The world is constantly evolving, and as insurers, adapting to these changes is crucial. Modernising our business practices, especially within the often-difficult marine insurance industry, should be one of our primary goals. In recent years, we have been seeing a rapid technological advancement, evolving environmental risks and a shift in global trade dynamics.

Extreme weather events are profoundly impacting the maritime industry, adding to volatility. The weather conditions increase the likelihood of vessel damage, cargo loss, delays and disruptions to shipping routes. These trends are impacting the marine insurance industry, leading to potential premium increases for clients in high-risk zones.

Technology-driven innovation - As insurers, we must navigate these challenges while seizing technology to gain real-time insights into market conditions, to make quicker, data-driven decisions. We are seeing AI making significant inroads in many industries, changing the way we do things, and providing efficiencies in systems and processes.

We need to be open-minded and cautiously embrace AI in our industry. This can help to integrate brokers and underwriters more closely, generating synergies that the industry had never experienced before, from pricing and claims handling to risk assessment. But this places a responsibility on us, as the insurers, to adopt regulations, develop ethical frameworks, and harness AI's full potential, without increasing the risk profile of the company. This will help us to adjust our underwriting practices, consider how to mitigate the increased risks.

We must also develop tailored products that are relevant to the unique challenges businesses face in these markets. This innovation in product offering will provide better, more flexible cover for clients. As we advocate for technology-driven innovation, it is equally important to retain the deep technical expertise essential for providing robust underwriting at sustainable and competitive prices.