NIA’s Marine Conclave calls for stronger protection for India’s growing sea trade

Pune, Dec 10

The National Insurance Academy (NIA), Pune successfully concluded the India Marine Conclave 2025, a two-day flagship event held on December 9–10, 2025 at the NIA campus. Centered on the theme “Navigating The Waves of Change: Exploring Marine Insurance Frontiers,” the conclave brought together leading insurers, brokers, surveyors, large corporate risk managers, maritime stakeholders and regulatory representatives to chart the future roadmap for India’s marine insurance sector.

India, despite its extensive coastline and maritime trade reliance, continues to witness low marine insurance penetration, with the segment contributing only a small share to an already modest non-life insurance penetration of less than 1 percent of GDP. As India’s logistics and trade networks expand, this widening protection gap poses significant challenges for businesses and the economy.

The conclave addressed this issue through four core themes. They include boosting marine insurance penetration in India, responding to an evolving global and domestic risk landscape, adopting international best practices and modern underwriting tools and keeping pace with India’s infrastructure and maritime expansion.

Expert speakers and international delegates discussed how geopolitical shifts, climate change, and technological disruptions are reshaping maritime risks. Industry leaders emphasized the need for enhanced underwriting capacity, digital transformation, and stronger ecosystem collaboration.

The inaugural session began with a welcome address by BC Patnaik, Director, NIA, highlighting the growing significance of marine insurance in India’s maritime expansion. Inderjeet Singh, Secretary General, General Insurance Council, followed with remarks stressing industry collaboration for a stronger marine insurance framework. The keynote by Girija Subramanian, CMD, The New India Assurance, underscored the sector’s role in trade resilience and the need for global best practices. The session concluded with the Chief Guest, Dr. Tapan Singhel, MD & CEO, Bajaj General Insurance Limited, who spoke about the evolving risk landscape and the importance of innovation and capacity building across the industry. Lars Lange, Secretary General of International Union of Marine Insurance (IUMI) shared the global marine landscape, the geopolitical, technological and sustainability challenges it faces and how the industry can explore newer opportunities in changing times.

On the occasion of the Marine Conclave, 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. Our aim is simple — make marine insurance easier to access, more transparent, and strong enough to protect India’s growing maritime activity. The discussions over these two days showed a clear willingness from all sides to work together and take practical steps forward."

Sharing his views as the Chief Guest, Dr. Tapan Singhel, Managing Director & CEO of Bajaj General Insurance Limited, stated “Technology and AI are rapidly reshaping the fundamentals of insurance — from underwriting to claims. No role is immune as automation accelerates. Machines can analyse patterns, but the real value we bring lies in judgment, creativity and solving problems beyond data. What we see in aerospace today will transform shipping and marine tomorrow. The future will belong to those who adapt early, innovate continuously and stay ahead of technology.”

Key sessions covered the digitisation of cargo certificates, AI-driven underwriting, contract certainty for improving the clarity and customization of marine insurance wordings. Insuring of specialized cargo risks—including pharmaceuticals, bulk commodities, over dimensional cargoes, and protocols for transporting electric vehicles—were examined in detailed manner. A panel consisting of eminent insurance professionals deliberated on the best industry practices followed in India and abroad for profitable growth of the marine cargo portfolio.

The conclave also contributed actionable insights to support national priorities such as the Maritime India Vision 2030, port modernization initiatives, shipbuilding development, and strengthening India’s domestic Protection & Indemnity (P&I) framework. By bringing the full value chain together, the event set the stage for industry-led initiatives aimed at enhancing cargo insurance penetration and enabling sustained double-digit growth in the marine insurance segment.