Insurance
Home›Insurance›Industry & Deals›Marine insurers urged to shift from repairing losses t…
Marine insurers urged to shift from repairing losses to prevention
The International Union of Marine Insurance chair said the move mirrors public policy changes that tie coverage or pricing to wildfire mitigation and catastrophe modeling credits.
Marine insurers will need to put more emphasis on loss prevention as risks become more complex and more costly to insure, according to Pascal Dubois, chair of the International Union of Marine Insurance's Loss Prevention Committee, speaking at IUMI's Annual Conference in Rotterdam.
Dubois described a broader shift across society and the insurance industry away from responding after losses occur and toward measures that prevent or limit damage before it happens. He said countries are increasingly viewing prevention as a public policy tool to contain climate-related costs while reducing the impact of events such as wildfires and floods.
The article points to climate-risk prevention policies already taking shape in other lines of insurance and regions. It cites Colorado's HB25-1182, effective July 2026, which links eligibility for the state's FAIR Plan to demonstrated wildfire mitigation work, and California efforts where insurers incorporate catastrophe modeling and mitigation credits into policy pricing under the state's Sustainable Insurance Strategy.
Dubois also said the transition will likely extend beyond the largest insurers, with preventative measures adopted across the SME sector globally, and he noted marine insurers already perform loss prevention that will need to evolve further as uncertainty in the risk landscape grows.