Marcus Baker
Global Head of Marine, Cargo and Logistics
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United Kingdom
Maritime and logistics industries face today’s unprecedented levels of global uncertainty.
Ship owners and operators, maritime financiers, shipyards, ports and terminals, logistic companies, and service organizations work as an ecosystem that underpins global supply chains, moving cargoes via hundreds of millions of digital and physical interactions every day.
As industry dynamics evolve, factors such as vertical integration, customer demands for faster service and real-time information, and increasing environmental standards and industry regulations are driving change. Coupled with technological advances and the proliferation of big data, there is a heightening and proliferation of risk .
Maritime and logistic companies also face unexpected risks, including conflicts, attacks on ships, cyber threats, and supply chain disruptions caused by delays, backlogs, and a changing trade landscape.
This dynamic landscape necessitates swift adaptation by organizational leaders. These businesses must also navigate the insurance market response to changing capital inflows and losses, which can influence pricing, ability to cover risks, and claims resolution processes.
With the right insights, customized i nsurance programs, and targeted risk mitigation strategies, maritime and logistics companies can more effectively navigate the changing risk landscape to minimize losses and liabilities, while looking to capitalize on opportunities to future-proof growth and resilience.
Marsh’s global team of industry specialists has the scale, scope, and capabilities to solve a variety of risk issues facing organizations in the maritime and logistics ecosystem. Our capabilities in all subsectors of the maritime and logistics ecosystem allow us to provide the insights and perspectives across the value chain.
Related insights
FAQs
Physical loss or damage to property that is owned, or for which an insured has responsibility at the time a loss or damage occurs, is considered the main (and most obvious) area of risk exposure. Fire, explosion, or ‘perils of the sea’ risks such as grounding, stranding, sinking, and capsizing, would be major risks for vessels. In some locations, war, strikes, piracy, or ice damage also pose risks. For goods being shipped by sea, there are the added risks of transit or wetting damage, theft, or short delivery – and all are common loss events. In addition to physical losses, liabilities incurred during maritime operations are a major risk exposure.
As economies emerge from pandemic restrictions, the health of port employees and visiting crews remains a major challenge. New ways of working, new technologies, and digitization present further challenges, but opportunities as well. Congestion and environmental regulations are also significant issues.
Cargo insurance primarily offers protection against accidental physical loss or damage while goods are in transit. However, it may be extended to cover goods in temporary storage, during their overall transit along the supply chain. Cargo insurance also typically offers additional cover for any general average or salvage charges that the cargo owner becomes obligated to pay.
Increased demand for speed and data, decreased income, delays in port, cargo accumulations, healthcare crises on vessels and in ports, and changes in trading patterns due to global health precautions have all been exacerbated by the pandemic.
The physical and mental well-being of seafarers is a top priority for the maritime community, more than ever. The Neptune Declaration, which aims to protect and promote the safety and well-being of seafarers, was recently issued. Many seafarers were stranded on vessels far beyond their employment contract date, leading to profound safety and emotional well-being risk. Marsh, along with more than 800 organizations, has signed the Neptune Declaration and in doing so is committed to bettering conditions for these essential workers.
Our people
George Jones
Global Sales Leader, Marine, Cargo & Logistics Practice
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United Kingdom
Michael Pellegrini
Regional Head, Marsh Specialty US and Canada
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United States
Thiago Gonçalves
Head, Marine, Cargo, & Logistics, Latin America & The Caribbean
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Brazil
Dirk Segers
Head, Marine, Cargo, & Logistics, Northwestern Europe and Switzerland
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Belgium
Costas Joannides
Head, Marine, Cargo & Logistics, Eastern Mediterranean Region
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Cyprus
Abhijit Naik
Head, Marine, Cargo & Logistics, IMEA
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United Arab Emirates
Michael Walls
Head, Marine, Cargo & Logistics, Asia
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Singapore