Maritime insurance industry shifts from London to China

China and Hong Kong comprise the most valuable fleets of commercial ships in the world, and the largest numbers of bulk carriers, container ships, and tankers.

Japan, Korea, and Singapore also have huge investments in global shipping.

But European and American insurance brokers underwrite 90% of maritime insurance in the world, and on the first day of the war against Iran canceled insurance coverage on vessels already in contested waters.

Hong Kong now writes insurance coverage for ships from Mainland China and Hong Kong, even those transiting the Persian Gulf. What's more, Iranian authorities are clearing China-flagged vessels to pass safely.