THE ROLE OF INSURANCE AND REINSURANCE IN SECURING GLOBAL TRADE

Abstract

Global trade, a cornerstone of economic prosperity, relies heavily on the efficient and safe transportation of goods across oceans. The global maritime trade network, a vital artery of the world economy, relies heavily on the efficient and safe transportation of goods across oceans. This article explores the critical role played by insurance enterprises in mitigating the inherent risks associated with seaborne transport, enabling smooth and secure trade flows. Challenges facing insurance enterprises, including rising claims, technological disruptions, and competition, are discussed alongside opportunities for innovation, technological integration, and sustainable practices.