Speaking at the International Union of Marine Insurance (IUMI) annual conference, chairperson of the IUMI Loss Prevention Committee, Pascal Dubois, called on marine insurers to recognize the vital role of loss prevention.
Using the concept of a ‘virtuous circle’ to explain the value of loss prevention, Mr. Dubois highlighted the need for insurers to use new technologies to further improve loss prevention processes.
Loss prevention is becoming increasingly important for marine underwriters to do their jobs efficiently, and rightly so. It not only concerns all categories of the business within the marine line, from hull to cargo to energy, for example, but it also impacts all operational functionalities within every marine insurance company, from underwriters through to claims handlers
For this reason, he noted that leveraging new technologies and solutions including online audits, inspections and remote surveys which create efficiencies and lower costs in applying loss prevention measures will improve this virtuous circle of loss prevention further
In addition, adopting loss prevention measures also contributes to the sustainability of the industry and to environmental, social and governance (ESG) issues.
Ultimately, loss prevention is really about delivering a better service for all parties, for the clients, for the companies, for the industry, for the environment and for the sustainability of our industry
Mr. Dubois concluded
