Shipping insurance forum held on the Bund
Industry leaders meet at Asia Forum 2019 of International Union of Marine Insurance at the Peninsula Hotel on Wednesday.
Huangpu District aims to reclaim its former glory as a global hub of the shipping insurance sector.
A number of foreign shipping and insurance firms were gathered on the Bund in the early 19th century and a group of leading shipping and insurance companies have gathered in Huangpu again, especially on the Bund, said Chao Kejian, director of Huangpu.
They include the Shanghai Shipping Center of the People's Insurance Company of China and the Shanghai Shipping Insurance Association, Chao told the Asia Forum 2019 of International Union of Marine Insurance at the Peninsula Hotel on the Bund on Wednesday.
“The district is striving to create a comprehensive ecological environment conducive to the development of shipping insurance,” Chao told the forum. Over 300 officials and industry leaders from over 40 countries and regions attended the forum which was held on the Chinese mainland for the first time.
Shanghai was once the financial center of the Far East, and today it has turned into the largest economic and transportation center in China.
In the early 19th century, a group of foreign firms engaged in marine insurance businesses gathered on the Bund, such as Russell & Co., the Yangtze Insurance Association and Jardine Matheson.
The famous American Asiatic Underwriters, the predecessor of American International Group (AIG), as well as the American International Assurance (AIA) also started businesses on the Bund, according to Chao.
IUMI was founded in Berlin in 1874 and has become the world’s biggest shipping insurance association. Over 40 countries and regions are members of the organization. The Shanghai Shipping Insurance Association joined in the IUMI in September 2015 on behalf of China.
Huangpu District and IUMI officials open the forum.
