TOP 3 CHALLENGES FACED BY THE SHIPYARD AND MARITIME INDUSTRY
The extent to which the challenges faced by the shipyard and maritime industry can go is unpredictable. Yet the experts are conducting studies to tackle the predictable challenges. Even the insurance sector including the insurance brokers in India are coming up with schemes and services to favor the marine industry in facing these challenges. Following are the top 3 challenges faced by the shipyard and maritime sector.
1. RISING COSTS AND ENVIRONMENTAL REGULATIONS
The increasing ship equipment and fuel rates are leading to increased operating costs, along with the challenges arising due to strict environmental regulations. Though these regulations are beneficial on a long-term basis, at every step these might become difficult to follow by the industry runners.
2. RISK MANAGEMENT AND SECURITY
Security risks are very prevalent when it comes to the marine business. Yet, getting them covered under a complete marine insurance policy forms a shield to protect the business financially and without hurdles. Insurance brokers in India such as First Policy have gained expertise in marine industry risk management programs with their successful delivery to clients. Yet a complete protection plan from maritime piracies and robberies is important. The emerging threats must be studied and acted upon.
3. EMPLOYEE PROCUREMENT
Less workforce and human involvement to work in a marine environment is a very threatening challenge for the industry to go on. The loss of maritime employees decelerates the global shipyard and maritime industry. People are not preferring to work in this industry and hence, the solution is to make it more employee-friendly with the factors that are in the marine business runners’ hands such as perks and flexibility, etc. this shortage of operational and ship workers is leading to a huge crisis in the maritime industry.
OUR ROLE
First Policy is a very capable insurance broker in India with immense experience and expertise to deal with real situations and have a risk management program planned and customized structurally for your marine business.
