Times are changing

At this week’s International Union of Marine Insurance (IUMI) conference in Berlin, President Frédéric Denèfle highlighted how change is affecting marine insurance. He noted the impact of geopolitical tensions, including war risks, sanctions, and altered shipping routes, particularly the challenges of longer routes around Africa. He also discussed how evolving global markets and nearshoring would change vessel operations and logistics.

Environmental concerns are increasingly influencing the industry, with new fuels, vessel designs, and regulations, such as the EU’s Emissions Trading System, affecting shipping. Additionally, economic shifts and increased nationalism may reduce marine cargoes, although untapped commodities could open new routes.

Denèfle emphasized that while global trade is contracting, marine insurers will adapt. Despite challenges, he expressed confidence in the industry’s resilience and IUMI’s continued role in global marine insurance.

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