With Globalization Waning, Marine Insurance Faces New Era

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Geopolitical tensions and evolving trade routes are increasing concerns of the marine insurance sector, according to industry leaders gathered at the International Union of Marine Insurance (IUMI) conference, 7-10 September in Singapore.

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Frédéric Denèfle,  the IUMI president, said the marine sector is approaching what he calls “the end of globalization,” brought about by uncertainty over U.S. tariffs, escalating trade tensions and regional conflicts.

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“Hard national interests are taking precedence over international cooperation and peaceful economic growth,” Denèfle said.

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Regional trading blocs are emerging to supplant international trade. With 15 Asian-Pacific nations, including China and Japan, the Regional Comprehensive Economic Partnership is the world’s largest bloc, followed by the European Union and the USMCA (United States, Mexico and Canada).

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“Fragmentation is taking hold, creating new challenges and new opportunities for risk assessment, underwriting and innovation,” Denèfle said.

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