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Analysis highlights the roles of Hull and Machinery and Cargo insurance in risk management, suggesting improvements for Vietnam's market.
Maritime insurance serves as a cornerstone of the global shipping industry, ensuring financial stability and sustainable development in the face of unpredictable risks. This study analyzes two principal forms of maritime insurance—Hull and Machinery (H&M) insurance and Cargo insurance—highlighting their essential roles in safeguarding vessels, machinery, and cargo value against losses caused by accidents, natural disasters, and unforeseen maritime incidents. Drawing on international practices such as the Institute Cargo Clauses (ICC) and notable case studies including the MOL Comfort and Ever Given incidents, the paper demonstrates the indispensable function of insurance in global supply chain continuity and risk management. In the Vietnamese context, while the legal framework has been gradually aligned with international standards, significant challenges remain regarding limited market capacity, reliance on international reinsurance, and low participation rates among exporters. The paper concludes with recommendations to enhance Vietnam’s marine insurance market to support sustainable maritime trade development
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Thi Hanh Tong (2025) studied this question.
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