Shaping marine insurance to facilitate energy transitions

Lars Lange, of the International Union of Marine Insurance, explores the increasing challenges for marine insurers, particularly in terms of energy transition

Marine insurers are facing a barrage of mounting issues, not least the geopolitical and economic tensions impacting trading nations across the globe. But arguably, our biggest challenge continues to be climate change. Unpredictable and catastrophic weather patterns are increasing risk, driving up costs and leaving some assets simply uninsurable. Shipping is being called on to play its part on the path to decarbonisation but that, in itself, brings additional risks and challenges.