Ashraf AboArafe
Ismailia – May 29, 2025
As part of its ongoing strategy to strengthen its role as a global trade artery, the Suez Canal Authority (SCA) held an extensive meeting with the International Union of Marine Insurance (IUMI). Attending the meeting were:
- Mr. Frédéric Denefle, President of IUMI
- Mr. Lars Lange, Secretary-General of IUMI
- Mr. Mohamed Hassan Farghaly, Managing Director of Suez Canal Insurance
- Members of the SCA Board of Directors
The meeting took place at the Guidance Building in Ismailia.
🔍 Focus on the Impact of Marine Insurance Costs in the Red Sea
Discussions centered on the impact of rising marine insurance premiums on Red Sea shipping, and explored prospective mechanisms for accurate maritime risk assessment, especially in light of current regional security dynamics.
📈 Positive Safety Indicators and Proactive Measures
SCA presented notable navigation safety indicators, reporting a very low emergency incident rate of 0.06% in 2023, despite a record 26,434 vessels transiting the canal that year.
Officials highlighted ongoing infrastructure upgrades, especially the Southern Sector Development Project, which has improved navigational safety by 28% by reducing current strength and increasing maneuvering space.
The Authority also emphasized its comprehensive navigation services, contributing to a safer maritime environment.
🤝 Toward Strategic Partnership with IUMI
The SCA expressed its keen interest in deepening collaboration with IUMI, acknowledging the union’s global role in advancing marine insurance standards, and seeking innovative solutions to mitigate maritime risks and support sustainable maritime trade.
🎙️ Global Recognition for the Canal’s Role
IUMI President Frédéric Denefle praised SCA’s efforts to maintain high standards of navigation safety, stressing the canal’s irreplaceable position in global trade despite geopolitical challenges.
IUMI Secretary-General Lars Lange lauded the SCA’s strategic contributions to global supply chain resilience, and commended the ongoing development of services and data exchange on maritime risks.
📝 Agreement to Maintain Direct Coordination
The meeting concluded with both parties agreeing to maintain direct communication channels and to further discussions on the Red Sea’s evolving dynamics, aiming to develop joint solutions that restore stability to global supply chains.
Official Spokesperson of the Suez Canal Authority
George Safwat
