Adapting Marine Coverage to Meet Evolving Export Challenges
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.
In response to recent shifts in global trade dynamics, GT Insurance is reaffirming its commitment to supporting Australian marine clients navigating these challenges.
The 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.
Despite these developments, GT Insurance remains steadfast in its support. As a specialist underwriting agency with over 25 years of experience in heavy motor, marine, and machinery insurance, the company is focused on helping brokers and their clients adapt with confidence.
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."
GT Insurance encourages brokers to reach out if their clients are experiencing any drop in gross freight earnings or significant shifts in operational risk. The company's marine insurance solutions are designed with flexibility in mind, allowing for adjustments that align with current market conditions.
For Australians considering marine investments, such as jet skis, this proactive approach by GT Insurance highlights the importance of adaptable insurance solutions. Understanding how external factors like trade policies can impact insurance terms and premiums is crucial for making informed decisions about financing and protecting personal watercraft.
Published:Thursday, 22nd Jan 2026 Source: Paige Estritori
Please Note: If this information affects you, seek advice from a licensed professional.
In a landmark decision, Australia has awarded a AU$10 billion (US$6.5 billion) contract to Japan's Mitsubishi Heavy Industries for the construction of 11 Mogami-class frigates. This agreement signifies the most substantial defense industry collaboration between the two nations to date. - read more
Global insurance broker Marsh has been appointed by the Australian government to oversee the insurance and risk advisory components of the Royal Australian Navy's Maritime Insurance Program (MIP). This program is integral to the nation's extensive naval fleet expansion and infrastructure development initiatives. - read more
In response to recent shifts in global trade dynamics, GT Insurance is reaffirming its commitment to supporting Australian marine clients navigating these challenges. The 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. - read more
Recent data indicates a significant shift in the enforcement landscape affecting Australian small and medium-sized enterprises (SMEs). Non-bank lenders have markedly increased their court-based recovery actions, coinciding with a rise in SME insolvencies. This trend emerges as major banks reduce their enforcement activities, highlighting a changing dynamic in creditor behaviour. - read more
In the final quarter of 2025, Australian small and medium-sized enterprises (SMEs) exhibited a cautious approach to borrowing, influenced by ongoing uncertainty surrounding inflation and interest rates. This trend reflects a broader hesitancy among businesses to commit to new financing amid an unpredictable economic environment. - read more
