China’s first mutual insurance association China P&I Management Company has been officially launched in Shanghai on Tuesday.

China P&I Management is wholly-owned by China Shipowners Mutual Assurance Association. The new setup will comply with international standards and provide insurance protection and indeminity insruance, mutual marine insurance, war risk insurance, charterers liability insurance and so forth.

China P&I Management is also expected to promote innovation on shipping and financial services, and adopt an internationalised strategy to enhance its branding on the global stage.

The insurance association is able to tap on Shanghai’s location as a key shipping port as well as the city’s bustling financial centre and pilot free trade zone to help develop China’s P&I sector.