Summary of Key Points
Shanghai's technology insurance industry has developed rapidly in recent years: it provided risk coverage of 15.9 trillion yuan for the entire year of 2025 and reached 5.39 trillion yuan in the first quarter of 2026, transitioning from a scattered pilot phase to a systematic and integrated ecosystem. At the policy level, there is support both from the national government and Shanghai Municipality. Insurance companies have introduced innovative products in key areas such as integrated circuits and biomedicine, and they offer cross-border risk coverage for enterprises expanding overseas. However, challenges remain, including difficulties in risk assessment and precise pricing. The industry calls for collaboration, talent development, and joint efforts to overcome these obstacles.
I. Policy and Strategic Layout: Technology Insurance Moves from Scattered Pilots to Systematic Operations
The rapid growth of technology insurance is inseparable from top-level policies and Shanghai's proactive planning:
- National Guidance: At the 2026 Lujiazui Forum, the China Banking and Insurance Regulatory Commission (CBIRC) proposed improving the technology finance service system and directing resources towards emerging industries. In March of this year, a document was issued to establish a comprehensive technology insurance framework, supporting Shanghai as a hub for innovation.
- Shanghai's Early Action: In 2024, a dedicated task force for technology insurance was established, and insurance companies like PICC and Ping An set up specialized departments for this area. They also released the "Shanghai Technology Insurance Product Catalogue," which covers all stages of technological activities with over 170 products. A service station was established in the Lingang New Area to provide on-site policy consultation and risk assessment, addressing the "last mile" issues for enterprises.
- Rapid Growth: National technology insurance premiums increased by 44% in 2025, while Shanghai's growth was even more significant—PICC Property and Casualty Insurance's technology insurance premiums rose by nearly 50%, accounting for one-quarter of its total premiums. In the first five months of 2026, the coverage amount exceeded 1.19 trillion yuan, more than double the annual figure from the previous year.
II. Precise Empowerment: Customized Insurance for Key Technology Fields
Insurance companies have developed specialized products to address the specific needs of different technology sectors:
- Integrated Circuits: The PICC-led "Integrated Circuit Co-insurance Body" provided 6.5 trillion yuan in coverage for 33 enterprises, addressing major risks in chip research and development and production (such as equipment failures and production disruptions).
- Biomedicine: Taibao introduced clinical trial liability insurance and R&D cost loss insurance to cover core risks from laboratory to market launch.
- Artificial Intelligence: Ping An issued the first insurance and leasing policy for humanoid robots, addressing safety, compliance, and data risks associated with the industrialization of robots (e.g., injuries caused by robots or data breaches).
III. Cross-border Risk Coverage for Enterprises Expanding Overseas
As more Shanghai-based technology companies go global, insurance has become an essential safeguard:
- Commercial Aircraft: With a large number of domestic aircraft parts (nearly 2 million) and numerous upstream and downstream enterprises, overseas operations carry significant risks. The established overseas fleet insurance consortium provided 25 billion yuan in coverage for these flights.
- Green Ships: The PICC-led green ship insurance community has reduced reliance on foreign reinsurance and can now underwrite such policies, providing 4.63 billion yuan in coverage for seven enterprises.
- Overseas Mergers and Acquisitions: Ping An offers services and insurance for overseas mergers and technology acquisitions, covering more than 150 countries with 1.5 billion dollars in coverage. It also provides personal safety protection for researchers working abroad.
IV. Challenges and Solutions: Multi-party Collaboration Needed
The technology insurance industry still faces two major issues:
- Risk Assessment: Emerging industries lack long-term data, making it difficult to use traditional methods for accurate risk assessment.
- Precise Pricing: Rapid technological changes make pricing challenging.
- Cross-border Challenges: Geopolitical and legal differences also pose risks when companies expand overseas.
- Solutions:
1. Dynamic Pricing: Taibao is exploring a method that combines expert reviews with dynamic adjustments to pricing based on the probability of technical failures and the maturity of technology.
2. Cross-border Risk Management: Ping An plans to collaborate with local insurance institutions, hire professionals with overseas experience, and work with foreign firms to identify intellectual property and data compliance risks.
3. Ecosystem Building: PICC recommends three approaches: joint co-insurance efforts, data sharing, and standardization; recruiting talent with expertise in technology, industry, and insurance; and forming a collaborative ecosystem involving governments, financial institutions, enterprises, and research institutes to integrate insurance into every aspect of innovation.
In summary, Shanghai's technology insurance has become a vital support for the city's innovation-driven development. However, to achieve further success, it will require the combined efforts of all stakeholders to address these challenges and build a robust ecosystem.