Customized Insurance Solutions for Emerging Low-Altitude Economic Scenarios
As the low-altitude economy continues to accelerate its commercial progress, the corresponding demand for insurance has become increasingly evident. Recently, Ping An Property & Casualty Insurance (Ping An P&C) has introduced tailored insurance products and services for various scenarios and segments within the low-altitude economy. These solutions provide comprehensive coverage, ranging from large general aviation fleets to unmanned aerial vehicles (UAVs), effectively safeguarding the development of new quality productivity in this sector. To date, Ping An P&C has insured over 150,000 aircraft in the UAV field, offering risk coverage exceeding 90 billion yuan.
Low-Altitude Economy: A Vital Component of China’s New Quality Productivity
“The low-altitude economy has become a significant part of China’s new quality productivity development. It is rapidly transitioning from a single-industry focus to a new phase of industrial integration, with emerging ‘low-altitude economy+’ models injecting fresh momentum into economic growth,” said Long Quan, Party Committee Member of Ping An Group and Chairman & CEO of Ping An P&C, during the Low-Altitude Safety and Insurance Sub-Forum at the World UAV Conference.
Elevated Demands on Insurers Amid Rapid Industry Growth
The rapid expansion of the low-altitude economy has placed higher demands on insurers’ underwriting, pricing, and claims settlement capabilities. In response, Ping An P&C has been actively exploring an “insurance + services + technology” model to build a multi-layered, widely-covered, and differentiated insurance and service system for the low-altitude economy. The company is committed to fostering high-quality development in this sector through collaborative efforts with reinsurance partners, industry associations, academic institutions, and upstream/downstream enterprises. These partnerships aim to develop risk mitigation solutions and promote pilot programs for innovative insurance products.
Strategic Cooperation to Strengthen Industry Safeguards
Ping An P&C has signed the New Era Comprehensive Strategic Cooperation Agreement with China Re Property & Casualty Insurance (China Re P&C). The agreement aligns with the guiding principles of the Central Financial Work Conference, emphasizing deepened structural reforms in financial supply. It focuses on four strategic pillars: serving national strategies, traditional business synergy, innovation exploration, and risk reduction management—leveraging the combined strengths of direct and reinsurance operations.
Additionally, the two companies jointly established the Low-Altitude Economy Emerging Risk Research Institute. This platform will integrate data, technology, and talent resources to develop insurance products and service models tailored to diverse low-altitude economic scenarios. The initiative aims to create a risk management system with international perspectives and Chinese characteristics, supporting the safe, stable, and high-quality growth of the low-altitude economy.
Regional Focus: Building a Low-Altitude Economic Hub in Western China
To support the development of a low-altitude economic hub in Western China, Ping An P&C’s Sichuan Branch has pledged to address critical challenges in infrastructure construction, application scenarios, and industrial development. The company will continue innovating insurance products and services to provide robust safeguards for the sustainable growth of the low-altitude economy, ensuring its steady and long-term progress.
Industry Leadership Through Innovation
Ping An P&C’s initiatives reflect its commitment to pioneering insurance solutions for emerging economic sectors. By combining technological advancements with strategic partnerships, the company is setting a benchmark for risk management in the rapidly evolving low-altitude economy. Its efforts not only enhance safety standards but also contribute to the broader economic transformation driven by new quality productivity.
Future Prospects: Scaling New Heights
Looking ahead, Ping An P&C plans to expand its low-altitude economy portfolio by introducing more specialized products, such as liability coverage for urban air mobility and insurance for autonomous cargo drones. The company will also invest in predictive analytics and AI-driven underwriting tools to improve risk assessment accuracy. These forward-looking measures position Ping An P&C as a key enabler of China’s ambitious low-altitude economic development goals.
Global Implications of China’s Low-Altitude Economy
China’s progress in the low-altitude economy carries significant global implications, particularly in shaping international standards for UAV operations and urban air traffic management. Ping An P&C’s risk management frameworks could serve as a blueprint for other markets seeking to balance innovation with safety in this nascent sector. The company’s collaboration with international reinsurers further underscores the cross-border relevance of its solutions.
Conclusion: A Comprehensive Safety Net for Innovation
Through its multi-faceted approach—combining customized products, strategic alliances, and technological innovation—Ping An P&C is constructing a comprehensive safety net for the low-altitude economy. This not only mitigates operational risks for industry participants but also creates favorable conditions for sustained investment and innovation in this cutting-edge field. As the low-altitude economy continues its ascent, Ping An P&C’s risk management solutions will play an increasingly vital role in ensuring its smooth flight toward maturity.
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