Over the past three years, marine underwriters have become increasingly aware of the potential for high-value risk exposures to rapidly develop in modern shipping.

The pandemic, the 20,000-teu Ever Given (built 2018) casualty, port congestion and, most recently, the Ukraine war has resulted in ships, insured for billions of US dollars, becoming concentrated in one high-risk area.

The increasing size and value of shipping assets, and the development of finely tuned just-in-time logistics chains, has played a part in creating the trend.