According to Tuomas Kiihamäki, Head of Cargo Underwriting and Risk Management, “We have learned that tariffs have unintended economic consequences. In the U.S. - China trade war, tariffs disrupted established supply chains, led to higher costs for businesses and consumers and forced many to bear additional expenses or reconsider their sourcing approach, and business needs to ensure that this it handled and taken care of in their insurance solutions.
Tuomas Kiihamäki highlights that insurers also find themselves in a unique environment compared to just a few years ago. “To stay ahead, we need to become even more adaptive. Tariffs are increasing unpredictability with trade routes, cargo values and the broader risk landscape. There is a need for tailored underwriting and closer collaboration with between business and their insurers to navigate challenges together.”
“In If, we are prepared and ready to go into dialogue with businesses to support them in the changing environment securing that they have proper insurance coverage,” Tuomas notes.