James Whitlam, Product Director at Concirrus, has provided a round up of the industry for 2023 from the company’s point of view, and has also given a look-ahead to 2024. The full article is available on the IMN web site (link below).
Whitlam said that the stand-out moments this year for the marine insurance market were the conflicts between Ukraine and Russa and between Israel and Hamas.
For some parts of the market it had highlighted a significant and vulnerable gap where a lack of understanding of what insurers are on the hook for has come to the fore, prompting urgent action to be taken. Sanctions were an issue that had evolved over the past 12 months.
Whitlam said that it was “encouraging to see that the market is starting to make good progress with wider digitalisation strategies and moving in the direction of bringing solutions together to develop enterprise level solutions that can deliver real value to the business”.
Battery fires and container losses had come into the spotlight this year. Whitlam noted that the P&I Clubs had invested time in better understanding and providing clarity into the real risks of battery fires backed by in-depth technical research – something which should be applauded.
The recent revival of the grain corridor had been notable, marked by Ukraine striking a deal with insurers for grain shipments.
For 2024, Whitlam expected that the market would continue to see increased momentum with sanctions, compliance and ESG.
Geopolitical instability was also likely to remain.
There would be a continued push for ESG. “We may not be there yet, but we’re certainly moving closer to a point within the next couple of years where emissions measurement and broader ESG assessment will become a must-have if insurers want to continue to operate and attract new business, as well as talent who are demanding more and more from corporates.”