Beijing12 London clubs insure 87% of ocean-going tonnage.

China’s new plan aims to settle marine insurance in yuan and price shipping risk itself.

Seven agencies urged yuan settlement of claims and shared data, and a Chinese shipowners’ mutual applied last month to join the London group.

The International Group will assess that application against its admission criteria over coming months.

How each outlet framed it
South China Morning Post
frames the guidelines as Beijing cutting reliance on London-dominated insurers, tying them to yuan settlement for shipping claims

Sources: South China Morning Post