GT Insurance Provides Flexible Solutions Amid Global Trade Shifts
Adapting to New Tariffs and Market Volatility in the Marine Sector
0
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
As global trade dynamics undergo significant shifts, GT Insurance is reaffirming its commitment to supporting marine clients navigating these challenges.
The recent imposition of US tariffs-25% on Australian steel and aluminium, and 10% on other exported goods-has introduced new uncertainties for local exporters, particularly in sectors like beef and bulk freight.
These tariffs, effective from April 5, 2025, have prompted concerns about declining export volumes and reduced freight margins.
In response, GT Insurance is emphasising flexibility and proactive partnership with brokers to reassess policy terms, limits, and structures to better align with clients' evolving operational conditions. Steve Amey, Head of Distribution for Marine at GT Insurance, stated, "We understand the challenges our marine clients face when external pressures like tariffs disrupt trade flows or freight earnings. Our approach is always to work proactively with brokers to reassess policy terms, limits, or structures to better match our clients' real-time operating conditions."
The company encourages brokers to reach out if their clients experience drops in gross freight earnings or significant shifts in operational risk. GT Insurance's marine insurance solutions are designed with adaptability in mind, allowing for adjustments that reflect the current market landscape.
For Australian boat owners and marine operators, this approach offers reassurance that their insurance coverage can be tailored to meet the demands of a fluctuating global trade environment. By maintaining open lines of communication and fostering strong broker relationships, GT Insurance aims to provide stability and support during periods of uncertainty.
As the marine industry continues to face external pressures, having an insurance partner that prioritises flexibility and proactive engagement is crucial. GT Insurance's commitment to adapting to clients' needs underscores its dedication to protecting livelihoods and empowering progress within the Australian marine sector.
Published:Wednesday, 10th Dec 2025 Source: Paige Estritori
Please Note: If this information affects you, seek advice from a licensed professional.
As the Australian summer school holidays coincide with peak freight activity, insurers and transport specialists are raising concerns about heightened road risks. The surge in freight traffic, coupled with increased holiday travel, amplifies the potential for road incidents, particularly involving heavy vehicles. - read more
Australia's transport and haulage sector is currently navigating a period of heightened operational risk, marked by an uptick in both the frequency and severity of motor collision claims. This trend underscores the pressing need for fleet operators to adopt proactive risk management strategies and leverage advanced insurance solutions to safeguard their operations. - read more
According to a recent report by Swiss Re, Australia's life insurance market is projected to experience a 1.7% real growth in premiums in 2025. This anticipated increase is attributed to easing cost-of-living pressures and the repricing of disability income policies. - read more
In a significant development for policyholders, TAL has expanded its Health Sense Plus program to encompass income protection (IP) policies. This initiative, effective from August 8, 2025, aims to incentivize proactive health management by offering premium discounts to clients who engage in preventive health checks. - read more
In a significant move to bolster support for the marina industry, Pelagic Risk Services has elevated its sponsorship status from Silver to Gold with the Marina Industries Association (MIA). This advancement underscores Pelagic's dedication to enhancing the operational capabilities and risk management strategies of marina operators across Australia. - read more
