In the world that we live in today, it is imperative to have an Insurance policy on our backs. When it comes to logistics of any kind, one or two accidents on daily basis are inevitable. In transportation through sea freight, there can be any type of accidents. The vessel can get sunk or the containers can get damaged due to a collision. Whether you are a company shipping thousands of packages or an individual with a single container. You will be needing shipping insurance for your cargo, so you can be sure of its safety and minimal loss in case of an accident. By utilizing the services of shipping insurance, you can relax while your cargo is being shipped.
Sea freight shipping is the main shipping method for import and export on the global level. In China the domestic growth is huge and most of the goods are being exported to other countries. China alone has 18.06 GDP value in the economy of the world. Even then China imports many goods from other countries. So, while importing and exporting goods through sea freight, accidents to the vessels and containers happen all the time. It is the unfortunate reality that sea is full of dangers for vessels carrying cargo. From pirates to getting sunk in the ocean, vessels face many unfortunate fates. To reduce the impact of such disastrous events. Insurance companies in China have started to provide Insurance services for Sea freight. Although the number of companies providing sea freight insurance in China has increased over the past few years. But when it comes to sea freight insurance. Then there are 3 companies which are considered as the best in China. Let's have a look at them:
The Ping An China also known as Ping An Insurance is a holding company. Its subsidiaries deals in insurance banking and financial services. The company was founded in 1988 and its headquarters is in Shenzhen, China. The company provides Cargo insurance to help cargo owners cut their loss in case of any mishap. Ping An covers losses and damages of cargo and sea freight (if insured) until it is reached from the point of origin to its final destination. Their marine insurance services include:
China Pacific Insurance (Group) Co. is a Chinese Insurance company related to the industry of financial services which are related to Insurance. The company was founded in 1991 and has its headquarters in Shanghai, China. According to a survey, CPIC Group has approx. 5400 branches and marketing outlets. The service network of CPIC consists of approximately 97,032 employees. The company provides cargo shipping insurance on all imports from the ports of China. Their Cargo Insurance protects the Insured against loss of or damage to goods from an accident incurred during the course of vessel transit. The company has grown drastically over the past few years. According to Fortune.com, China Pacific Insurance Company (CPIC) in terms of finance is ranked #252 on the 2017 Fortune 500 list.
People's Insurance Company of China (PICC) is a state-owned company. The company was founded in 1949 and its headquarters is in Beijing, People's Republic of China. The PICC is committed to the motto of "truthfulness, reliability, diligence, and creativity". The company provides goods transit insurance by covering the losses and damages occurring between the departures to the arrivals of goods. Their goods transit insurance services provide the insurance of cargo by the vessel. Which minimizes the loss in case of any damage to cargo or container.