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How marine risk is changing - and what that means for us all
21 August 2025
Read time: 10 minutes
By Michael Barrass, Marine Insurance Risk Consultant, Intact Insurance.
Risk has always been the heartbeat of marine insurance. It's what we measure, manage, and respond to. But the rhythm is changing. The risks we once thought we understood have taken on new dimensions - bigger ships, longer supply chains, tighter regulations, and a climate that refuses to play by old rules.
This isn’t just a matter of adjusting coverage. It’s a complete rethink of how we understand maritime exposure in the 21st century.
At Intact Insurance, our job isn’t just to write policies. It’s to be a part of the conversation when things get complicated - before, during, and after the storm.
These days, the sea isn’t just crowded - it’s congested. Ships are navigating narrower margins, both literally and figuratively. A single event, be it a fire, a grounding, or an engine failure, can spark a chain reaction: trade interruptions, environmental damage, multi-national liability battles. One vessel can ripple through the entire global economy.
Insurance, in this context, has to go beyond the usual template of cover and payout. We dig deep into technical risks and legal exposure. Our goal? To help our clients know exactly where they stand - and how they’ll stand up - if something goes wrong.
Historically, insurers came in after the event. But let’s be honest, we know our role is changing and our customers rightly expect more. In today’s world, weather anomalies have become a weekly headline. Cyber glitches and attacks are increasingly common and can paralyse entire supply chains. We need to be more proactive.
So, we’ve flipped the approach. Our aim now is as much about keeping incidents from happening as it is about covering them when they do. We believe this is the right thing to do.
Here’s the catch: to manage risk in today’s maritime world, you need good data. But too often, what’s available is stale, fragmented, or just plain unreliable. That’s a problem - not just for insurers, but for the entire sector.
I’ve long been vocal about the need for better transparency. The greater cooperation we have - between shipowners, insurers and regulators - the more robust the industry becomes. This isn’t just about protecting cargo or vessels. It’s about strengthening the global trade network.
Regulation aims to create clarity and consistency across the industry. But in marine operations, as with many other industries, the implementation can trail behind reality. Whether it’s salvage rules, pollution liabilities, or environmental compliance, there can be gaps between what operators deal with and what the regulations actually covers.
That’s where experience counts. Our team has a wealth of experience in the landscape, and the often-grey areas in between. Our aim is to help clients navigate shifting compliance requirements by offering support on how to deal with new and existing regulations.
Forget the term 'freak storm'. That idea’s becoming outdated. What used to be rare is now regular, and it’s reshaping how we think about risk at sea.
We’re integrating climate modelling directly into our assessments. Whether it's passage planning or extreme polar weather resilience, we’re helping clients adapt to a planet that’s not as predictable as it once was.
This isn’t just good practice. It’s necessary.
Yes, we’re investing in digital tools. Smart ones. They help us respond faster. But tech alone isn’t a silver bullet. If there’s no trust - no honesty in reporting, no clarity in communication - it all falls apart.
That’s why our approach balances the digital with the human. Relationships very much still matter. Context still matters. Knowing when to listen? That might matter most of all.
Because we’re not just here to tick boxes. We’re here to think and prepare alongside you. To question assumptions. To plan for what’s coming, not just what’s already happened.
With Intact Insurance, you get:
The seas are shifting. Risk is rising. But with us, you have a steady hand on deck, ready to help you navigate what’s next.