The industry is starting the transition to alternative fuels in response to the challenge of climate change. At the same time, ship and shoreside technological innovation driven by digitisation and automation offer great potential. Seafarer welfare is also at the top of the industry's agenda and needs to be addressed at pace. While geopolitical upheaval is making the operating environment for shipping and supply chain management more complex and costly than for many decades.
Moving to new technologies will undoubtedly bring significant opportunities but will also present new risks. During the fuel transition phase and in the exposure the industry is increasingly facing to cyber attack, the need for risk management and mitigation will become increasingly important. Whilst the current economic and geopolitical uncertainties create pressures that need constant vigilance and adaptability.
The Lloyd's market is a global hub for marine insurance and Beazley as a leader in that market is able to deliver the specialist advice, skilled risk management, underwriting and claims expertise that the maritime industry needs as it adapts to the rapidly changing geopolitical landscape, seizes the opportunities that digitisation brings and responds to the challenge of climate change.