Marine insurance – beyond Covid-19

Richard Turner, IUMI president, considers the global marine insurance market with a post-Covid-19 lens

The fortunes of the marine insurance sector tend to reflect the health of the global economy and international trade more generally. When economic indicators are riding high, trade gets a lift and more vessels are required to move larger quantities of cargo – and this means more risk to be insured and, consequently, more earned premiums. But the role of the marine underwriter is to protect the flow of trade – whether that is by sea, land or air – whatever the economic situation, including within the current coronavirus environment that we are all having to manage.