CPIC: Deepening Presence in the Greater Bay Area to Promote its Connectivity and Integration

SHANGHAI,Dec. 21,2024 --In December 2024,China Pacific Insurance Company(CPIC) celebrates the 15th anniversary of its H-share listing.

To implement China's national strategy of regional integrated development,CPIC positioned the Greater Bay Area (GBA) as the "high ground of innovation" in 2021.

Over the past 3 years,the company has continuously integrated into the construction of the Greater Bay Area,expanding the excellent experiences gained in various fields of the GBA to other regions,and is committed to building the GBA into a new engine of its high-quality development.

With the development of the GBA,more insurance funds has been channelled into Guangdong Province. In particular,CPIC achieved a series of milestones in the execution of its "6 Key Tasks",including the completion of its GBA regional HQ building in Guangzhou,successful acquisition of land in Tianhe District of Guangzhou for retirement communities,signing of agreement of cooperation with the Green Carbon Technology Fund,inauguration of the Technology & Innovation Centre,innovation in integration of products and services,and growing momentum in cross-border collaboration via CPIC Life (HK).

One insurance policy covers 3 jurisdictions,boosting international expansion of domestic enterprises.‌

The Guangdong branch of CPIC P/C has been vigourously promoting the Motor Insurance Connect programme linking the mainland with Hong Kong and Macao. Under the programme,motor vehicles from Hong Kong and Macao operating in the mainland will be treated as domestic ones,so that one insurance policy can cover 3 jurisdictions. Currently,the branch is in cooperation with 9 partners under the connect programme,providing cross-border insurance service to 16,000 automobile owners in Hong Kong and Macao,regardless of the place of issuance of the insurance policy.

As China becomes more international and the mix of its domestic trade improves,there has been growing demand for cross-border e-commerce and transport,international tourism and international information-processing and dissemination. In such a context,a comprehensive cross-border insurance solution has gradually come to the fore,including customs duty bond,export credit insurance,cross-border e-commerce insurance,cross-border logistics insurance,cross-border tourism insurance and vendor liability insurance,etc. On the occasion of the 2024 World Annual Conference on Cross-Border E-Commerce Platforms (Hengqin,Zhuhai) in Guangdong,CPIC joined hands with Zhuhai Municipal Government and unveiled a comprehensive cross-border insurance system which offers one-stop service to domestic companies to facilitate their internationalization efforts.

To date,the Guangdong branch of CPIC P/C has worked with 7 customs offices in the province and provided cumulatively 7.7bn yuan in duty bond guarantee to 119 companies,which considerably reduced the cost of customs clearance and enhanced its efficiency; provided cumulatively 27.8bn yuan in risk cover for account receivables to 729 firms,contributing to the "dual-circulation" New Development Paradigm.

Protecting people's health and well-being and facilitating cross-border retirement in GBA

In recent years,a growing number of elderly people in Hong Kong and Macao have moved across the Greater Bay Area for retirement,particularly to Guangzhou,Shenzhen,Zhongshan and Zhuhai. Chinese people also have the tradition to plan ahead for retirement life,and today moving across the border within the GBA has been increasing popular.

To facilitate cross-border retirement in the area,the Guangdong branch of CPIC Health launched "Zhi Xiang Shou",a personalised long-term care solution integrating retirement savings,life-long nursing and risk screening for dementia,which provides pensioners from Hong Kong and Macao with more choices and better cover. At the same time,CPIC Health has established a network of direct pay covering 137 renowned healthcare providers in the region,benefiting frequent travellers between Guangdong and Hong Kong.