Lack of marine insurance coverage, awareness costing industry: expert

The maritime industry in Bangladesh is facing challenges due to outdated regulatory frameworks, limited access to specialised insurance products, and a lack of awareness among its stakeholders about the importance of comprehensive marine insurance coverage.

Addressing these gaps requires a concerted effort by policymakers, industry leaders, and legal professionals, according to Justice Khizir Ahmed Choudhury of the High Court Division of the country's Supreme Court.

He made this comment at a seminar on "Contemporary Issues of Marine Insurance Law" at the CIRDAP auditorium in Dhaka yesterday.

The event was organised by the Bangladesh Maritime Law Society (BMLS), with the support of the Maritime Anti-Corruption Network (MACN) and MCLaw Services Ltd.

Choudhury emphasised that education and awareness are key, as shipowners, operators, and relevant policymakers must have the tools and knowledge to effectively navigate the challenges of modern maritime operations.

"As we deliberate on the complexities of marine insurance today, let us not lose sight of the broader goal: creating a resilient and sustainable maritime industry," he said.

This requires not only robust legal and regulatory frameworks but also the active engagement of all stakeholders, Choudhury added.

He pointed out that the country's reliance on maritime commerce means any disruption to the sector could have far-reaching economic and social consequences.

Choudhury highlighted that challenges facing the maritime industry are global in nature and require global solutions.

Against this backdrop, he noted that forums like this seminar are invaluable in fostering partnerships and understanding what is needed to tackle these challenges head-on.

BMLS President Mohiuddin Abdul Kadir said marine insurance law is critical for mitigating maritime risks.

Alluding to how cooperation and knowledge sharing would help further the industry, Kadir asked all present to work together, exchange ideas, propose solutions, and thereby work towards a resilient and progressive maritime future for Bangladesh.

Kadir, also an advocate of the Supreme Court, stressed that organisations like maritime protection and indemnity clubs provide a unique opportunity to identify and support talented professionals in the domestic maritime industry.

A maritime protection and indemnity club is a group of shipowners that acts as a non-profit platform of marine insurers pooling their resources to cover the liabilities of members.

"By providing employment and mentorship opportunities at such clubs, they can help build a skilled workforce that will contribute not only to the maritime industry but also to the country's broader economic development," he said.