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© Suryani/AdobeStock been scrapped.

Meanwhile, the US is backing away from several federal climate commitments, and other jurisdictions are pausing or recalibrating their sustainability trajectories. The result is a fragmented global ESG environment. Multinationals face compliance asymmetry, whereby they may be judged against the strictest global standard, regardless of local requirements.

This creates legal uncertainty and reputational exposure, as well as strategic misalignment between subsidiaries and mar- kets. Maritime businesses involved in global trade are espe- cially exposed to the brunt of these changes.

Natural Catastrophes

Dropping from ? rst to second place this year is Natural Ca- tastrophes with 32% of marine respondents citing this risk as a leading concern for 2026. From the insurance perspective, economic and insured losses remained high, albeit lower than the 10-year average. The evolving nature of natural catas- trophes continues to pose signi? cant challenges to businesses and the (re)insurance industry. Insured losses from natural ca- set to continue its broad deregulatory push aimed at lowering tastrophes are set to reach US$107bn for 2025, according to business costs and boosting competitiveness, Europe is likely

Swiss Re – the sixth year in a row they have exceeded $100bn, to pursue selective regulatory simpli? cation while maintain- while economic losses are well in excess of $200bn.

ing its longstanding commitment to robust rules and safety.

A close-to-average North Atlantic hurricane season un-

Meanwhile, China is expected to maintain its calibrated ap- doubtedly helped moderate losses this year. Of the 13 storms proach, seeking to foster innovation while preserving state that formed, only three made landfall and, for the ? rst time oversight and strategic control of key sectors. All maritime in 10 years, no hurricane made landfall in the US. Hurricane related shipping industries are keeping a close eye on the Melissa, however, was a reminder of the devastation a single weekly and sometimes daily changes related to these evolving storm can cause. Although all four major ports were of? cially frameworks in attempts to safely keep their business navigat- reopened by mid-December, the Ports of Montego Bay, Fal- ing on the best course. mouth, and Black River are all still recovering from the dam-

The EU is easing parts of its environmental, social, and ages caused by Melissa.

governance (ESG) agenda by narrowing the obligations of the

Natural catastrophes should remain a ? xture on the business

Corporate Sustainability Reporting Directive (CSRD) and the risk radar. Climate change makes large tropical cyclones, like

Corporate Sustainability Due Diligence Directive (CSDDD).

Hurricane Melissa and Super Typhoon Ragasa, more likely. 80% of companies are now outside the scope, reporting re-

It only needs one typhoon hitting in the right place to disrupt quirements have been vastly simpli? ed, and obligations relat- global supply chains.

ing to the civil liability regime and transition plans have also www.marinelink.com 23

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