Core Insights - The development of shipping insurance is crucial for China's ambition to become a maritime power, as it supports global trade and shipping stability [1][3] - There is a significant increase in demand for risk protection among Chinese export enterprises, presenting an opportunity for the shipping insurance sector [1][3] Policy Enhancements - China's position as a leading trade nation is reinforced by its top ranking in the liner shipping connectivity index (LSCI), but its share in high-end shipping services remains low [2] - Recent government initiatives aim to enhance the capabilities and global service levels of shipping insurance, including support for export enterprises and the establishment of international standards [3][4] Market Potential - Despite growth in premium income for shipping insurance, the market is still in its early stages, with limited share and product innovation [5] - China's share in the global shipping insurance market is only 13%, indicating substantial room for growth compared to its leading position in other shipping metrics [5] Strategic Recommendations - To align shipping insurance with the needs of China's shipping industry, there is a call for customized insurance products, improved risk management, and enhanced international collaboration [6] - The focus should also be on talent development and optimizing service processes to increase competitiveness in the global market [6] Digital Transformation - Embracing digitalization is essential for improving the efficiency of shipping insurance services, with a focus on automated decision-making in product development and risk assessment [7] - Collaborations between financial institutions and insurance companies are being established to enhance services and address challenges in the shipping sector [7]