In an increasingly complex shipping industry landscape, the question of how to provide more comprehensive protection for ocean-going vessels has become paramount. Recently, Ping An Property & Casualty Insurance Company of China (Ping An P&C) and The Standard Club Asia Ltd signed a significant cooperation agreement in Shenzhen, introducing a comprehensive underwriting package specifically designed for ocean-going vessels, including crucial coverage such as Protection and Indemnity (P&I) insurance.
P&I insurance, or shipowners' liability coverage, serves as a critical component of marine insurance, protecting vessel owners against various legal liabilities. The complexity of ocean-going P&I insurance lies in its intersection with numerous legal frameworks, requiring specialized knowledge of maritime operations and navigation, along with a global service network to support claims and services.
To better address these market demands, Ping An P&C partnered with The Standard Club Asia, one of the founding members of the International Group of P&I Clubs (IG). The Standard Club brings extensive experience and stable underwriting policies to the collaboration, making it an ideal partner for this venture.
This partnership marks a new phase for Ping An P&C following the restructuring of its marine insurance operations center management framework, significantly enhancing its capabilities in the vessel insurance sector. With comprehensive, efficient, and high-quality services, Ping An P&C aims to provide more robust protection for the shipping industry, better meeting clients' diverse needs.
