The Shanghai office of The London Steam-Ship Owners' Mutual Insurance Association Limited, commonly known as The London P&I Club, was unveiled in the city's Pudong New Area on Oct 20, marking a significant milestone for the region's international shipping industry.

The establishment of the office will inject momentum into Pudong's pursuit of becoming a global hub for international shipping organizations and enhancing its global shipping resource allocation capabilities.

The office is the first overseas non-profit mutual insurance organization established in the Chinese mainland and the 11th international shipping economic organization in Pudong.

Founded in 1866, The London P&I Club is a renowned global shipping mutual insurance institution and a member of the International Group of P&I Clubs. It already has offices in key international shipping cities such as London, Singapore, Hong Kong, and Piraeus, attracting a wealth of shipping insurance professionals and shipowner resources.

John Lyras, chairman of The London P&I Club, emphasized that Pudong's forward-looking policies, open business environment, and commitment to innovation have created favorable conditions for international institutions to participate in this vibrant ecosystem and foster closer cooperation with Chinese partners.

The office's establishment is expected to enhance Pudong and Shanghai's underwriting capabilities for high-value-added shipping services, such as large vessels and international freight routes, fill the gaps in experience of local institutions in fields like complex marine losses and environmental pollution liability insurance, and help Shanghai's shipping insurance market align with international rules.