The International Union of Marine Insurance (IUMI) Conference returned to Singapore on 8 September 2025, after more than two decades, highlighting the city’s pivotal role in the maritime industry. The event, themed “Charting Opportunities in Changing Tides,” addressed the sector’s response to geopolitical shifts, technological advancements, and the green transition.
The maritime industry faces significant challenges due to geopolitical developments, such as the US tariffs altering global supply chains, and technological advancements, including artificial intelligence and autonomous operations, which introduce new cybersecurity risks. Additionally, the adoption of alternative fuels like ammonia and methanol is reshaping risk profiles, necessitating new handling and operational models.
Marine insurance remains crucial in navigating these changes, providing a safety net for vessels, crew, and cargo. It enables the industry to manage emerging risks and seize new opportunities. Singapore’s marine insurance community has shown resilience, with firms like the West of England Protection and Indemnity Club and Skuld Singapore expanding their services.
Singapore is also enhancing its marine insurance capabilities through initiatives like the Singapore War Risks Mutual (SWRM) and the Maritime Cyber Security Maturity Scorecard. These efforts aim to address geopolitical and cybersecurity risks, respectively. The Maritime and Port Authority of Singapore (MPA) is developing national standards for alternative fuels to support the green transition.
Local talent development is a priority, with MPA collaborating with educational institutions to nurture future marine insurance experts. The upcoming IUMI Cargo Masterclass in Singapore will further bolster skills and networking opportunities in the region.
As the maritime landscape evolves, collaboration among industry stakeholders will be essential to navigate complexities and harness opportunities, ensuring a sustainable future for the sector.
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