(MT Newswires) -- Marsh & McLennan chief executive John Doyle highlights the vital role insurance plays in the viability of the maritime industry, while revealing a staggering rise in insurance costs, with rates increasing up to tenfold. This inflation is forcing shipowners to deviate from their usual routes, looking for less risky ways to protect crews, ships and cargo. He expresses concern about the potential impact on the global economy, including the inflationary risk of increased shipping costs and delivery delays. Doyle also speaks proudly of the company's role in the resumption of grain transport in the Black Sea, through a partnership with the Ukrainian government.

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