Seven departments including the General Administration of Financial Supervision issued guidance on speeding up the high-quality development of shipping insurance

The Zhitong Finance App learned that the General Administration of Financial Supervision, the Ministry of Transport, the National Development and Reform Commission, the Ministry of Finance, the Ministry of Commerce, the People's Bank of China, and the State Council's State-owned Assets Administration Commission issued “Guiding Opinions on Accelerating the High-Quality Development of Shipping Insurance”. Among them, it was mentioned that the cargo transportation risk guarantee mechanism should be improved. Guide trading enterprises and logistics enterprises to strengthen risk awareness, enhance their ability to independently arrange cargo transportation insurance, and systematically establish risk protection mechanisms for the entire cargo transportation chain. Bulk goods such as energy, ore, and food are encouraged to be fully insured and fully insured throughout the entire transportation process. Encourage trading enterprises and logistics enterprises such as electronic appliances, precision instruments, high-end equipment, and the “new three” to actively use insurance mechanisms to spread risks and enhance the stability of the industrial chain. Guide and play the role of platform enterprises and freight forwarding enterprises, and support foreign trade enterprises to apply for shipping insurance such as cargo insurance.

The opinion mentioned expanding the supply of shipping insurance coverage. Improve risk distribution mechanisms, promote insurance companies and the China Shipowners' Mutual Insurance Association to reasonably increase their own risk limits, guide reinsurance companies to provide long-term stable underwriting capacity support, and strengthen guarantee resilience. Under the premise that risks are manageable, insurance companies are encouraged to use various forms such as commercial co-insurance to expand the supply of shipping insurance and improve their ability to insure large amounts of risk. Accelerate the development and promotion of insurance products for new business formats such as cross-border e-commerce and key areas such as commodities. Respond positively to market demand, optimize product supply, and raise the level of protection against special and novel risks such as geopolitical conflicts, logistics and supply chain disruptions, cybersecurity, and ice zone navigation.

The opinion mentioned improving the risk management system for the entire life cycle of ships. Shipbuilding companies and shipping companies should actively use insurance tools to spread risk in the process of promoting greening and digital intelligence development. Make full use of ship inspection and evaluation mechanisms to promote comprehensive insurance management plans covering the entire life cycle of high-value ships and offshore equipment such as oil tankers, liquefied natural gas carriers, large container ships, large cruise ships, large scattering vessels, and yachts. Encourage and support new energy clean energy ships to raise the level of insurance coverage for industrial chains related to green fuel refueling, battery system replacement, green modifications, and operational safety. Support intelligent ships such as autonomous navigation and remote control to strengthen protection against emerging risks such as cybersecurity. Guide coastal and inland waterway vessels to raise the level of insurance coverage.

The original text is as follows:

General Financial Supervisory Authority Ministry of Transport National Development and Reform Commission

Ministry of Finance Ministry of Commerce People's Bank of China State Council State-owned Assets Administration Commission

On accelerating the high-quality development of shipping insurance

The guidance

Financial supervision bureaus, provinces, autonomous regions, municipalities directly under the Central Government, planned separate municipalities, Xinjiang Production and Construction Corps Transportation Department (bureau, commission), development and reform commission, finance department (bureau), commercial authority, state-owned assets commission, Shanghai headquarters of the People's Bank of China, provinces, autonomous regions, municipalities directly under the Central Government, planned separate city branches, the Maritime Administration directly under the Ministry of Transport, the Rescue and Salvage Bureau of the Ministry of Transport, China Classification Society:

Shipping insurance is an important part of the modern shipping service industry, and is of great significance for building a shipping power, a trading power, and a financial power. In order to improve shipping insurance coverage and global service levels, the following opinions are put forward on promoting the high-quality development of shipping insurance.

