The government’s upcoming war insurance bill is the most important maritime initiative in the new legislative program, assesses Danish Shipping. The proposal is to ensure that the Danish merchant fleet can continue operations in the event of war, even if the commercial insurance market collapses.
“We live in a time of global tensions, and it is important that Denmark can maintain the operation of the Danish merchant fleet in the event of war – not least in light of Denmark being among the world’s largest shipping nations. And as with any insurance, I hope we never need to draw on it,” says Anne H. Steffensen, CEO of Danish Shipping.
The bill, which will be presented on Wednesday, involves a state loan guarantee of 6 billion DKK as part of the activation of the War Insurance Institute. The scheme is financed through contributions from the shipping companies and is intended to function as a state credit facility that can ensure quick liquidity in a crisis situation.
Danish Shipping has long worked to get the scheme in place and describes the bill as timely and necessary to protect one of Denmark’s most strategically important business sectors.
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