How has marine insurance performed over the past 18 months?

Modern slavery is a major human rights issues affecting many millions of people across the globe. Although illegal in every country, many industries are impacted including maritime. Despite being on the edges, marine insurers can still play a part in helping to reduce and ultimately eradicate this appalling practice. Pauline Des Vallieres, Chair of IUMI’s ESG Working Group and Hendrike Kühl, IUMI’s Policy Director join our latest podcast to discuss this pressing issue and to offer advice to all those working in our sector. Further reading: IUMI Information Paper: Modern slavery & forced labour: What marine insurers should be aware of: https://iumi.com/policy/position-papers/modern-slavery-forced-labour-what-marine-insurers-should-be-aware-of/ Global Slavery Index, Walk Free: https://www.walkfree.org/global-slavery-index/ Forced labour, modern slavery and trafficking in persons, International Labour Organisation: https://www.ilo.org/topics-and-sectors/forced-labour-modern-slavery-and-trafficking-persons Seafarers and Illegal Recruitment Fees: 2024 Insights, Institute for Human Rights and Business: https://www.ihrb.org/resources/seafarers-and-illegal-recruitment-fees Ocean Outlaw Podcast: https://theoutlawocean.com/podcast/slavery-at-sea

Tune into our latest podcast to get an update on the recently published IUMI statistics and analysis covering global premiums, loss ratios, market commentary and more. We feature Jun Lin, Chair of our Facts & Figures Committee and Veith Huesmann, our Chief Analyst. Together, they discuss the health of marine hull, cargo and offshore energy insurance amidst global change and uncertainty. Don’t miss it!

In our latest podcast we turn the spotlight on the Indian Marine Insurance market and we are joined by: Pratibha Jadav, Consultant at General Insurance Council of India Sujoy Maitra, Vice President & Head – Marine Insurance at ICICI Lombard General Insurance Co. Ltd. Jayati Roy, Deputy General Manager, Marine Hull, Cargo & Aviation Dept at The New India Assurance Co. Ltd. Amit Umrawala, Senior Vice President & Head – Marine at Tata AIG General Insurance Co. Ltd. We discuss the current status and future of Indian marine insurance as well as opportunities for investment. We debate the similarities and differences with international markets as well as local customs and practices; and we highlight the plans and ambitions that India has to continue to grow, develop and strengthen its market.

The much-anticipated IUMI annual conference will be staged this year in Singapore 7-10 September. In the podcast we chat with Ho Kai Weng, CEO of the General Insurance Association of Singapore and Lars Lange, Secretary General at IUMI. GIA and IUMI are co-hosting the event in the Resorts World Convention Centre on Sentosa Island, Singapore. Our guests give a unique preview of the conference and surrounding social programme and offer their thoughts on what speakers and delegates will be discussing and what’s not to be missed.

Today – 5 June – is international IUU Fishing Day which raises awareness of illegal, unregulated and unreported fishing.   This is a significant problem affecting fisheries, economies and livelihoods. It not only undermines conservation efforts but also threatens marine biodiversity and encourages poverty, food insecurity and human rights abuses.   In this podcast we discuss this concerning and growing issue in the context of marine insurance. To do that, we are joined by Anneke Kooiman who is Associate Director, Technique Marine at DUPI in the Netherlands. Anneke has a long association with IUMI including a number of  years chairing the Inland Hull, Fishing Vessels and Yachts Committee where she was very vocal on the issue of IUU fishing.    We are also joined by Lindsay Getschel who is an Outreach and Engagement Senior Associate from the Ocean Risk and Resilience Action Alliance in Washington DC.

In this podcast we explore the inner workings of IUMI and, in particular, a recent initiative to encourage younger members to join our technical committees. Not long ago it was decided to recruit junior members to committee meetings to watch and to listen but, more importantly, to make valuable contributions to the work of their chosen committee or forum.  We hear from two newish junior members about their experiences with IUMI so far. Joining the discussion are Jackie Lan who is a Senior Marine Hull and Liability Underwriter at QBE in Singapore and also Sean Whitney who is Assistant Vice-President, Ocean Marine at SOMPO in New York. Jackie is a member of the Ocean Hull Committee and Sean sits on the Inland Hull, Fishing Vessel and Yachts Committee. Listen to what they have to say. 

Tariffs – actual or threatened – are changing the way we live, work and do business. Nations are imposing restrictions on other nations only to suffer themselves as retaliatory tariffs are demanded. Global markets have suffered and international trade is exposed. The current situation remains unclear and in a state of flux but some say the world has changed forever.   To try to make sense of the impact of protectionism on marine insurance, we’ve invited three top experts from Europe, Asia and North America to join this podcast. Frédéric Denèfle, Tom Shinya and Sean Dalton discuss the likely impact of the economic actions of our political leaders and predict how this might play out in the world of marine insurance.  

The Chinese marine insurance market is an important one. It continues to grow off the back of the world's largest commercial fleet and a range of domestic initiatives. In this podcast we speak with Ge Qi, Head of Reinsurance at Cosco Shipping Captive Insurance Company, a Director of the Shanghai Institute of Marine Insurance and a member of IUMI's Ocean Hull Committee. Ge Qi gives a unique insight into the current status of the Chinese market and explains how he believes the market will grow and develop over the coming years.

Shipping is moving towards Net Zero to comply with IMO’s climate ambitions and this requires a joined-up effort from all involved in the maritime industry, including marine insurers. In this podcast, Dr Sinem Ogis from Türk P&I Insurance (and a member of our Legal & Liability Committee) reviews progress towards Net Zero and highlights the role for marine underwriters. James Whitlam from Concirrus (an IUMI Professional Partner) joins the discussion to explain how insurtech can help insurers.  

In this podcast we discuss the influential Top Tier Joint Industry Project which is being run by MARIN (Maritime Research Institute Netherlands) and focuses on container safety. We speak with Project Direct Jos Koning who shares the project’s objectives and gives us an early insight into the findings and conclusions. Around 40 organisations are participating in the project and IUMI is represented through its German member, GDV.