Survive or thrive? Changing the way marine insurance works in Asia

DID you know that the maritime industry played a critical role in Singapore's rapid development from a Third World to a First World nation, and continues to play a key role in driving the country's economy? The industry is significant, contributing 7 per cent of Singapore's GDP and employing 170,000 people. And, it is undergoing a seismic transformation.

Take the events with the Ever Given in the Suez Canal; Covid; the increasing frequency of cyberattacks on vessel systems; climate change and how this is impacting trade routes; the New Silk Road and global blockchain initiatives. The list goes on. Today's maritime industry faces a myriad of unprecedented challenges and events. These events cannot be quantified based on experience or historical approaches. The industry is in uncharted waters.

Supporting the entire maritime industry is, of course, the marine insurance market, which underpins the foundations of global trade. Society simply wouldn't function without it. This critical industry, whilst grappling with the changing face of risk, is also confronting significant pressure on profitability. This is one of the main drivers leading marine insurers to embrace change.