DUAL Europe has launched a dedicated cargo insurance business, effective Sept. 1, expanding its marine platform two years after establishing its marine hub.
The move marks a significant step in broadening the company's proposition and reflects growing demand for comprehensive cargo solutions across European markets.
The new unit is led by Chris Wittoeck, head of cargo, who has more than 25 years of experience in marine cargo underwriting. Wittoeck has held senior roles at Jean Verheyen (AXA Group), 24Vision Insurance Solutions, Groupe Eyssautier, AMLIN and AXA Corporate Solutions. He also chairs the Cargo Committee of the Belgian Association for Marine Insurers and contributes actively to the International Union of Marine Insurance (IUMI).
Supporting him is Marc Stoopman, lead underwriter cargo for DUAL Benelux, a veteran marine, cargo and logistics insurance specialist with three decades of experience across underwriting and broking. Stoopman’s background includes senior positions at TenneT, Marsh, Starr Underwriting Agents (Lloyd’s) and Overvliet Assurantiemakelaars, with expertise in offshore contracting, shipbuilding and logistics. Additional hires are expected in Germany and other European markets over the coming months.
Cargo claims will initially be overseen by Femke Nollet, head of claims at DUAL Benelux, while a dedicated claims team is established.
Coverage and proposition
DUAL Europe's cargo insurance offers all-risks cover with a range of extensions, including Waterborne War Worldwide. Coverage spans property and liability protection for cargo, stock and transit, with acceptance of all types of goods. Both lead and follow lines underwriting are also available, according to the company.
According to Aram Stoop, managing director of DUAL Marine Europe, the expansion reflects the rapid growth of the firm's marine business and the appetite for specialist solutions. He said the addition of cargo underwriting strengthens DUAL’s ability to serve niche markets and maintain a sustainable competitive position despite challenging conditions.
Meanwhile, Wittoeck emphasised that the team's expertise is intended to provide clients and brokers with bespoke solutions across all cargo types and geographies, supported by strong risk management, proactive claims handling and recovery strategies. He said this combination would deliver underwriting resilience while building long-term trust with clients and capacity providers.
Profitable but facing uncertainty
The launch comes at a time when the global cargo insurance sector remains profitable but is facing uncertainty. According to the IUMI, global cargo premiums reached US$22.64 billion in 2024, a 1.6% increase on the previous year, while loss ratios have steadily improved since 2018.
Challenges, however, are on the horizon. The cargo market is expected to feel the effects of shifting trade flows caused by tariffs and geopolitical pressures, which could alter insured values and reshape shipping patterns. Risks such as cargo accumulations, mis-declared goods and the transition to net-zero are also influencing underwriting decisions.
