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Current maritime insurance trends

On Behalf of | May 6, 2024 | Insurance Litigation

Major world events and changes in the economy over the past few years have had profound effects on many industries, including the maritime industry.

While it is difficult to predict exactly what will happen in the future, the following are some potential trends in maritime insurance claims.

Maritime insurance claims are expected to become more severe and complicated. One reason for this possible trend is the increased value in assets, both on and off the sea. Additionally, the increase in ocean wind farms is expected to contribute to the complexity of maritime insurance claims.

Climate change and more

Climate change continues to be a prevalent issue, potentially causing extreme weather. This could lead to an increase in maritime insurance claims. Maritime assets can usually not be moved easily, making warnings about expected weather essential.

If unexpected severe weather becomes more common, this could mean more claims for damages.

Covid is another event over the last few years that has impacted the maritime industry. Like many industries, there has been more focus on the safety, including the mental health, of maritime workers. This continued focus can affect future maritime insurance claims.

We are hearing a lot about artificial intelligence (AI) today being used in many different industries today and the maritime industry is no exception.

AI has the potential to help the maritime industry in several ways by spotting problems before they intensify, keeping ships and their workers safe. However, if AI causes a problem, this could bring a new challenge to insurance claims.

Higher compensation demands

Finally, compensation demands in maritime insurance claims are getting higher in various types of claims, including those involving injury or environmental damage.

If it is true that maritime claims will become more complex, it is best to have help and guidance as you file your maritime insurance claim.