Shanghai has basically formed a complete
shipping insurance industrial chain integrating insurance companies,
insurance agencies and service institutions, claimed Pei Guang, head of
Shanghai Insurance Regulatory Bureau at the 2017 Shanghai Shipping
Insurance International Forum on Nov 27.
By the end of 2016, the city had 58
property insurance firms running shipping insurance business, including
China's only shipping-related captive insurance company and 11 shipping
insurance operation centers.
Moreover, the city boasts 176 insurance
agencies and a large number of institutions providing legal shipping
service, average adjustment service and others.
Over the past years, its shipping
insurance business has expanded from traditional vessel insurance and
cargo insurance to shipping liability insurance and marine energy
According to statistics, from 2009 to
2016, Shanghai's vessel and cargo insurance premium revenue increased
from 1.68 billion yuan ($254.5 million) to 3.7 billion yuan at an
average annual growth rate of 11.92 percent.
In 2016, the city's vessel and cargo insurance premium revenue reached 1.1-fold of Hong Kong, Asia's shipping center.
Achievements have been made in the
city's shipping insurance market and supervision system innovation, such
as simplified administrative approval procedures for shipping insurance
institutions and products.
Also, the Shanghai Marine Insurance
Index was released last September to reflect China's marine insurance
operation situations and risks, helping improve the competitiveness and
independent pricing ability of the country's marine insurance sector in
Shipping insurance sector is an
important aspect of Shanghai's goal of becoming an international
insurance center, and it needs to provide better, more, and a wider
range of insurance services for bilateral and multilateral economic
trade between China and countries along the Belt and Road Initiative
route, said Pei.
To achieve its goal, the city will
optimize its taxation policies for the shipping insurance market. A
competitive offshore insurance taxation system will be built, covering
marine insurance, reinsurance, insurance brokerage, and other fields.
A strengthened communication between
shipping insurance market entities and maritime judicial departments
will be encouraged, aiming to turn Shanghai into an authoritative and
influential judicial arbitration center in the field of international
A series of financial support has been
provided to help local insurance institutions develop international
shipping insurance business. Nearly 30 institutions have received
supportive funds of 40 million yuan.