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China eyes ship insurance
China is seeking to raise about $15 billion to establish a domestic marine insurance and reinsurance system by 2029. The system would cover major risks such as ship sinkings and crew losses, while reducing shipping companies’ reliance on Western institutions. The project aims to protect foreign trade and supply chains from sanctions and disruptions, and to compete with institutions such as London’s Lloyd’s market. Talks are still at an early stage, and the project faces challenges in securing funding, building trust, and covering major losses.
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