Marine Insurance in China
Editorial by Hugh Terry
This month we examine an often overlooked segment of digital insurance; marine. Despite exhibiting relatively little startup activity, the auditable risk profiles and location based nature of marine insurance lends itself to emerging technologies such as blockchain and AI.
In our in-depth article we investigate how China’s own One Belt One Road initiative is posing both opportunities and challenges for marine insurers. And we look to Israeli maritime data startup, Windward, to see how innovation is developing in the sector, and speak to Jay Li, a Shanghai based broker who specialises in marine and construction insurance for One Belt One Road initiatives in particular.
The Digital Insurer
Marine insurance is a $30 billion market annually and with 100,000-plus vessels plying the world’s waterways, the opportunity to bring new technologies to bear on this industry is significant.
A look at the effects that distributed ledger based applications could have on marine insurance.
In conversation with Jay Li, an insurance broker focusing on the opportunities for marine insurers stemming from China's One Belt One Road Initiative.
Metromile has developed a telematics device that plugs into the diagnostic port of a car's dashboard. The device, or Metronome, provides engine data plus driving behaviour insights that is ultimately used to offer a car insurance on a pay per mile basis. This, in addition to a recent investment from China's CPIC is setting up Metromile for a China entrance.