China Establishes Marine Insurance Association
SinoShip News reports that China’s first professional marine insurance association has been officially launched. The Shanghai Institute of Marine Insurance (SIMI) includes domestic companies PICC, CPIC and Ping An Insurance, and foreign companies Lloyd’s, Sumitomo Mitsui and Allianz.
Jiang Caishi, vice president of PICC will be the first president of SIMI.
The move is expected to improve the standard of China’s marine insurance industry, help train marine insurance professionals and support the development of Shanghai Free Trade Zone.