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Case Study

Ping An P&C – Mangroves Index Insurance

COUNTRY/REGION

China

START - END DATE

2023 - Ongoing

REALM

Terrestrial

In 2023, Ping An Property & Casualty launched China’s first mangrove carbon sink index insurance, providing risk protection and disaster prevention services for mangrove carbon sinks at Shenzhen’s Futian Natural Reserve. The product uses an innovative measurement method combining remote sensing, on-site sampling and quadrat surveys to reliably determine carbon sink amounts. The protection plan integrates insurance mechanisms with ecological maintenance — indexing carbon sink losses due to mangrove damage and determining compensation based on the loss of mangrove carbon sink value, with funds directed toward post-disaster ecosystem protection/recovery.

Insurance trigger type

The mechanism by which an insurance payout or financial response is activated

Parametric/Index

Insurance scheme target

Beneficiary of Insurance Scheme

Local Communities, Real Economy

Insurance scheme developer

The type of institution(s) providing insurance or guarantees

Public-Private-Partnership

Insured risk

The primary category of risk addressed or managed by the insurance solution.

Risk to Natural Assets and Ecosystems, Performance and Delivery Risk

Insurance product type

Adapted from UNEP FI framework subcategories

Insurance for conservation, restoration and NbS delivery, implementation, performance and management

Partners:

Ping An P&C, Futian Natural Reserve Administration

Referred by:

UNEP FI

Sources:

TOGETHER WITH HOPE