NIA’s Marine Conclave 2025 Calls for Stronger Protection for India’s Growing Sea Trade

Pune: The National Insurance Academy (NIA), Pune wrapped up its two-day India Marine Conclave 2025 on December 9–10 with an urgent message for the insurance and maritime ecosystem—India must significantly strengthen its marine insurance framework to keep pace with its growing sea trade.

Hosted at the NIA campus, the flagship event themed “Navigating The Waves of Change: Exploring Marine Insurance Frontiers” brought together insurers, brokers, surveyors, corporate risk managers, maritime experts and policy representatives. Over two days, the conclave examined how India can close its widening maritime protection gap as logistics corridors expand and global risk patterns shift.

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Marine Insurance Penetration Still Low Despite India’s Expanding Maritime Network

India is among the world’s fastest-growing trading economies, yet marine insurance penetration remains strikingly low, contributing only a limited share to a broader non-life insurance penetration of less than 1 percent of GDP.

Experts at the conclave highlighted that this gap has become increasingly risky as India’s port infrastructure modernises, exports diversify and coastal logistics strengthen. Without adequate coverage, disruptions—from geopolitical tensions to climate-driven events—could pose significant threats to businesses and supply chains.

The discussions revolved around four major themes:
• Strengthening India’s marine insurance penetration
• Responding to evolving domestic and international risk environments
• Embedding global best practices and modern underwriting models
• Keeping insurance frameworks aligned with India’s maritime and infrastructure expansion

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Industry Leaders Stress Collaboration, Innovation and Capacity Building

The inaugural session set the tone for the conclave.
NIA Director Mr. B.C. Patnaik welcomed delegates by underscoring the crucial role of marine insurance in India’s trade-led growth. He emphasised that the sector must grow in tandem with India’s maritime ambitions.

Mr. Inderjeet Singh, Secretary General of the General Insurance Council, called for deeper collaboration across insurers, brokers and regulators to create a more robust marine insurance environment.

In her keynote, Ms. Girija Subramanian, CMD of The New India Assurance Co. Ltd., linked marine insurance directly with national trade resilience, urging Indian insurers to incorporate global best practices and risk insights.

Chief Guest Dr. Tapan Singhel, MD & CEO of Bajaj General Insurance Limited, focused on the transformation brought by automation and AI.
He stated, “Technology and AI are rapidly reshaping the fundamentals of insurance — from underwriting to claims. Machines can analyse patterns, but the real value we bring lies in judgment, creativity and solving problems beyond data.”

His remarks stressed a forward-looking view of the marine insurance workforce—one that must adapt, innovate and remain ahead of technological disruption.

Adding an international perspective, Mr. Lars Lange, Secretary General of the International Union of Marine Insurance (IUMI), spoke about the global marine landscape, touching upon geopolitical complexities, sustainability-driven changes and emerging opportunities for insurers.

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Practical Solutions Discussed: Digital Certificates, AI Underwriting and Specialized Cargo Risks

Across multiple sessions, experts examined a wide array of challenges shaping India’s cargo insurance market. A major focus area was the digitisation of cargo certificates, an initiative seen as essential for faster, transparent processes.

Panels also explored AI-driven underwriting, contract certainty and improved wording customisation to reduce disputes and enhance insurer–client trust.

Specialized cargo categories—such as pharmaceutical shipments, bulk commodities, over-dimensional cargo (ODC) and emerging risks associated with electric vehicle transport protocols—were analysed in depth.
Industry veterans compared the best practices followed in India with international standards, stressing the need for profitable yet customer-centric portfolio growth.

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Conclave Aligns With National Maritime Vision

The conclave’s discussions fed directly into India’s long-term maritime strategy, including the Maritime India Vision 2030, port expansion projects, shipbuilding initiatives and the strengthening of India’s domestic Protection & Indemnity (P&I) ecosystem.

By bringing every stakeholder—from insurers to maritime operators—on the same platform, the event created a collaborative blueprint for expanding cargo insurance adoption and accelerating sustained double-digit growth in the marine insurance sector.

Reflecting on the event’s impact, NIA Director Mr. B.C. Patnaik said,
“This conclave was about bringing everyone to the same table to understand the real challenges faced in marine insurance. India’s trade is expanding quickly, and our insurance practices must keep up.”

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A Forward-Looking Roadmap for India’s Marine Insurance Future

With India set to solidify its position as a global maritime and logistics hub, the India Marine Conclave 2025 delivered a clear message: proactive innovation, stronger underwriting capacity and unified industry action are essential for safeguarding the country’s fast-growing sea trade.

As the conclave concluded, it left the marine insurance community with a renewed commitment—to modernise processes, embrace technology and create a resilient insurance ecosystem capable of supporting India’s rapidly expanding maritime ambitions.