Economic Analysis on Development of Marine Insurance in Shanghai

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Economic Analysis on Development of Marine Insurance in Shanghai WANG Yun, LIU Juanjuan Research Institute for Science of Water Transport Economy, Shanghai Maritime University, 1550 Pudong Av., Shanghai, China Abstract: This paper studies the relationship between marine insurance and the development of shipping, finance and regional economy based on statistics. We use the quantitative analysis method, partial correlations method, to find out the key factors in local marine insurance development. Though the analysis we conclude that Shanghai has advantages in such key factors as property insurance development and cargo handling capacity. These advantages should help Shanghai to develop marine insurance most effectively, strengthen the link between international shipping and finance development, and continuously promote the local economic development. Finally, the paper suggests high-priority development of marine insurance in Shanghai. Keywords: Marine Insurance, Partial Correlations, Economic development

1 Introduction
The government document, suggestions for development of modern service and advanced manufacturing industry and establishment of international finance and shipping center in Shanghai, is significant to the economic reform and long-term development of Shanghai. It is also a strategic plan for further promoting reform and opening up policy, transforming the economic development mode and enhancing overall national strength. In order to achieve the goals, marine insurance industry should be put great emphasis on because it relates to both finance and shipping factors. Ship financing, fund settlement, shipping market derivative and marine insurance are traditional finance services in shipping industry. Marine insurance is a branch of insurance with a long history. The objects of insurance are not only ships, cargoes and other movable property on the sea, but also the freight, rate, commission, expected interests and third party...
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