The Committee discussed outcomes from the recent IMO MEPC meeting, noting a 12-month delay on decisions regarding decarbonisation. Members highlighted the potential impact on vessel ordering and ageing fleets, contributing to rising claims costs and loss of hire trends.

Cyber risks were discussed, particularly GPS spoofing and its implications for marine perils cover. A cyber working party will be established for focussed discussion on LMA 5403 and LMA 5402.  

Claims inflation remains a concern, driven by repair costs and parts shortages. ABL’s project on long-term claims trends may inform market understanding.

Sub-committee updates included progress on JH143 drafting, Joint Hull Yacht Sub Committee engagement with ICOMIA. 

Claims discussions addressed limited salvage capacity in the Red Sea and plans for a Hull and War Claims conference. Additional topics included alternative fuels, piracy risks, and lithium-ion fire suppression technology.