News from the IUMI – Issue 9 June, 2015
The International Union of Marine Insurance (IUMI) issued its latest edition of the informative “IUMI Eye”.
“Currently the marine insurance industry is undergoing a period of change and recognises an increasing number of external factors which go beyond the traditional underwriting expertise“,Dieter Berg, IUMI President said.
“Increasing vessel sizes, larger construction projects, and complex drilling activities is on a much larger scale than ever before.
“A growing reliance on IT within shipping ports & logistics and offshore is increasing the exposure to cyber risk. Underwriters need a detailed understanding of these risks in order to tailor their products to meet client needs.
“The trend for mega vessels is affecting insurers due to the huge cargo values being transported; integrity of vessel structure and stability is of concern.
“More complex offshore installations, larger Floating Liquefied Natural Gas (FLNG) and Floating Production Storage and Offloading units (FPSO) operating in remote locations, including Arctic waters, inevitably define a new quality of risk. More complicated mooring systems and increased on-water traffic surrounding these installations have to be considered by underwriters“, Dieter Berg added.
Regarding the financial market,Dieter explained: “The financial crisis has had a significant impact on our business. We have to cope with a low interest environment, with political interventions on currency and sanction regimes. The volatile oil price, changing solvency capital regimes and internal risk models are undoubtedly influencing the marine insurance industry as well.
This issue ofIUMI Eye includes the following topics:
- Message from the President
- IUMI intervenes against ship life insurance to control ship recycling
- Maritime refugees: obligations on the merchant navy
- Maritime cyber attack
- A clear and present danger
- Q&A with Andrew Bardot, Chief Executive Officer of the International Group of P&I Clubs
- Insuring maritime activities in the Arctic
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