On April 23, news came that six institutions in Shenzhen's property insurance industry recently jointly issued the country's first "cross-border e-commerce insurance" guarantee insurance, marking the official launch of insurance innovation services for cross-border e-commerce in the Shenzhen pilot program.

“Cross-border E-commerce Insurance” provides accounts payable insurance protection for cross-border e-commerce enterprises in Shenzhen, strongly supporting domestic procurement, smoothing the capital chain, and expanding the global market. This is the latest practice of the Shenzhen insurance industry serving the real economy and supporting the high-quality development of new trade formats. It is reported that “Cross-border E-commerce Insurance” creatively adopts guarantee insurance to precisely serve Shenzhen's cross-border e-commerce enterprises and is a tailored “1+6+X” insurance solution for domestic procurement in Shenzhen's cross-border e-commerce.

Image source: Yantian International Container Terminal Co., Ltd.

Among them, "1" refers to a dedicated product, with cross-border e-commerce in the Shenzhen area as the insured party. Relying on real trade scenarios, it develops a dedicated guarantee insurance product with a short development period, low rates, and flexible coverage, insuring the accounts payable risk of cross-border e-commerce and providing credit support for domestic purchases made by cross-border e-commerce.

“6” refers to a co-insurance group formed by 6 insurance institutions under the jurisdiction of Shenzhen, based on market-oriented and rule-of-law principles, to enhance information sharing, improve underwriting capacity, and disperse business risks. The 6 insurance institutions in Shenzhen are PICC Property and Casualty, Ping An Property and Casualty, China Life Property and Casualty, Taiping Property and Casualty, Taikang Property and Casualty, and Dajia Property and Casualty.

“X” represents the empowerment of relevant policies. The Shenzhen municipal government and various districts actively introduce policies, incorporating "cross-border e-commerce insurance" into the stable foreign trade policy system, empowering insured enterprises through mechanisms such as strengthening supply and demand matching, data sharing, and promotional efforts, facilitating insurance claim services, increasing the enthusiasm of enterprises to insure, and enhancing the coverage of policies.