According to Zhitong Finance APP, GTHT (601211) has released a research report stating that the General Administration of Financial Supervision and six other departments have issued the "Guiding Opinions on Accelerating the High-Quality Development of Shipping Insurance," aimed at improving the shipping insurance ecosystem, optimizing product supply, and enhancing protection levels, maintaining an "Overweight" rating.

It is expected that leading property and casualty insurers will continue to outperform the industry in underwriting profitability under the guidance of quality and efficiency improvement. The main viewpoints of GTHT are as follows: Event: On November 6, the General Administration of Financial Supervision and six other departments issued the "Guiding Opinions on Accelerating the High-Quality Development of Shipping Insurance" (hereinafter referred to as the "Opinions"), proposing to build a modern shipping insurance system that is autonomous and controllable, strongly protected, efficiently serviced, and orderly competitive, comprehensively enhancing the autonomous protection capacity and global service level of shipping insurance, and comprehensively improving the insurance protection level for national vessels and cargo.

This represents an upgrade from previous fragmented regulatory documents to a multi-ministerial coordinated industrial support framework, significantly elevating the policy positioning of shipping insurance. Previously, the development of shipping insurance was constrained by insufficient underwriting capacity, lack of supply for emerging risks, and weak willingness to insure vessels and cargo. This joint document from seven departments connects a series of ecological links including products, pricing, claims, and regulation, providing systematic policy support for expanding the underwriting volume of shipping insurance, expanding emerging protection scenarios, and improving the domestic risk diversification system.

The "Opinions" focus on expanding protection capacity and building the market ecosystem. (1) Expanding protection supply and improving risk diversification mechanisms. Fully utilizing ship inspection and assessment mechanisms, promoting comprehensive lifecycle insurance management plans for high-value vessels and offshore equipment, and encouraging commercial co-insurance and other forms to enhance large-risk underwriting capacity. (2) Improving clause rates and enhancing independent pricing capabilities. Supporting the China Insurance Industry Association and the Shanghai Shipping Insurance Association to uniformly formulate and publish standard clauses aligned with international markets, with the Actuarial Association formulating pure risk loss rates for shipping insurance as a supplement; building a shipping insurance data sharing platform, utilizing credit evaluation results in the maritime regulatory field, and introducing artificial intelligence to assist pricing. (3) Improving claims services and strengthening risk reduction. Implementing rapid compensation for small claims and establishing a coordination mechanism for major shipping insurance cases; supporting the China Classification Society in developing ship technical standards for risk reduction, with insurance companies offering differentiated rates for vessels and cargo that adopt effective risk reduction measures; building a "whitelist" for China's overseas services and an overseas service network. (4) Optimizing product management and regulating market order. Encouraging insurance companies to file bilingual clauses for shipping insurance products involving international trade and international navigation; requiring brokerage institutions to use filed clause rates and not to disguise modifications to clause rates through the filing of "exclusive products." (5) Optimizing business operation mechanisms. Requiring insurers to shift from scale-oriented assessment, strengthen efficiency and risk control indicators, rectify irrational competition, and provide supporting support in talent allocation and entry-exit facilitation.

It is expected that the "Opinions" will promote the enhancement of shipping insurance underwriting capacity and internationalization level, benefiting leading insurers with improved product and risk control systems and leading global service network layouts. The bank believes that in the medium to long term, the document is expected to drive shipping insurance from simple price competition to competition in risk control capabilities, global claims networks, and new risk product research and development capabilities. Leading insurers and reinsurance institutions with mature maritime underwriting teams and deep cooperation with shipowners/foreign trade enterprises will see their advantages stand out. Risk warning: Policy advancement falling short of expectations; long-end interest rate decline; equity market volatility.