Marine insurers need to keep up with the times: IUMI president

It is important for the marine insurance industry to adopt new technologies to keep up with the times. This was the message that International Union of Marine Insurers (IUMI) president Dieter Berg had for the marine insurance community at the 4th Asia Marine Insurance Conference in Hong Kong.

"There are a lot of tech start ups now attacking traditional insurance business financial services companies that try to make things more efficient with new distribution channels on the internet and price comparison platforms," Berg said.

"For us as marine insurers we really have to be aware of what is happening out there," he cautioned, while maintaining that the industry still needs to concentrate on its core competencies of delivering good underwriting and service quality and risk management.

Among the challenges ahead to the industry are staying relevant to the clients. This includes dealing with the changing environment, especially the technological challenges such as mega projects with huge values involved as well as ultra large container vessels.

The issue here is not just the increasing scale but also the rising value of the cargo these vessels are now carrying, which all in could easily amount to a $2bn total loss, Berg pointed out.

Another new challenge is that of renewable energy with more offshore wind farms being built and further offshore. Their sheer scale and pace of development in the past ten years especially in China is something that needs to be addressed, Berg said.

Finally, yet other issues that could pop up are those related to the increasing use of floating liquefied natural gas plants as well as decommissioning of oil platforms in the North Sea.

Posted 24 October 2016

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Vincent Wee

Asia Editor, Seatrade Maritime News

Read more stories like this...

Sign up to the Seatrade Maritime Newsletter and get stories like this delivered to your inbox.

Subscribe Now >

ShipTech Storybox

Seatrade ShipTech Middle East

23 – 24 September 2019 | Madinat Jumeirah, Dubai

The knowledge hub of technological advancements for the shipping sector. Learn, discover and experience new technologies and optimise operational efficiencies.

View 2019 programme >