Geopolitical conflicts and shifting trade patterns are redefining risks and opportunities for the marine insurance sector.
Opening this year’s International Union of Marine Insurance (IUMI) conference in Singapore, IUMI President Frédéric Denèfle warned that marine insurers are facing significant change as the world approaches the end of an era of seamless globalisation.
Denèfle reflected on the deepening shifts in global trade — a theme he has raised in previous IUMI conferences but says has now reached a critical turning point:
“The end of globalisation is fast approaching,” he said. “We’ve already witnessed a slowdown in recent years, but post-COVID the trend has accelerated. While some uncertainty over US tariffs has eased, escalating trade tensions and regional conflicts are reshaping the foundations of international commerce. Conflicts in Ukraine/Russia, and the Red Sea are a stark reminder that hard national interests are taking precedence over international cooperation and peaceful economic growth.”
In his conference workshop, “Re-Globalisation – Geopolitics and Trade”, Denèfle explained that the changing environment does not signal the end of international trade, but rather a mutation into a new era — one that…