Navigating Maritime Industry Risk

Maritime shipping is essential to the global economy. But particularly in the wake of the COVID-19 pandemic, companies in the maritime industry are facing unprecedented challenges. Navigating both novel and longstanding maritime industry risk is essential for all companies in the industry.

What Risks Do Companies in the Maritime Inudstry Face?

Maritime shipping has historically been an industry rife with risk. The transportation of cargo over long distances, on open oceans, can be inherently dangerous. Longstanding risks include the following:

  • Natural disasters and severe weather have been and remain risks for the shipping industry. These risks can also be expected to grow as climate change becomes more severe.
  • Piracy remains a consistent risk in many areas of the world, and the development of new hotspots for pirates is a possibility.
  • Worker injury or illness are often concerns, particularly during long periods at sea.

Newer risks have also arisen in recent years:

  • Cybercrime and related risks continue to grow in a digitizing industry.
  • The balance between autonomous and human control is expected to continue being a source of risk as the industry continues to shift.
  • Global disruptions, like COVID-19, can severely impact the maritime industry.

Companies in the industry must expect and prepare for risk — and this includes carrying comprehensive insurance to protect against any negative incidents that may occur.