’s own economic growth, but also serves the customers while benefiting the environment and the society.
Ping An takes environmental and social factors into insurance practice considerations, sets appropriate risk pricing, and continues to improve our sustainable insurance system.
As a responsible and diversified insurance company, Ping An is committed to integrate ESG concepts into our insurance businesses. This dedication is shown through und-erwriting risk management, namely setting proper risk pricing for insurance products and risk management of the insurer, and the sustainable insurance product system.