New material insurance policy settled in Henan, 80% of super-hard materials subsidy premium

Abstract Accelerating the development of new materials is of strategic importance for promoting technological innovation, supporting industrial upgrading, and building a manufacturing power. On August 31 this year, the Ministry of Industry and Information Technology, the Ministry of Finance, and the China Insurance Regulatory Commission jointly launched the first batch of key insurance materials to apply the insurance compensation mechanism pilot work, the first batch of new materials for enterprises...

Accelerating the development of new materials is of strategic importance for promoting technological innovation, supporting industrial upgrading, and building a manufacturing power. On August 31 this year, the Ministry of Industry and Information Technology, the Ministry of Finance, and the China Insurance Regulatory Commission jointly carried out pilot work on the first batch of key insurance materials to apply the insurance compensation mechanism. The first batch of new materials for enterprises applied for insurance, and they can apply for central financial premium subsidy funds. This is China's new materials. A major support policy for industrialization. On November 15th, the Provincial Industrial and Information Committee held a publicity meeting on the application of new materials insurance policy, officially promoting the policy in our province.

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New materials investment insurance can subsidize 80% of premiums

At the seminar, the relevant person in charge of the Provincial Industry and Information Technology Committee introduced that for a long time, due to the disconnection between the production and application of new materials, the phenomenon that “the materials are not easy to use and the materials are not used” is widespread, which seriously affects the application of new materials. And the overall level of development of the new materials industry has improved. The first batch of new materials is used to apply the insurance compensation mechanism. The purpose is to use market-based means to institutionalize the risk of applying new materials to demonstrate and activate and release the effective demand for new materials in the downstream industry.

According to the documents issued by the three departments, the liability limit for the first batch of insurance for key new materials will be determined comprehensively based on the amount of the purchase contract and the amount of liability losses that may be caused by the product. The insurance amount shall not exceed 5 times the contract amount, the upper limit shall be 500 million yuan, and the insurance premium rate shall not exceed 3%. An eligible insurance company may apply for the central financial premium subsidy fund, and the subsidy amount is 80% of the annual premium for insurance.

China People's Property Insurance, Ping An Property Insurance, and Pacific Property Insurance were approved to carry out key new materials insurance. “This insurance combines the comprehensive advantages of product quality insurance and product liability insurance, including not only the direct loss of users due to defects in the quality of new materials, but also the resulting loss of corporate property, personal injury and legal costs caused by litigation involving insurance accidents. Wang Shuang, project manager of Henan Branch of China People's Property Insurance Co., Ltd., said.

Yuan Qiling, deputy general manager of Henan Branch of Great Wall Insurance Brokers Co., Ltd. believes that the application of new materials has potential risks. By insuring, it can effectively reduce business risks and increase user confidence. At the same time, because most of the premiums are subsidized by the financial, the insurance costs can be effectively reduced and the cost advantage of the enterprise products can be improved.

Promote the transformation and upgrading of new materials industry

Our province is a major raw material province, and the new material industry is one of the five leading industries that are mainly developed. It has advantages in the fields of nonferrous metals, steel, building materials, refractory materials and superhard materials. According to the 2017 edition of the “Guidelines for the First Batch Application of Key Materials”, advanced steel materials, advanced non-ferrous materials, advanced chemical materials, and advanced inorganic non-metallic materials are covered. It is naturally good news to carry out new material insurance to make the province a bigger and stronger new material industry.

“New material insurance disperses the risk of new product use and has certain encouragement for the company to develop new products.” Liu Tao, director of the consulting department of the provincial non-ferrous metal industry association, said that the research and development investment in the non-ferrous metals industry is basically self-raised by the enterprise, with huge investment and high risk. The promotion of new material insurance has added a risk barrier to enterprises.

Chang Xin, deputy manager of Luoyang Zhongwa High-Tech Co., Ltd., said that the losses caused by the failure of new materials application are often very large, and enterprises need such insurance. “We have two products that meet the catalogue requirements and will consider insuring.” He believes that the new material insurance compensation not only reduces the burden on the enterprise, but also acts as a credit endorsement, enabling downstream customers to use new products with confidence, thus expanding new materials. The scope of use, to seize the commanding heights of the market.

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