Changes are expected to be recorded in the marine insurance industry in 2023. The Covid-19 pandemic has ended and all world trade zones, including China, are returning to normalcy.
However, according to the president of the International Union Marine Insurers (IUMI) Frederic Denefle, many issues have not yet been resolved. Among others, he referred to the lack of evidence regarding the end of the war in Ukraine, adding that marine insurers are now at a point where the risk cycle can be greatly affected.
“Therefore,” he added, “marine insurers cannot have any business relationship with Russia except as permitted under embargoes and sanctions which are seen extending.”
Μeanwhile, the global marine insurance market is expected to grow from 28.32 billion dollars in 2022 to 30.21 billion dollars in 2023 at a compound annual growth rate (CAGR) of 6.7%, according to the 2023 Marine Insurance Global Market Report.
