Ping An becomes the leading insurance underwriter for Pakistan’s Basha Dam Project
Recently, Ping An Insurance Group of China (hereinafter referred to as “Ping An Group”) becomes the global leading underwriter offering engineering insurance for Pakistan’s Basha Dam project. The insurance amount exceeded 2.65 billion US dollars, once again breaking the record of Ping An Group’s overseas leading underwriting record. This project has the highest single investment amount in the projects under construction in the China-Pakistan Economic Corridor. It is also the largest and most important project planned by Pakistan, known as Pakistan’s “Three Gorges Project”.
Located in Chilas area of Gilgit-Batistan on the upper reaches of Indus River, Pakistan’s Basha Dam is a comprehensive project focusing on flood control and power generation. As the “top priority” of China and Pakistan in the five “Belt and Road” cooperation projects, Basha Dam upon completion will rewrite the world history of hydropower construction and become the world’s tallest and largest RCC gravity dam.
It is reported that the project’s engineering insurance adopted a global bidding model, and over a year Ping An Group finally won the qualification for the leading underwriter by its advantage of “insurance + service” model, rich overseas underwriting experience, and advanced technological risk control solutions. Ping An will provide a ten-year package of construction risk protection for the project. At the same time, with the help of a mature risk control service system, Ping An Group will provide the project with two long-term services including site risk supervision and safety production training. It will join construction parties to carry out dynamic risk inspections, utilize InSAR interference radar, and help lower construction risks. Ping An also will build a series of disaster and loss prevention courses based on project risk scenarios. Construction personnel can learn through the online platform of Ping An Enterprise Training to enhance safety awareness and skills.
(source: Ping An Group of China)
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