Marine insurance sustained by State initiatives

Marine insurance is poised to witness a notable increase in premium volumes thanks to the initiatives conducted by the Chinese government even though the commercial activity remains quite sluggish.

According to AM Best, the project, known under the name of “The 21st silk marine road” and the Shanghai development plan as a hub of marine insurance will be the new drivers of growth of this business in China.

The first project is for the construction of infrastructure aimed at promoting trade. For the second project, the authorities have been trying since 2013 to impose Shanghai as a center of excellence.

In order to achieve this objective, these very same authorities are providing tax benefits for the insurance of goods, air transport, ship hulls and marine third party liability. Since 2014, China has been the most important market for marine cargo insurance and is ranked second in terms of hull insurance.

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