Why corporates and reinsurers need to take port accumulation seriously

Suki Basi, of Russell Group, warns of growing supply chain exposure and suggests the shipping industry must keep a close eye on risks at the world’s ports

Annual world shipping trade is currently valued at US$14 trillion according to current estimates. Shipping plays a crucial role in the transportation of commodities, moving nearly 2 billion tons of crude oil, more than a billion tons of iron ore and 350 million tons of grain every year. This reliance on shipping has created many issues, none more so than port risk accumulation.