PICC Property and Casualty Company Ltd. (PICC P&C),started as the People’s Insurance Company of China onOctober 20th 1949, is a core member and flagship subsidiary of the PICC Group, a Fortune 500 company.In 2003, PICC P&C launched its IPO in Hong Kong Stock Exchange (stock code 2328). In 2016, the Company’s premium income exceeded 300 billionYuan,which made a new breakthrough.
PICC P&C always follows the leadership of the CPC, and strictly abides by guidelines and plans of the CPC andpolicies made by the state. It has always been adhering to the historical mission of “People’s Insurance for the People”, implementing its market-oriented and customer-centric development policy, and actively carrying out its political,economic and social responsibilities. It aims to be a propeller ofturning China into a moderately prosperous society in a well-rounded way, to be a participant in state governance and social management, providing strong insurance protection for economic development, social stability, national prosperity and the people’s happiness. Meanwhile, in its practice of serving the overall economy, social development and its clients, PICC P&C has continued to make breakthroughs in auto insurance, agricultural insurance, catastrophe insurance, major illness insurance, liability insurance, inclusive finance and poverty alleviation, etc. Its coverage continues to expand, covering almost every aspect of the society and people’s lives, which forms its featured and distinctive core competitive advantages in the domestic property insurance market.
Attention and care from the Party and government endows PICC P&C with the unique sense of social responsibility; trust and praise earned from the public over the years endows PICC P&C with a strong sense of mission. The Company actively plays its role in economic compensation, financing and social management, actively maintains social stability, promotes economy operation, guarantees the improvement of people’s livelihood, perfects social governance, and demonstrates its responsibility and important role of a state-owned insurance enterprise in serving the overall economy and social development. A solid relationship of trust has been built with government authorities on each level, and the Company has won full recognition and praise widely from the society.
PICC P&C has business offices and a service network covering both urban and rural areas across the country, from the northernmost point in Mohe to SanshaIslands in the south, including more than 10,000 business branches and offices,over 300 district (city)-level underwriting, claim-handling/customer service and financial centers, 25,000 insurance stations at township level and almost 300,000 insurance outlets in villages. Its service scope covers both the northand the south China, both urban and remote rural areas, of which, 98.94%of towns andvillages are covered. The urban and rural networksare co-built and co-shared, both on-line and off-line, forming a three-dimensional sales and service network in the country.
PICC has opened the 24/7 service hotline 95518, the official website of direct sales platform www.epicc.com.cn, and the telephone sales hotline 4001234567, mobile Internet platform, counter integration as well as the APP “PICC”. Theseform a strong service network, which can provide insurance consultancy, claims inquiry, one-stop online service to our clients anywhere at any time. High quality insurance servicessuch as “wisdom claim settlement”, “thumb claim settlement” and “top speed claim settlement” are also provided to clients for their most convenience. The club “PICC’s Companion” is launched to provideclients with motor vehicle and life-related value-added services.
On the path of development, PICC P&C has built its outstanding reputation with integrity, responsibility, professionalism and value, both home and abroad. PICC P&C served as the official insurance partners of Beijing 2008 Olympic Games, Shanghai 2010World Expo, Guangzhou 2010 Asian Games, 2016 G20 Hangzhou summit, 2017 Belt and Road Forumfor International Cooperation, etc. Currently, the Company has been rated A1by Moody’s Investors Service. Meanwhile, the Company was awarded “Outstanding Chinese Enterprises in Social Responsibilities” and “Best Public Listed Companies”, etc.
PICC P&C has established acomprehensive human resource management model, continued to improve its capability, and strengthened the system-building of the underwriterand actuary teams.The Company has implementedthe talent recruitment program of “Project 1000” and “Sunrise Program” to promote the human resource reform in sales team,optimize and upgradeeducation and training system. The Company has trained a large number of experienced managers and technical professionals covering every major aspect of the property insurance business, and has built a top sales team with sufficient knowledge and rich experience that can provide high quality and diversified services in each step of insurance-related services.
