Technology Bulletin, September 2018
20 September 2018
The pace of technological change in the shipping industry has accelerated exponentially in the last two years. This bulletin explores the impact of technological advancements upon both the shipping and insurance industries. The bulletin is available to download via the link on the right.
Autonomous ships is arguably one of the most divisive topics on the future of shipping. We give our view of when and why these ships may become a reality.
Further, we look at the main barrier to autonomous technology – regulation. Traditionally, shipping regulation has been slow to react to change, will this be the case for autonomous vessels?
Drone technology has traditionally been associated with the military but has more recently become popular for personal and commercial uses, with high-definition video cameras installed. As these become more common in shipping, we consider the risks and rewards of using drones.
Five years ago, 3D printing was considered by many to be the next technological breakthrough for the mass market in home and personal use; however, many have since realised that there are far greater applications for industry. This article explains the current ability of the technology and its potential uses for the shipping industry.
As the pace of generating, collecting, harvesting and distributing data accelerates across the maritime sector, opportunities may present themselves for insurers to build a better risk picture and to refine their underwriting models and internal processes.
Blockchain presents tremendous potential for the shipping industry. This article looks to shed some light on this technology and illustrate some potential implications for the marine insurance industry.
Technology and the future of Lloyd's
Over the last five years, there has been significant investment by the London Market Group, Lloyd’s and organisations within the market to consider how to make it easier to do business with the London market and enable the London market to grow and adapt to changes in the global insurance market.
Our final article provides a recap on club cover for cyber risks. Cyber risks are becoming an increasingly prevalent topic across all industries, but the shipping industry has been identified as particularly vulnerable to cyber-attack since modern vessel navigation and propulsion have become increasingly dependent on computer software. As such, shipowners should consider their exposures. In this article, we outline how standard P&I cover generally operates in respect of shipboard cyber risks.
Technology Working Group
The Standard Club has established a Technology Working Group to monitor technological change in the shipping industry and consider the implications for its membership. This is made up of representatives from across the company for a diverse range of inputs. If you wish to get in touch, please contact us at: TechnologyWorkingGroup@ctplc.com or contact the authors individually on the right.