Singapore's marine insurance should ramp up cyber coverage as shipowners face increasing pressure to deploy stronger digital safeguards as spoofing events rise, spokespersons from IUMI, SSA, and QBE Asia said.

Olivia Tirona

, Singapore

Insurers must update underwriting arsenic cyber navigation disruptions rise.

Singapore’s marine insurers look higher costs arsenic GPS spoofing and jamming incidents climb crossed cardinal shipping lanes, a inclination that is compelling shipowners to fortify cybersecurity connected vessels and prompting underwriters to overhaul really they value and exemplary integer risk.

“Digitalisation is impacting almost each industries and business sectors,” Lars Lange, caput wide of nan International Union of Marine Insurance (IUMI), told Insurance Asia successful an emailed reply to questions. “Marine security has, connected nan whole, been comparatively slow to adopt technologies, but inroads are being made.”

Insurers, he said, are updating underwriting processes arsenic cyber-related navigational disruptions go much frequent.

Shipowners are nether increasing unit to deploy stronger integer safeguards arsenic spoofing events dispersed crossed nan Middle East, nan Black Sea and parts of Southeast Asia. 

The Singapore Shipping Association’s (SSA) Singapore Cyber Insurance for Safe Shipping and Operational Readiness (SCISSOR) programme is among nan initiatives filling nan protection gap.

The merchandise provides cyber screen that accepted marine policies typically exclude, specified arsenic ransomware damages, operational downtime from attacks, and theft linked to strategy breaches.

SSA President TS Teo said shipowners progressively position cyber protection arsenic a halfway operational requirement. The group besides launched nan SCISSOR Index, a cybersecurity scorecard that lets companies benchmark their preparedness and place gaps.

“Such attacks tin lead to terrible consequences—we person seen a surge of cases specified arsenic GPS spoofing and jamming successful 2025, incidents that tin origin vessels to collide aliases tally aground, posing important risks to alloy and unit safety,” he said successful an emailed reply to questions.

Teo added that insurers themselves should amended their integer capabilities to support pace. He noted that devices that heighten underwriting accuracy aliases streamline claims would thief insurers respond much quickly and run much efficiently.

Global marine security premiums reached $39.92b successful 2024, up 1.5% from nan erstwhile year, IUMI said successful a caller report. It flagged geopolitical risks, a anemic US dollar, pressures from fleet decarbonisation and ageing vessels arsenic further challenges.

Lange said nan semipermanent emergence successful premiums reflects some higher shipping activity and nan description of nan world fleet. Singapore has seen cargo premiums climb astir 50% complete nan past decade.

The displacement toward cleaner fuels is creating different furniture of complexity for some shipowners and insurers. 

“From a hull and machinery underwriter’s perspective, nan displacement toward replacement marine fuels for illustration methanol, ammonia, biofuels, and electrical propulsion introduces some consequence and opportunity,” Alex Lim, a elder underwriter astatine QBE Insurance Group, said successful an email.

“Methanol and ammonia airs important information concerns owed to their toxicity and flammability, requiring observant appraisal of bunkering procedures, unit training, and onboard containment systems,” he added. Battery-powered vessels besides transportation risks tied to thermal runaway and charging systems.

Singapore is trying to soft nan modulation by processing bunkering standards for methanol, ammonia and different fuels. But insurers opportunity consequence models will request continuous refinement arsenic take widens. Underwriters are progressively moving pinch shipowners to understand vessel-specific hazards and trade sum that reflects caller technologies.

The authorities is besides investing successful talent improvement to support nan industry’s semipermanent growth. Programmes specified arsenic nan Marine and Port Authority Global Internship Award purpose to tie younger professionals into marine security to support Singapore’s position arsenic a starring hub for expertise and innovation.

Lange said nan city-state has go a awesome driver of manufacture developments and is poised for continued growth.
 

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