PICC P&C has established an advanced product development system. In order to serve the transition of government functions, promote the upgrade of economy, and improve the assurance of people’s livelihood, PICC P&C constantly implements product innovation and improvement. About 10,000 clauses have been used to meet different requirements ofhigh quality insurance services. In 26 provinces (cities, districts) and two cities specially designated in the state plan, the Company used the technique of insurance remote control, namely “the sky and ground combination”, which integrated the investigations via satellites, drones and the scene survey. With over 5,000 square kilometers aerial area and more than 200,000 square kilometers covered by drones and satellites, the insurance remote control technique improveditsrisk management capability. The Company has established a scientific management and a standard operation reinsurance support system, and has set up a risk diversification and risk control system on compensating and sustaining each other by different type of reinsurance, such as treaty reinsurance, facultative reinsurance, excess of loss reinsurance and catastrophe reinsurance, etc. Through the implement of reinsurance business by our professional team, the total number of international partners are more than 600 insurance and reinsurance companies, and they are spread over 80 countries and regions. In the meantime，PICC P&C follows the ‘Belt and Road Initiative’ and ‘Made in China 2025’ important national strategies，makes great efforts on loan assistance insurance, export credit insurance, first set major technical equipment insurance, innovative development of SME insurance and cyber insurance products. In addition, the Company actively explores overseas markets，helps in upgrading industry structure and supporting Chinese enterprises ‘going abroad’.
PICC P&C actively participatesin the development of social risk management and social security system, continues to innovate insurance mechanism to serve social management, bringsitstechnical expertise and service advantage into full play, leverages risk transfer mechanism and social mutual aid and management mechanism of insurance to safeguard economic development, promotes social harmony and fulfillsits social responsibility.
PICC P&C has been focusing on the promotion of liability insurance that is closely related to the public interests, such as ecological environment, food safety, production safety, medical care, campus safety and pension service, etc. It also makes great efforts in developing agricultural insurance product as well as major illness insurance, which is closely linked to the people’s lives, and participates in the development of a multi-layer medical insurance system. When faced with the major catastrophes and incidentssuch as 2015 Tianjin explosions, TyphoonMeranti in southeast coast of China, tornado inYancheng, Jiangsu, landslides in Shenzhen, debris flow and landslides in Fujian, and collapse ofthe electric power plant in Jiangxi, PICC P&C opened its green paths for accelerating the process of catastrophe claims settlement, and provided aid and disaster relief immediately. In 2016, the Company handled 29.69 million claim cases, paid 159.9 billion for claims, and insured a total sum of 291 trillion.
PICC P&C actively responds to the national policy on supporting agriculture, farmer and rural area development. In order to play the role of insurance business as the main channel of supporting agriculture, benefiting farmers, strengthening agriculture and raising rural living standards, the Company provides comprehensive financial services to the new type of rural operation subjects, small and micro enterprises and farmers. In 2016, the Company achieved premium income of RMB 19.361 billion from agricultural insurance, covering 630 million mu (approximately 104 million acres) farmlands, 1.04 billion mu(approximately 171 million acres) forests and 103 million farmhouses, which provided risk protection of RMB 2.8 trillion for agriculturalinsurance (including farmhouses).
PICC P&C actively participates in public welfare activities, helps and devotes to the people in difficulty and poverty tobuildthecharacter ofa state-owned enterprise that values responsibility. The Company actively explores the model of “insurance taking the first steps in poverty alleviation”, works hard on getting rid of absolute poverty and implementing poverty alleviation by insurance, and deepens targeted poverty relief continuously, especially attaches great importance to the development offrontier areas, and supports poverty alleviation in poverty-stricken areas and border areas by providing specific insurance services. The Company is committed to send the positive energy to the society throughdifferent kinds of charity activities, such as philanthropic education aid, green travel, voluntary blood donation, environment protection, condolences to the elderly people living alone and caring for vulnerable groups, etc.
PICC P&C always leads the development of property insurance industry, carrying on its heritage while innovating and advancing over time. The Company will continue to deepen reform and innovation, press ahead supply side structural reform comprehensively,make efforts in implementing strategies on service, globalization, internet, value chain and platformization, and strive to build a world-leading property insurance company with leading development strategy, advanced corporate culture, scientific management mechanism and first-class team. It will fully play itsimportant role of state-owned enterprisesin insurance business, and contribute to attain the well-rounded goal of turning China into a nation of moderate prosperity and the realization of the “Chinese Dream” - the great revival of the Chinese nation!