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Ping An highlights parametric and index insurance for combatting climate change

Richard Sheng, Secretary of the Board of Directors for Chinese insurer Ping An, has highlighted the role of parametric and index insurance in combatting the challenges of climate change.

Speaking via videoconference on green and sustainable finance during the recent COP27 event, Sheng noted how his company has been exploring coverages that combine parametric and index insurance to confront climate risks.

This coverage makes use of heavy rainfall and typhoon data as parameters for insurance payouts, and aims to act as an economic ‘shock absorber’ and social ‘stabiliser,’ Sheng explained.


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