Marine insurance – successfully navigating innovation waters (Communities - News & Events)
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Marine insurance – successfully navigating innovation waters | |
What odds would you have got a decade ago for a bet that in 2023 Marine insurance* would be the most innovative of all the speciality classes? Marine underwriters had a well-deserved reputation for being notoriously traditional. There is a good reason why the Marine Insurance Act 1906 still governs much of English marine law and remains highly influential in marine insurance worldwide. While pockets of traditionalism no doubt live on, the last few years have seen impressive levels of adoption of new technologies, data sets, models and products. Way more than has so far taken root in, for instance, aviation, commercial property or business insurance. Before looking at what has changed let’s first look at the reasons why. It is not just because a new less traditional generation of underwriters has emerged, it is much more about the influence of forces from outside insurance. In the last 5 years geopolitical events, a global pandemic and supply chain disruptions have battered the operational functionality of the transportation and cargo sectors. Businesses have therefore had to adapt to new war zones and sanctions in Eastern Europe and mainland China. There were a series of individual supply chain disruptions such as the 2021 Suez Canal obstruction. Plus, the recovery from regional lockdowns was difficult for logistics providers who had to meet post-pandemic cargo demand whilst dealing with a backlog of shipments and displaced staff. For more details please visit our website - https://www.focusoutlook.com/marine-insurance-successfully-navigating-innovation-waters/  | |
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| Target State: New York Target City : New York City Last Update : Aug 14, 2025 1:01 AM Number of Views: 7 | Item Owner : focusoutlook Contact Email: Contact Phone: + 1 (315) 6664984 |
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2025-08-14 (0.222 sec)