The China Integrated Circuit Insurance Pool – an organization of 18 property insurance companies that will co-write insurance programs for the integrated circuit or IC industry – was established in the Lin-gang Special Area in Shanghai on Oct 27.

The insurance pool aims to serve the high-quality development of the IC industry. It will reportedly focus on key areas, such as the establishment of a national IC industry innovation ecosystem and maintaining the stability of the IC industry production and supply chain.

Through products, mechanisms and services innovation, it is expected to provide high-quality, varied and whole-process risk solutions for the IC industry and help build an independent, safe and controllable production and supply chain for the sector.

After discussions and an election, the first council of the insurance pool was announced. It's composed of seven member units and PICC Property and Casualty Co Ltd was elected as the first unit chair and executive agency.

The China Integrated Circuit Insurance Pool is established in the Lin-gang Special Area on Oct 27, with seven member units on the first council. [Photo/WeChat account: shlgguanweihui]