Opening this year’s IUMI (International Union of Marine Insurance) annual conference in Chicago, President Richard Turner introduced “Adapting to a World in Transition” as this year’s conference theme, highlighting the impact of climate, asset, macroeconomic and geopolitical changes on marine insurers, the clients they support and IUMI itself.
Addressing the 585 attendees he said: “The growing climate emergency, the rise of protectionism affecting international trade and the emergence of data and technology as a driver of huge change in all sectors have different ramifications for the world, international trade and by extension for us as a marine insurance sector.”
The IUMI President said that part of the longer-term solution for the marine insurance industry lay with better data and an increased focus on ESG (Environmental, Social & Governance) issues.
He said that the increasing frequency and severity of storms, fires and floods, coupled with changes to the ships, rigs and cargoes which IUMI members are protecting, would put pressure on the viability of some clients and sectors.
He told the audience that IUMI was reflecting on its long-term future under the banner of IUMI 2030, with various workstreams already underway.
“No organisation can simply stand still. We cannot simply assume that the work we did in the last decade will be sufficient to see us through the next decade. The wider changes in the world make such an outcome unlikely. We will need to evolve if we are to stay relevant to the sector we represent.”
IUMI launches new Masterclass in Cargo Insurance
The International Union of Marine Insurance (IUMI) is introducing a new Masterclass in Cargo Insurance. The programme will take place in London in March 2023 and will have a strong focus on key principles and practices of cargo insurance. It is IUMI's first in-person training course.
Designed to deliver an advanced level of learning, the course has been created by cargo insurance experts to widen participants' understanding and expertise in this field. IUMI's Masterclass in Cargo Insurance is aimed at senior underwriters and executives who want to expand their knowledge of their own business
“The Masterclass in Cargo Insurance is an excellent tool to enable practitioners to deep dive into key concepts of their line of business. It also offers a terrific opportunity to network with industry peers and to explore the characteristics of the London market,” said Sanjiv Singh, IUMI Education Forum Chair and Head, Marine & Specialty Lines, General Insurance Council, Mumbai, India.
Breakout workshops and group exercises will see the participants take an active role to expand their learning and the view of the global cargo insurance business. A trip to Lloyd’s of London will enable delegates to explore the market's history and meet with senior representatives from the Lloyd's Market Association and Joint Cargo Committee. Two evening events will offer further opportunities for networking. Detailed information about the curriculum, course leaders and bookings are available here.
New IUMI President and Executive Committee appointments
Frédéric Denèfle, Managing Director of French marine war risks specialist GAREX, has been appointed President, supported by a Vice President, Kosuke Hashimoto of Japan and General Manager of Marine Underwriting at Tokio Marine & Nichido Fire Insurance. The role of Vice President is a new position.
The current President, Richard Turner, has stepped down having completed his four-year term of office.
The IUMI conference in its four days deliberations covered a wide range of topics related to global marine insurance markets such as global marine insurance trends, loss prevention, ESG, offshore energy, geopolitical issues, war and sanctions, use of big data and digitalization etc. The presentations made in the conference on these topics can be found on Chicago 2022 (iumi.com) and the press releases on Press releases (iumi.com)
-Sanjiv Singh, Advisor, GI Council