The maritime industry stands at a pivotal moment. With the International Maritime Organization (IMO) setting its sights on net-zero emissions by 2050, the ripple effects are being felt across the shipping ecosystem – including marine insurance.
In a recent IUMI podcast hosted by Mike Elsom, IUMI Media Consultant, industry experts Sinem Ogis LL.M., Ph.D. of Türk P&I Insurance (also Chair of IMO MEPC and Committee Member at IUMI) and Concirrus’s own James Whitlam, Product Director, unpacked how these environmental goals are reshaping underwriting, risk management, and the role of technology.
Here’s what we learned, and how Concirrus is helping lead the charge.
The Big Picture: IMO’s Ambitious Targets
Last year, the IMO doubled down on decarbonising shipping with a revised greenhouse gas strategy. By 2050, the industry aims to hit net zero, supported by midterm measures like the Greenhouse Gas Fuel Standard (GFS) and a potential global carbon tax; think $18.75 to $150 per ton of CO2, with prices set to rise over time. Sinem Ogis highlighted that while the details are still being hammered out (with a framework expected by October 2025), the direction is clear: shipping must pivot to cleaner fuels like hydrogen and ammonia. For insurers, this isn’t just a regulatory shift – it’s a call to rethink how risks are assessed and managed.
Underwriters at the Forefront
As vessels adopt alternative fuels, marine underwriters face a new landscape of risks – higher exposures that demand updated safety protocols and innovative approaches. Sinem Ogis pointed to the Poseidon Principles for Marine Insurance as a promising step, offering a framework to align underwriting with sustainability. Yet, challenges like limited adoption and inconsistent emissions data remain. Meanwhile, new products like excess emissions insurance are popping up, covering penalties for exceeding carbon targets, while others, like AON’s carbon capture and storage insurance solutions, signal a proactive shift in the industry. At Concirrus, we see this as an opportunity: insurers who embrace innovation can not only manage these risks but also drive the transition to a greener future.
Where InsurTech Fits In
Enter technology – and this is where James Whitlam brought Concirrus’s expertise to the table. Reflecting on the past decade, he noted the industry’s data revolution: from AIS tracking to compliance datasets, information is no longer the bottleneck. The challenge now? Turning that data into action. A BCG study James cited revealed that 40% of an underwriter’s time is still spent on non-value-adding tasks – manual data entry, toggling between platforms, you name it. That’s where InsurTech, and specifically AI, steps in.
At Concirrus, we’re focused on flipping the script. Imagine a world where technology does the heavy lifting – filtering vast datasets to highlight key risks, from ESG compliance to sanctions issues, in seconds rather than days. James emphasised that AI can cut through the noise, letting underwriters zero in on what matters: smart risk assessment and decision-making. For ESG specifically, this means quickly gauging a fleet’s carbon footprint or spotting
Looking Ahead: A Human-Tech Partnership
So, what does marine underwriting look like in five years? James’s crystal ball sees a blend of cutting-edge tech and human expertise. Far from replacing underwriters, AI will empower them to excel at what they do best: managing complex risks and relationships. As Sinem Ogis added, legal frameworks will need to catch up – current conventions like the Bunker Convention weren’t built for ammonia or hydrogen. This evolution spells exciting times ahead, and at Concirrus, we’re proud to be part of it.
Concirrus’s Role in the Journey
Our Marine sector, led by James, is all about delivering solutions that make this future a reality today.
Our platforms harness AI to streamline underwriting, embed ESG factors into risk models, and help insurers stay ahead of regulatory curves. Whether it’s decoding the impact of new fuels or ensuring compliance with frameworks like the Poseidon Principles, we’re here to turn data into decisions, fast.
The road to net zero is complex, but it’s also an opportunity for marine insurance to shine. As the IUMI podcast underscored, the industry is moving from reactive to proactive, fuelled by technology innovations that make underwriting smarter and more efficient.
Why CUOs and Marine Underwriters Should Tune In
Want to stay ahead of the ESG curve? Listen to the full IUMI podcast Listen here . Chief Underwriting Officers and specialty marine underwriters will gain a front-row seat to the latest on IMO’s net-zero push, emerging risks from alternative fuels, and how AI can slash that 40% non-value-adding time. With insights from Sinem Ogis and Concirrus’s James Whitlam, you’ll uncover strategies to refine risk models, meet sustainability demands, and lead with confidence.
Concirrus, a pioneer in marine InsurTech, is at the forefront with ESG solutions that empower insurers to underwrite smarter and greener, making this podcast: A must-hear for navigating tomorrow’s challenges today. Listen here
