(Yicai) Nov. 9 -- Many new green insurance products, as well as China’s first low-carbon operation management standards for the insurance industry, debuted at the ongoing China International Import Expo.

Tokio Marine and Nichido Fire Insurance (China) yesterday signed an agreement with Yusen Logistics China at the CIIE to offer insurance services to the Chinese logistics firm for hydrogen cell trucks in transportation to cut carbon dioxide emissions, thus supporting low-carbon transport of logistic companies.

Yusen uses hydrogen cell trucks to transport goods between its warehouses and the Port of Shanghai. Tokio Marine and Nichido Fire Insurance (China) will pay insurance refunds to Yusen if the latter fails to use hydrogen cell trucks because of unforeseen circumstances to compensate for its increased spending on carbon credits, according to the head of the Chinese arm of the Japanese insurer.

The Shanghai branch of China Pacific Property Insurance joined hands with the Shanghai Environment and Energy Exchange to provide insurance services to carbon assets repurchase transactions between Shenergy Carbon Technology and Citic Securities or China International Capital Corporation.

Carbon assets repurchase is a means of financing in the carbon market in which the holder sells carbon assets to a qualified fund, agreeing to repurchase the sold carbon assets at a fixed price after a certain period. Carbon assets repurchase insurance compensates the fund provider when the holder fails to fulfill its obligations.

“The green economy transition has been accelerating, becoming a key driving force for a profound reform in the Chinese economy and society and making the insurance industry an important participant to spur green development,” Fu Fan, president of China Pacific Insurance Group, said at the CIIE.

China’s first low-carbon management standards for the insurance industry, jointly drafted by China Pacific Property Insurance and the China Quality Certification Center, were also unveiled yesterday at the CIIE.

The standards set up a general goal for low-carbon management of insurers, as well as criteria and rules for low-carbon management and assessment of insurers’ vehicles, information technology devices, offices, and employee commuting.

“The standards will play a very important role in leading the low-carbon and green development of the insurance industry,” Yu Jie, director of the China Quality Certification Center, told Yicai.

Editors: Tang Shihua, Futura Costaglione