I. General Requirements

Adhere to Xi Jinping's ideology of socialism with Chinese characteristics in the new era, implement the arrangements of the Central Economic Work Conference and the Central Financial Work Conference, adhere to the general tone of steady progress, coordinate development and safety, construct a new shipping insurance development pattern, create a modern shipping insurance system with autonomous control, strong protection, efficient service and orderly competition, comprehensively enhance the autonomous protection capacity and global service level of shipping insurance, and comprehensively improve the level of China's shipping and domestic cargo insurance coverage, maintain the smooth, safe and stable supply chain of the logistics chain industry chain, promote strong international economic and trade cooperation, and provide support for high-quality economic and social development .

2. Focus on key areas and improve the level of protection

(1) Improve risk management systems throughout the life cycle of ships. Shipbuilding companies and shipping companies should actively use insurance tools to spread risk in the process of promoting greening and digital intelligence development. Make full use of ship inspection and evaluation mechanisms to promote comprehensive insurance management plans covering the entire life cycle of high-value ships and offshore equipment such as oil tankers, liquefied natural gas carriers, large container ships, large cruise ships, large scattering vessels, and yachts. Encourage and support new energy clean energy ships to raise the level of insurance coverage for industrial chains related to green fuel refueling, battery system replacement, green modifications, and operational safety. Support intelligent ships such as autonomous navigation and remote control to strengthen protection against emerging risks such as cybersecurity. Guide coastal and inland waterway vessels to raise the level of insurance coverage.

(2) Improve cargo transportation risk guarantee mechanisms. Guide trading enterprises and logistics enterprises to strengthen risk awareness, enhance their ability to independently arrange cargo transportation insurance, and systematically establish risk protection mechanisms for the entire cargo transportation chain. Bulk goods such as energy, ore, and food are encouraged to be fully insured and fully insured throughout the entire transportation process. Encourage trading enterprises and logistics enterprises such as electronic appliances, precision instruments, high-end equipment, and the “new three” to actively use insurance mechanisms to spread risks and enhance the stability of the industrial chain. Guide and play the role of platform enterprises and freight forwarding enterprises, and support foreign trade enterprises to apply for shipping insurance such as cargo insurance.

(3) Expand the supply of shipping insurance coverage. Improve risk distribution mechanisms, promote insurance companies and the China Shipowners' Mutual Insurance Association to reasonably increase their own risk limits, guide reinsurance companies to provide long-term stable underwriting capacity support, and strengthen guarantee resilience. Under the premise that risks are manageable, insurance companies are encouraged to use various forms such as commercial co-insurance to expand the supply of shipping insurance and improve their ability to insure large amounts of risk. Accelerate the development and promotion of insurance products for new business formats such as cross-border e-commerce and key areas such as commodities. Respond positively to market demand, optimize product supply, and raise the level of protection against special and novel risks such as geopolitical conflicts, logistics and supply chain disruptions, cybersecurity, and ice zone navigation.

3. Improve the market system and enhance international competitiveness

(4) Improve the terms and rate mechanism. Support the China Insurance Industry Association and the Shanghai Shipping Insurance Association to uniformly formulate and publish standard clauses for Chinese shipping insurance in Chinese and English in line with the international market. The Association of Actuaries supports the formulation of pure risk loss rates for shipping insurance, and explores the establishment of differentiated rate mechanisms. Strengthen collaboration between insurance, industry, and inspection, and promote the enhancement of the international influence of China's shipping insurance.

(5) Expanding the use of RMB. Encourage shipbuilding, shipping, foreign trade enterprises and insurance companies to make more use of RMB in the field of shipping insurance, giving priority to domestic insurance and claims processing, as well as promoting the use of RMB settlement in the “going global” business scenario for Chinese enterprises. Support banks to provide more convenient conditions for domestic and foreign entities to settle in RMB.

(6) Improve independent pricing capabilities. Encourage the shipping, trade, finance, and ship inspection industries to strengthen data sharing while strengthening safety control. Build a shipping insurance data sharing platform, make full use of credit evaluation results in the field of maritime supervision, actively introduce artificial intelligence assisted pricing technology, and establish a dynamic and scientific pricing mechanism based on real-time risk data. Promote the linkage between reinsurance and insurance pricing, and continuously improve risk identification and independent pricing capabilities.

