The National Financial Regulatory Administration is working to support the growth of the insurance industry by creating a special system for science and technology insurance. This was shared by Yin Jiang'ao, an NFRA official, during a media conference in Beijing on Friday.

The goal is to improve insurance services for technology-based businesses throughout their entire lifecycle. The NFRA plans to introduce new products, refine policies and support pilot projects in areas like cybersecurity insurance and research and development loss insurance. Yin emphasized that the insurance products will cover all stages of innovation, including the first batch of equipment and intellectual property protection.

The NFRA, along with other government departments, will also increase policy support for this type of insurance. They aim to build a system that offers broad coverage, while also providing rewards, subsidies and tax incentives for companies involved in technological innovation. This support is designed to reduce risk and encourage the development of new ideas and industries.

Several regions, such as Ningbo in Zhejiang province, Lingang in Shanghai and Hudong in Hubei province, have already experimented with science and technology insurance. These areas are being used as examples for other regions to follow. According to Yin, this type of insurance is more specialized than regular insurance, with unique risks that require cooperation across industries to manage.

Luo Yanjun, another official from the NFRA, added that the administration will continue guiding insurance companies to invest more in emerging industries and advanced manufacturing. By the end of August, the balance of insurance fund usage reached 31.8 trillion yuan ($4.5 trillion), with 28.8 trillion yuan supporting the real economy through investments in debt, equity and other areas.

Tan Guoling contributed to this story.

liuzhihua@chinadaily.com.cn