IUMI: Loss prevention keeps up with marine industry change

Speaking at the International Union of Marine Insurers (IUMI) annual conference in Chicago, he told delegates that the collaboration and detailed work undertaken by the marine insurance industry over the past three years are quickly resulting in improvements to operating and safety practices.

Two years ago wind powered and unmanned vessels were concepts. Now they are being found in the real world. The marine industry is going through a wave of change and continues to be supported by carefully considered and practical loss prevention practices. As an industry we have collaborated well, sharing data and best practices with all stakeholders

said Mr. Dubois, before adding that “it is vital that the marine insurance community continues to leverage new technologies to further improve loss prevention processes, particularly in addressing evolving risks such as climate impacts and changing industry regulation. Good loss prevention is good for business: it helps marine underwriters achieve higher levels of efficiency and profitability.”

Furthermore, he cited the example of the work undertaken by the insurance community to support the movement of grain out of Ukraine in very challenging circumstances as an example of how loss prevention strategies can be quickly developed and adopted.

Thanks in part to the sharing of best practice, a grain corridor has been opened which has allowed vessels to trade as safely as possible through mined waters

In a separate move, IUMI’s Loss Prevention Committee announced the creation of a working group to provide loss prevention guidance for flexitanks. Flexitanks, which are used to carry non-dangerous bulk liquids within a standard box container, offer an alternative to ISO tank containers and their use has grown six-fold since 2009 to around 1.5m movements per annum.