The International Union of Marine Insurance (IUMI) has expressed its opposition to protectionist measures, stating that they are detrimental to the marine insurance community and the global economy. IUMI emphasizes the importance of free trade for the industry’s success, reports the International Union Of Marine Insurance.
Continued Conflicts
Continued tension and conflict in the Black Sea, Red Sea, and Baltic regions continue to impact global trade. In the Black Sea, while safe navigation remains a challenge, the flow of international vessels has not been severely disrupted. However, the conflict has led to increased prices for Ukrainian exports, and there is no indication of a near-term resolution to the conflict.
Improved stability in the Red Sea is anticipated to lead to a return of shipping to the region. However, given the prolonged nature of the conflict and the inherent uncertainty surrounding its resolution, supply chains in the region are likely to remain fragile.
In the Baltic Sea, recent cable breaks caused by prolonged anchor dragging have raised concerns. While there is currently no specific legislation to address this issue, IUMI supports efforts to secure subsea infrastructure and ensure freedom of navigation.
IUMI recognizes the growing impact of technology on the insurance sector. Technological advancements are crucial for assessing and quantifying risk, improving loss prevention measures, safeguarding lives and property, and streamlining claims handling. IUMI’s Data & Digitalization Forum is actively monitoring these developments and guiding the market.
The meeting also discussed the upcoming annual conference in Singapore, scheduled for September 7-10. The chosen theme, “Charting Opportunities in Changing Tides,” reflects the dynamic nature of the global maritime industry. The conference will feature dedicated workshops focusing on the impact of geopolitical tensions and the transformative power of technology and artificial intelligence.
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Source: International Union Of Marine Insurance