(7) Deepen foreign exchanges and cooperation. Support insurance industry organizations, insurance companies, and the China Shipowners' Mutual Insurance Association to actively participate in international shipping insurance organizations, participate deeply in the formulation of international shipping insurance rules and regulations, and enhance the right to speak internationally. Increase the international recognition of China's shipping insurance through bilateral and multilateral channels. Encourage greater collaboration in the fields of insurance, shipping, trade, ship inspection, etc., jointly organize high-level international shipping insurance forums and special training, and strengthen interaction with international shipping insurance organizations and professionals. Make good use of resources such as international finance, shipping, and trade centers in Shanghai and Hong Kong to support high-level resource sharing, exchanges and cooperation, and enhance the influence of China's shipping insurance. Support the China Shipowners Mutual Insurance Association to initiate the establishment and operation of the Hong Kong Shipowners' Mutual Insurance Association.

4. Optimize claims services and improve comprehensive service capabilities

(8) Improve the quality and efficiency of claims processing services. Promote insurance companies to improve the level of claims services, support insurance companies and the China Shipowners' Mutual Insurance Association to provide insurance and claims facilitation services based on international market standards, improve service efficiency, and improve the level of overseas claims and risk management services in China. Support insurance companies to make full use of blockchain technology to achieve evidence traceability and solidification. Implement a quick reimbursement mechanism for small claims cases for customers with good credit levels, and establish a coordination mechanism for major shipping insurance cases involving large amounts of money, multiple interests or foreign-related factors.

(9) Play the role of risk reduction services. Shipping, trading and other enterprises and insurance companies are encouraged to actively carry out risk reduction management, support the China Classification Society to develop and implement technical standards for ships that reduce risk, and insurance companies provide services such as differentiated insurance rates for ships and goods that have adopted effective risk reduction measures. Insurance companies and the China Shipowners' Mutual Insurance Association are encouraged to use technology such as automatic ship identification systems and satellite remote sensing to achieve dynamic risk monitoring and early warning of ships and cargo. Support the shipping, trade and insurance industries to strengthen cooperation with research institutes, ship inspection agencies, and shipping technology companies to enhance comprehensive risk research and judgment capabilities.

(10) Strengthen the construction of a global integrated service network. Support the insurance industry to develop in-depth cooperation with global maritime service agencies to form a white list of Chinese overseas services. Guide insurance companies, the China Shipowners' Mutual Insurance Association, and Chinese-funded overseas outlets such as the Rescue and Salvage Administration, the China Classification Society, Chinese transportation companies, and Chinese-funded overseas ports to work together. Insurance companies that are in a position to do so and the China Shipowners' Mutual Insurance Association are encouraged to build their own overseas service networks at key trade and logistics nodes and regions or rely on overseas integrated service stations to improve global service levels.

5. Promote strict supervision and strong supervision to standardize market order

(11) Improve the management mechanism for shipping insurance products. Optimize the management of shipping insurance products and improve related working mechanisms. For shipping insurance products involving international trade and international navigation, such as import and export cargo insurance, ocean ship insurance, etc., insurance companies can facilitate international business by filing Chinese shipping insurance clauses and corresponding English terms according to actual needs. For changes in the scope of shipping insurance liability due to urgent or sudden international events such as international geopolitical conflicts, insurance companies are allowed to submit filing materials within 10 working days after the change.

(12) Regulate the behavior of shipping insurance brokers. Insurance brokerage companies and insurance companies participating in domestic shipping insurance business tenders shall use shipping insurance terms and rates that have been registered in China according to law, and insurance brokerage companies shall not modify terms and rates in disguise by requiring insurance companies to file exclusive insurance products, etc. If an insurance brokerage company carries out domestic shipping insurance business and the policyholder requires an explanation of the commission rate, the insurance brokerage company shall truthfully disclose it to the policyholder.

