With many advantages such as low cost, wide coverage and large volume. At the beginning of 2020, the sudden COVID-19 brought a severe impact to the global shipping logistics industry. The global shipping supply chain was in trouble due to the negative factors such as the sharp drop in shipping demand, the shortage of container equipment, the massive delay of shipping schedule, the difficulty in ensuring shipping space, and the continuous rise in freight rates.
China’s economic slowdown and economic structural transformation will also have a profound impact on the development of global freight insurance. The decline in China’s imports and exports has been one of the main reasons for the decline in global trade volume. China purely export-driven economic model has been in transition, at the same time economic slowdown also greatly affected the demand for many commodities, energy, minerals, crops and other major commodity prices have taken place in varying degrees of decline, and fall in the price of the goods is the global freight insurance premium income down one of the main factors.