On May 15th, Shanghai’s first inclusive insurance project dedicated to small and micro enterprises and individual business owners—Huyebao—celebrated its first anniversary. Since its official launch on May 15, 2024, Shanghai Industrial Insurance has provided risk protection totaling 11.3 billion yuan to nearly 10,000 small and micro enterprises and individual business owners. This coverage spans 11 types of risks, including property loss, business interruption, and personal accidents. The project has become a significant practice for Shanghai in deepening inclusive insurance innovation and supporting the high-quality development of the real economy.
Supporting the Real Economy
Small and micro enterprises and individual business owners are the most dynamic and innovative groups in the real economy. They are key drivers of economic development, employment growth, and market vitality. Under the guidance of the Shanghai Financial Regulatory Bureau, seven major insurance institutions in Shanghai established working teams to fully launch the Shanghai Micro and Small Enterprise Inclusive Insurance Project. Huyebao, the first inclusive insurance project in Shanghai targeting small and micro enterprises and individual business owners, was launched on May 15, 2024. This marked a significant step forward in promoting inclusive insurance and supporting the development of these enterprises.
Outstanding Performance
As of May 7th, Shanghai Industrial Insurance has underwritten nearly 10,000 policies, building a risk barrier with a total coverage of 11.3 billion yuan. This truly fulfills the project’s original aspiration and mission of “safeguarding the real economy with the power of insurance.”
Tailored Insurance Solutions
The Shanghai Business Insurance Task Force has deeply understood the differences in risk characteristics among various business types. To precisely match diverse protection demands, the task force adopted a mechanism of “phased advancement and series formation,” tailoring exclusive insurance products and services based on industry characteristics. Operating under the “three unifications” model of insurance plans, claims standards, and service processes, the task force has built a solid risk defense line for the stable development of small and micro enterprises and individual business owners in Shanghai.
Multi-Dimensional Risk Protection
Shanghai Industrial Insurance has established a multi-dimensional protection system, covering core areas such as property loss, business interruption, personal accidents, and third-party liability. Since the first batch of exclusive products for individual business owners and the sports, culture, entertainment, and education industry was launched in May 2024, the project team has continuously delved into industry demands. Currently, 11 terms have been designed, and 7 new plans have been added. According to underwriting data, the project has precisely reached the main body of people’s livelihood and the economy. Over the past year, it has insured 1,781 cases in the wholesale and retail industry, ranking first, followed by resident services and other services (1,178 orders) and accommodation and catering services (995 orders). The underwriting volume of these three industries accounted for nearly 60% of the total, demonstrating the alignment between product design and market demand.
Future Outlook
Looking ahead, Huyebao will continue to improve and carry out comprehensive upgrades around four dimensions: products, services, technology, and mechanisms. Industry insiders say that the practice of Shanghai Yebao is not only an innovative model of the insurance industry serving the real economy but also an important measure to support the construction of Shanghai as an international financial center. In the future, the Huyebao project will continue to respond to national policy orientation, with the goal of “wide coverage, sustainability, and precision,” to build a solid risk defense line for small and micro enterprises and individual business owners, safeguarding the stable and long-term development of Shanghai’s economy.
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