Ports in Chaos: Insurers Unite to Save the Day

Broker Marsh and Lloyd’s underwriter Tokio Marine Kiln (TMK) have stepped in to alleviate the growing concerns of port disruptions worldwide with the launch of a pioneering business interruption insurance for ports. The product aims to shield ports against a plethora of risks, including the imminent threats to shipping in the Red Sea, which have thrown the global shipping industry into a frenzy.

Ports across the globe have been dealing with a multitude of issues that have been disrupting the flow of goods, including attacks by pirates, natural disasters, pandemics, and geo-political tensions. These disruptions can have far-reaching consequences, resulting in massive financial losses, damage to cargo, and delays in the delivery of essential goods.

Executives from Marsh and Tokio Marine Kiln have come together to extend an olive branch to ports battered by the endless array of risks and uncertainties. The business interruption insurance product for ports offers a financial safety net that can help mitigate potential losses resulting from unforeseen disruptions. The coverage that this pioneering insurance provides will help the ports navigate unpredictable circumstances, ensuring minimal losses and smooth recovery.

Katsuyuki Kishi, the Chief Underwriting Officer of Tokio Marine Kiln, lauded the introduction of the business interruption insurance, stating that it meets a long-overdue necessity. Kishi emphasized TMK’s dedication to continuously innovating insurance products to deal with emerging challenges and rising concerns.

Marsh, in collaboration with Tokio Marine Kiln, created this unique insurance coverage to bring ports the urgent protection they require in the present turbulent shipping conditions. Kishi expressed gratitude to Marsh for the opportunity to collaborate on this groundbreaking project.

Since the onset of disruptions to the global supply chain caused by the pandemic, the shipping industry has faced unprecedented challenges. As new challenges arise and threats continue to grow, the demand for business interruption insurance for ports has never been greater. Marsh and Tokio Marine Kiln are filling the void left open in the insurance market by introducing this groundbreaking business interruption insurance for ports