Global volatility requires maritime insurance evolution

Robert Mackay, of FDR, discusses the need for insurers to adapt to the new world risks for the maritime sector

For maritime insurers, brokers, and shipowners alike, the effects of climate change on shipping operations in recent years cannot be dismissed. It also seems likely, given events in Ukraine and the Red Sea affecting maritime logistics in recent years for example, that a new era of geopolitical volatility may also be upon us, requiring fresh thinking to maritime insurance. Given such inevitability, how can the maritime sector adapt for these macro events and de-risk their businesses?