Asia Insurance: Summer Series: China’s marine insurance: Strategic repatriation of maritime risk

Research evidence excerpt

Asia Insurance: Summer Series: China’s marine insurance: Strategic repatriation of maritime risk

r-risk pricing. J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

• Market scale. China is already a major marine insurance market, but not yet Beatrice Lam

a fully independent one. Based on IUMI data, China held 17.6% of global cargo (852) 2800-8738

insurance premiums in 2024, ranking No.1 globally, and 11.6% of global hull beatrice.lam@jpmorgan.com

insurance premiums, ranking No.3. However, London and other developed- J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

market centers still play important roles in underwriting capacity, reinsurance

support, specialist clauses, and dispute resolution. Relevant publications

• Policy catalyst. The revised Maritime Code reduces reliance on English Asia Insurance: Summer Series: China’s

common law interpretations and strengthens China’s domestic framework for humanoid robots open a new frontier for

marine insurance claims and dispute settlement. Shanghai and Hainan are also P&C growth (22 Jun 2026)

being developed as maritime arbitration and insurance hubs, with policy

initiatives aimed at retaining more risk capital, technical expertise and

reinsurance capacity onshore (Table 2ChinapolicysuportonMarineInsurance).

• Rising risk relevance. Geopolitical disruption has made marine insurance

more relevant. Since 2022, the Russia and Ukraine conflict, Red Sea attacks,

and heightened Middle East tensions have lifted demand for war-risk and other

specialized cover. During the Red Sea crisis, around 30% of container ships and

10% to 15% of tankers were affected, while current Hormuz tensions expose

more than 30% of tankers, 29% of LPG carriers, and 19% of LNG carriers to

potential disruption.