The change in ice conditions and recent rise in the use of the high Arctic as a trading route requires more infrastructure support to facilitate the provision of adequate insurance, the International Union of Marine Insurance (IUMI) has stated in a position paper.
The frequency of major vessel casualties has risen in 2016 for the second consecutive year amid a continuing challenging market for marine underwriters, according to the International Union of Marine Insurance (IUMI).
Two relatively recent major insurance events have highlighted the risk of accumulation and the related systemic risks for the underwriting side of the marine insurance business. Various speakers at a panel on marine cargo at the 4th Asia Marine Insurance Conference in Hong Kong highlighted this fact.
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 was a distinctly Asian flavour to the opening session of the International Union of Marine Insurance (IUMI) annual conference in Genoa this week, which attracted some 600 delegates from IUMI’s 46 national association members.