Marine insurers are operating in a brave new world. An increasingly volatile global political landscape is generating unfamiliar risks, forcing the industry to navigate levels of uncertainty not seen in recent years.
The geopolitical outlook remains opaque. The conflict between Russia and Ukraine shows no clear path to resolution, while hostilities have escalated in the Middle East impacting the Strait of Hormuz and the Persian Gulf. These and other tensions are reshaping risk profiles and adding layers of complexity to the challenges marine insurers must manage.
Yet geopolitics tells only part of the story. Global shipping itself is undergoing a profound transformation.
Despite widespread concerns that tariffs and tax measures would stifle global exchange, international trade has defied expectations. According to a recent report, trade volumes reached an unprecedented USD 35 trillion in 2025. While some countries have experienced sharp disruptions to their national trade balances, the predicted collapse in global trade has not materialised. Instead, commerce has adapted – new trading partnerships have emerged, fresh markets have opened and international exchange has found alternative pathways.
Regulation and sustainability are also reshaping the sector. In October, the IMO postponed the introduction of new greenhouse gas regulations for shipping by one year. Even so, investment in cleaner vessel fuels continues at pace, including dual-fuel technologies utilising LNG and methanol. At the same time, advances in vessel technology are driving down operating costs, improving efficiency and enhancing customer service—demonstrating that commercial performance and environmental responsibility are not mutually exclusive.
Trade continues to expand across regions where nations are collaborating more closely to share economic growth and mutual benefit. ASEAN countries provide a strong example of regional cooperation rooted in a firm belief in international trade as a critical engine of prosperity for all members.
Will these investment trends and the steady growth of global trade endure? The answer remains uncertain. What is clear, however, is the role marine insurers will continue to play. Through their financial strength and technical expertise, they will support and share the risks inherent in global transport and shipping – whatever direction international trade may take.
IUMI stands as a steadfast pillar of support for its members in these challenging times. We are committed to analysing, debating and sharing insights on emerging risks, innovative technologies, shifting geopolitical threats and the many other forces reshaping our industry. Our Asia Forum in Shanghai in May and our Annual Conference in Rotterdam in September will provide key opportunities to exchange knowledge and perspectives. Beyond these events, we remain actively engaged through webinars, podcasts, newsletters, technical papers, and the ongoing work of our Technical Committees, Forums, and Working Group.
We encourage you to take part in these discussions and to contribute your insights to our shared understanding. As a global association, our collective expertise knows no borders—and it is strongest when shared.
