2024 Global Forum on Maritime Services and 40 Years of P&l Service in China Convenes in Shanghai

Friday June 28, 2024, the “2024 Global Forum on Maritime Services and 40 Years of P&l Service in China was successfully held on the North Bund in Shanghai. The forum marked a major milestone for the Chinese shipping industry and its collaboration with global partners and entities, speakers and attendees include Fu Xuyin, Vice Minister of Transport, along with Zhang Xiaohong, Vice Mayor of Shanghai, Wang Bingnan, Vice Chairman of the Committee on Foreign Affairs of the CPPCC National Committee and former Vice Minister of Commerce, Andrew Cutler, Chairman of the International Group of P&I Clubs (IG), and Wan Min, Chairman of China COSCO SHIPPING Corporation Limited, attended the event and delivered insightful speeches. A keynote address was delivered by Capt. Xu Lirong, Chairman of CPI.

The forum was hosted by China Shipowners Mutual Assurance Association, or China P&I Club and CPI in abbreviation. The forum celebrated the 40th anniversary of the beginning of Protection and Indemnity insurance for ships offered by a Chinese Club, which is the main mutual insurance that covers shipowners’ liabilities at sea.

Capt. Xu Lirong in his keynote speech during the forum, highlighted that CPI was an integral component of the Chinese maritime industry, and its development was facilitated by both healthy competition and multi-lateral collaboration with its international partners. Xu emphasized his trust in the system of mutuality, and CPI’s power to work as a “connector” of the shipping industry chain, and the “open-window” platform it provides for international communication and collaboration.

Early mutual insurance traces its origins to England at the close of the 17th century. The first protection club was formed in the United Kingdom in 1855 to cover shipowners’ liabilities. With China’s reform and opening-up policy, as well as expansion in foreign trade, establishing a Chinese P&I club was a priority for the shipping community. Under the authorization of the Chinese government, China Shipowners Mutual Assurance Association was formally established on 1 January 1984 in Beijing, and marks the beginning of P&I service offered by a Chinese entity.

In September 2015, CPI signed a Memorandum of Strategic Cooperation with the Shanghai Municipal People’s Government, and shortly afterwards CPI relocated its headquarters to the North Bund, Shanghai.

During the forum, CPI has stated its core values of mutuality, vision of strengthening global cooperation within the shipping industry, and promoting growth of the industry chain.