(13) Strictly implement supervisory duties. All relevant industry authorities have consolidated the main responsibility for enterprise risk prevention and control, and strictly prevent the use of shipping insurance to engage in illegal activities such as insurance fraud. The General Administration of Financial Supervision improves the shipping insurance statistics mechanism, refines the index system, standardizes data submission standards, strengthens data quality control, effectively assumes supervisory responsibilities, organizes the implementation of various policies such as product filing, data monitoring, and intermediary management, and promotes the high-quality development of the shipping insurance market through normalized off-site supervision and on-site inspections.

6. Improve the operation mechanism and create a favorable environment for development

(14) Optimize business support mechanisms. Insurance companies should continue to strengthen their support for shipping insurance and give appropriate preference in terms of human resources, financial budgets, etc. It is necessary to change the direction of scale assessment, strengthen shipping insurance benefits and risk control indicators, rectify irrational competition, strengthen information sharing among insured companies, and help improve the industry's underwriting capabilities. It is necessary to strengthen entry and exit support for international shipping insurance workers, facilitate the development of international shipping insurance business, investigation and settlement of claims, and participation in international shipping insurance conferences on the premise of complying with national immigration regulations, and relax restrictions on the number of people, frequency, and time.

(15) Improve the talent training system. Enrich shipping insurance personnel and encourage insurance companies and the China Shipowners Mutual Insurance Association to deploy professional teams in key regions according to business development needs. Improve the talent training mechanism combining industry, education, research and use, incorporate international insurance professional qualification certification into the talent certification system, support insurance, transportation and other industry associations, universities, and the China Classification Society to jointly establish a pool of shipping insurance experts and talent training and exchange platforms to cultivate complex talents in insurance, maritime affairs, foreign-related law, and cross-border risk management. For outstanding shipping insurance talents, insurance companies and the China Shipowners Mutual Insurance Association provide appropriate incentive policies in terms of remuneration, honorary evaluation, and career promotion in accordance with regulations.

(16) Strengthen supporting policy support. Financial supervision, transportation, development reform, finance, commerce and other departments in regions where key hubs of international trade and international port and shipping logistics are located should strengthen coordination, seek local policy support, and refine supporting policies in line with the characteristics and development direction of local international logistics. Relevant industry organizations should actively play a role as a bridge and link, do a good job of setting standards, publicity and guidance, exchange and training, etc., and create a healthy ecosystem for high-quality development of shipping insurance.

(17) Strengthen coordination. The General Financial Supervisory Authority is responsible for the supervision of commercial shipping insurance, standardizing the order of the shipping insurance market, optimizing regulatory policies, and promoting the high-quality development of shipping insurance. The Ministry of Transport promotes the establishment of a “maritime information+shipping insurance” linkage mechanism, collaboratively promotes risk reduction management for shipbuilding and shipping enterprises, and works with relevant departments to further strengthen the management of the China Shipowners' Mutual Insurance Association. The Ministry of Commerce is responsible for promoting collaboration between foreign trade enterprises and insurance companies, supporting the promotion and application of Chinese rules and standards in the field of shipping insurance, and collaborating to expand the coverage of shipping insurance foreign trade enterprises. The People's Bank of China is responsible for promoting RMB settlement in the shipping sector. The National Development and Reform Commission, the State Council's State-owned Assets Administration Commission, the Ministry of Transport, and the Ministry of Commerce guide central enterprises in the trade and logistics sector to strengthen risk awareness and actively use insurance mechanisms to spread risk.

General Financial Supervisory Authority Ministry of Transport National Development and Reform Commission

Ministry of Finance Ministry of Commerce People's Bank of China State Council State-owned Assets Administration Commission

September 17, 2026

This article was edited by the General Administration of Financial Supervisory Authority, Zhitong Finance Editor: Chen Wenfang.