The 2026 Hainan Free Trade Port Conference on Shipping Institutional Opening-up and Innovation was successfully held in Yangpu, Hainan.The conference was hosted by the Danzhou Municipal People’s Government and jointly organized by the Bureau of Transport, Port and Shipping of the Yangpu Economic Development Zone, the Hainan International Ship Registration Administration, and Yangpu International Investment Consulting Co., Ltd., with support from the Hainan Branch of China Pacific Property Insurance Co., Ltd.

The Hainan Shipowners Mutual Insurance Association, also known as HSM or the Hainan P&I Association, has been established as a new maritime mutual protection platform serving shipowners, ship managers and other shipping-related enterprises operating within the Hainan Free Trade Port.

Approved for registration by the Hainan provincial civil affairs authorities in November 2025 and formally unveiled in Yangpu in July 2026, the association is the first shipowners’ mutual protection organisation established in Hainan. Its creation forms part of the province’s broader effort to strengthen the professional maritime services supporting the “China Yangpu Port” international ship registry.

The Inaugural General Meeting of the Hainan Shipowners Mutual Insurance Association

A mutual platform for maritime risk protection

Unlike conventional commercial insurance arrangements, shipowners’ mutual associations are generally established around the principle of collective risk sharing. Members contribute to a common protection mechanism designed to respond to liabilities and losses arising from vessel operations.

According to information published by HSM, its services cover several major areas of marine insurance, including protection and indemnity insurance, charterers’ liability insurance, hull-related risks and shipping delay insurance.

The association also plans to provide maritime claims assistance, legal support, loss-prevention services, professional training and industry exchange. Through cooperation with insurers, reinsurers, maritime law firms, arbitration institutions and financial service providers, HSM aims to create a more integrated risk-management network for its members.

Its membership is expected to include shipowners, ship operators, ship management companies and other maritime enterprises, with particular attention given to the needs of small and medium-sized shipping companies.

Supporting Hainan’s expanding shipping sector

The establishment of HSM comes as Hainan continues to develop Yangpu into an international shipping hub under the Hainan Free Trade Port framework.

In recent years, Hainan has introduced measures covering international ship registration, shipping taxation, vessel financing, bonded fuel supply and maritime services. The “China Yangpu Port” registry has also attracted a growing number of vessels and shipping companies.

As the registered fleet expands, demand is increasing for marine insurance, claims handling, legal support, crew services, ship management and maritime finance. The new association is intended to add a locally based mutual protection component to this developing maritime-services ecosystem.

Its role could be particularly relevant for Hainan-registered shipowners seeking more accessible insurance support and closer coordination among insurers, legal advisers, surveyors and claims professionals.

Building links across the maritime value chain

HSM’s stated development strategy extends beyond the provision of individual insurance products. The association intends to act as an industry platform connecting shipowners with the broader maritime-services market.

This may include cooperation with domestic and overseas insurance organisations, reinsurance providers, maritime arbitration bodies, financial institutions, classification societies and specialist service companies.

Such cooperation will be important as the association develops its underwriting capabilities, claims-management procedures, correspondent network and international service coverage.

For shipowners operating internationally, the practical value of any mutual protection provider depends on several factors, including financial strength, reinsurance arrangements, claims-paying capability, legal recognition and acceptance by charterers, banks, flag administrations and port authorities.

As a newly established organisation, HSM will therefore need to continue strengthening its governance, technical expertise, risk-control systems and information disclosure.

A new component of Hainan’s maritime-service ecosystem

The launch of the Hainan Shipowners Mutual Insurance Association reflects Hainan’s ambition to develop a more complete international shipping-services chain.

By providing locally based marine-risk protection and bringing together insurance, legal, claims and financial resources, the association could help reduce service gaps faced by smaller shipowners and support the continued growth of the Yangpu ship registry.

Its longer-term influence will depend on the expansion of its membership, the quality of its claims services, the strength of its reinsurance support and its ability to build recognition within the international shipping market.

For Hainan, the establishment of HSM represents another step towards developing the Free Trade Port from a ship-registration destination into a broader maritime-services centre.