Data and technology herald ‘sea change’ in marine insurance
Technology platforms are seen as not only an answer to the sector’s inefficiencies and a tool to move underwriting closer to risk realities rather than preconceptions, they are also promise to be a game changer in monitoring of special situations such as sanctions compliance
Insurance could be priced based on the operating approach of the individual company, rather than a broader brush approach that unfairly equated the risks of vessels managed to very different standards