6 days ago
Egypt's Suez Canal Authority holds meeting with IUMI representatives
The Suez Canal Authority (SCA) officials held an expanded meeting with representatives of the International Union of Marine Insurance (IUMI) on May 29, 2025- press photo
CAIRO – 29 May 2025: The Suez Canal Authority (SCA) held an expanded meeting with representatives of the International Union of Marine Insurance (IUMI) to discuss key developments in the maritime insurance sector and strengthen cooperation between the two institutions.
The meeting was chaired by Mr. Frédéric Denefle, President of IUMI; Mr. Lars Lange, Secretary General of IUMI; and Mr. Mohamed Hassan Farghali, Managing Director of the Suez Canal Insurance Company. Several members of the SCA's Board of Directors were also in attendance.
Discussions focused on global trends and challenges affecting the maritime insurance sector, particularly in relation to the security situation in the Red Sea region, which has contributed to a noticeable increase in marine insurance premiums for vessels transiting the area.
Both parties explored regional opportunities, mechanisms for future cooperation, and ways to enhance risk assessment strategies, especially in light of the positive security indicators emerging in the region.
The meeting also reviewed the proactive safety measures undertaken by the Suez Canal Authority to ensure safe and efficient navigation. Egyptian officials reaffirmed the Authority's full commitment to maintaining the highest standards of navigational safety, backed by the Canal's strong safety performance metrics.
In 2023, the Suez Canal recorded a navigational emergency rate of just 0.06%, a figure considered extremely low given that the Canal saw its highest annual traffic ever, with 26,434 ships transiting during the year.
SCA representatives emphasized the Authority's ongoing efforts to enhance infrastructure and navigational capabilities, citing the success of the Southern Sector Development Project. This initiative has led to a 28% increase in navigational safety by reducing ocean current intensity and improving maneuverability for vessels, while also providing a comprehensive navigational support package.
The meeting concluded with a mutual understanding of the importance of continued dialogue and collaboration to support a secure, efficient, and sustainable maritime industry.
