The Asian Shipowners’ Association (ASA) Ship Insurance and Liability Committee (SILC) convened in Hong Kong to address the ongoing detention of seafarers in certain jurisdictions.
The committee emphasised the significant challenges faced by crew members, citing legal inefficiencies in handling maritime disputes and advocating for systemic changes to protect workers’ rights.
The committee expressed concern over cases where seafarers were detained without due process, particularly in regions lacking robust legal frameworks for maritime issues.
One example raised involved a Chinese captain detained in Honduras for more than two years without being charged.
To tackle these challenges, the committee proposed three key initiatives:
The committee highlighted the human impact of such detentions, noting the emotional and financial strain on seafarers and their dependents.
Industry representatives shared personal accounts of how these incidents disrupt lives and careers, compounding the pressures faced by maritime workers.
The ASA called on governments, shipping firms, and maritime organisations to work together to create equitable legal systems and ensure seafarers are treated fairly in international waters.
Focusing on the marine sector, global marine insurance premiums grew 5.9% in 2023, reaching US$38.9 billion, according to the International Union of Marine Insurance (IUMI).
The findings showed growth across cargo, hull, offshore energy, and liability sectors.
Cargo insurance accounted for the largest share at 56.9%, followed by ocean hull at 23.6%, offshore energy at 11.9%, and marine liability at 7.7%. Europe maintained its leadership with 48.5% of global premiums, while Asia Pacific contributed 28.1%.
Asia’s market continued to rebound from earlier downturns, supported by increased trade volumes and vessel valuations.
Cargo premiums rose 6.2%, reflecting normalised trade patterns post-pandemic. Ocean hull premiums increased 7.6%, driven by higher shipping activity and vessel values. Offshore energy premiums climbed 4.6%, bolstered by rising oil prices and sector activity.
Jun Lin, chair of IUMI’s facts and figures committee, noted that premium growth reflected both increased insurable values and expanded market activity.
“Overall, 2023 was a positive year for marine underwriters with market development seen across all lines of marine insurance business,” he said.
While claims were moderate, Lin acknowledged potential risks from geopolitical uncertainties. However, he affirmed the sector’s capacity to adapt, citing robust fundamentals and continued demand for marine insurance products.
