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ID Podcast: Marine insurers ‘must go further’ to mitigate compliance risks

Marine insurers and brokers are facing an ever more complex compliance landscape. Amalie Korning Wedege, head of sanctions compliance at Danske Bank, and Leigh Hansson, partner at law firm Reed Smith, speak to Insurance Day about the very serious risks facing the insurance industry

Marine insurers need to do more to ensure they are compliant with sanctions regimes against a backdrop of increased scrutiny of the sector, compliance experts have warned.

Amalie Korning Wedege, head of sanctions compliance at Danske Bank, told the Insurance Day podcast sanctions pressure is not likely to let up.

At the same time, the prospect of US sanctions being lifted against Iran, specifically when it comes to shipping, has raised hopes of a less volatile compliance landscape.

Leigh Hansson, partner at the law firm Reed Smith, said the marine industry is getting increasingly sophisticated and more likely to scrutinise shippers’ claims.

This is thought to be necessary because the evasion tactics used by those circumventing scrutiny are evolving and outpacing the existing sanctions effectiveness.

This podcast was brought to you in association with our sister publication Lloyd’s List.

For more information on the new Lloyd’s List Intelligence Seasearcher Advanced Risk & Compliance service, follow this link.

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