The International Union of Marine Insurance (IUMI), a non-profit association representing 42 national and marine market insurance and reinsurance associations, has reiterated its commitment to supporting free trade, emphasizing that protectionist measures, such as trade tariffs, pose challenges to the global marine insurance sector.
During an executive meeting earlier this week, IUMI officials stressed that restrictions on trade could disrupt supply chains, increase risk exposure for underwriters, and impact insured values.
“More trade equates to more vessels and cargoes to insure,” said IUMI secretary general Lars Lange. “Protectionist measures tend to restrict trade and impact on exposures and insured values for marine underwriters. They will exert stress on supply chains and put pressure on certain trade routes and add to accumulations on vessels or in ports.”
Lange also cautioned that escalating trade conflicts may not effectively address underlying economic concerns.
The meeting also addressed ongoing disruptions in key maritime regions. The Black Sea remains a point of tension due to the prolonged Russia-Ukraine conflict. While marine insurers continue to provide coverage without major disruptions, safe navigation remains a challenge, and rising prices for Ukrainian exports reflect ongoing instability.
In the Red Sea, concerns persist over supply chain fragility despite expectations of improved stability. The region has been affected by hostilities, particularly involving the Houthis, creating uncertainty for vessel operators. Insurance coverage remains available, though risks remain unpredictable.
IUMI also highlighted the Baltic Sea, where recent incidents of cable damage from prolonged anchor dragging have raised concerns. The organization supports efforts to secure subsea infrastructure and ensure uninterrupted maritime passage.
Beyond geopolitical risks, the IUMI executive also discussed the evolving role of technology in marine insurance. Advances in data analytics and digitalization are improving risk assessment, loss prevention, and claims handling. IUMI’s Data & Digitalisation Forum continues to monitor these developments and provide insights for the industry, a news release noted.
IUMI’s annual conference is set to take place in Singapore from September 7-10, with the theme “Charting opportunities in changing tides.” The event will include workshops focused on geopolitical tensions and the influence of artificial intelligence and technology in the marine insurance sector.
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