The summer of 2026 will be remembered as one of the hottest seasons ever recorded since weather observations began.
The consequences for marine insurers are clear. These extreme weather conditions are not isolated events; they directly affect maritime trade, logistics, cargo exposure and, ultimately, the risk profile faced by the marine insurance market.
Severe drought across Europe has significantly disrupted inland waterway transport. Many industrial plants in the Rhine region have experienced supply interruptions, further weakening activities already under pressure from inflation and higher energy costs linked to the Persian Gulf war.
At the same time, low water levels in the Panama Canal have sharply reduced the number of available transits. Some shipowners have paid premiums to shorten waiting times and secure earlier passage – additional costs that are ultimately borne by end users and may further fuel inflationary pressures.
These situations are forcing international trade to adapt. Companies must reconsider their usual routes, assess alternative modes of transport and manage the operational changes that follow. For marine and transport insurers, these adjustments may create new exposures and require a reassessment of emerging risks.
War and geopolitical tensions are also creating significant uncertainty for marine insurers. Conflicts affecting two of the world’s most strategic chokepoints are also driving energy prices to new highs.
Ships and cargo transiting the Strait of Hormuz and the Bab al-Mandab Strait must be prepared with particular care. These voyages require strict compliance with applicable regulations and close coordination among all stakeholders, including marine war risk insurers.
Marine insurers have continued to support transits through these two highly sensitive straits, just as they have done for Black Sea voyages since the war triggered by Russia’s invasion of Ukraine.
Worsening geopolitical tensions and global warming have become two major risks that marine insurers must now address constantly. They respond to these trends by assessing their financial impact, building the right expertise within their teams and developing appropriate contractual solutions in close cooperation with clients and brokers. This will enable the sector to provide the support expected in a rapidly evolving risk environment. IUMI’s role and work are dedicated to achieving these objectives.
Other developments are also reshaping shipping and logistics. Geopolitical divisions are creating new trade routes, while customers increasingly use AI, e.g. to identify efficient, cost-neutral alternatives that reduce exposure to war risks.
As President of IUMI, I have witnessed the considerable work undertaken by the Secretariat and Technical Committees together with the Dutch hosts of this year’s Rotterdam conference. IUMI’s annual flagship event will address the major forces reshaping our world including climate change, the new geopolitical environment and the growing role of AI across our industries. These issues will be examined alongside our continued focus on new technologies in ships and transport, as well as emerging risk patterns. We will also consider whether the disruptions of recent years have truly halted, or merely reshaped, the evolution of global trade and shipping.
Once again this year, IUMI has worked extensively to enable its members to reflect on and exchange views around the central theme, “Anchoring Trust in a Contested World.”
This unique opportunity will bring together IUMI members, professional partners and member associations to exchange insights, share expertise and help shape the solutions needed to support international trade and shipping in the years ahead, as marine insurers have always done.
