Marine insurance implications from a shift of emphasis in offshore energy

Mariella Dauphinee,  Marine Claims Leader at Coast Underwriters (an Intact Insurance Company) and IUMI Executive Committee member outlines the current restrictions in the Panama Canal and how that is impacting shipping. She discusses this in the wider context of other geopolitical events to highlight the potential effect on global trade.

In this podcast we are joined by Michele Cibrario from SwissRe and Vice Chair of our Offshore Energy Committee. Michele discusses the general shift in the energy markets from fossil fuel to renewables with a focus on the offshore industries. He then drills down into the implications and opportunities for marine underwriters giving ample advice and food for thought.

In IUMI’s 150th year, we invite Secretary General, Lars Lange to reflect on how the association has evolved over the past century and a half to remain the bedrock of global marine insurance. Lars discusses the modern association and also gives us an insight into what the future might hold for IUMI.

In most countries, there are strict laws against discrimination but it is fair to say that embracing Diversity, Equity, Inclusion and Belonging (DEIB) in its fullest sense is still largely voluntary. A raft of studies have shown how adopting the many facets of DEIB can dramatically impact job performance, job turnover and work absences and, as importantly, the positive effect it has on a company’s strategy and decision making process as well as on individuals themselves. In this podcast we explore DEIB within the marine insurance community and to do that we are joined by three senior IUMI representatives who are Anneke Kooiman, Patrizia Kern-Ferretti and Sean Dalton.

Our Cargo Masterclass is becoming an essential training tool for marine insurance professionals and is now a central element to our education activities. In this podcast, we are joined by the Chair of our Education Forum, Christopher Hesselbrandt and also by Annemieke Boon from DUPI Underwriting who participated, as a student, in our recent Cargo Masterclass. Together, we discuss IUMI’s education ambitions and we hear, first hand, what it is like to participate as a student. We also give details of our next Cargo Masterclass which is planned for April 2024 in London.

Our latest podcast features Jun Lin and Astrid Seltmann from the Facts & Figures Committee who discuss the state of marine insurance within the wider context of the macro-economy and the shipping and offshore energy sectors. They draw on the presentations they gave at the conference in Edinburgh to provide insight and analysis to this year’s marine insurance statistics compiled by the IUMI Facts & Figures Committee.

In this podcast we are joined by Neil Roberts, Head of Marine and Aviation at Lloyd’s Market Association and Dave Matcham, Chief Executive of the International Underwriting Association who are joint hosts for this year’s IUMI Conference; and also by Lars Lange, IUMI Secretary General. We are treated to a preview of what to expect this year both in terms of the conference agenda and also the social programme. This podcast is a “must listen” for all those planning on going to Edinburgh later in the month.

In this podcast we are joined by Martti Simojoki from Alandia in Helsinki, who is also a member of IUMI’s Loss Prevention Committee; and Hendrike Kühl, IUMI’s Policy Director. Together, we debate the often mooted suggestion that a number of onboard fires have resulted from an electric vehicle and go on to discuss the difference between fires in electric vehicles and those started by standard internal combustion engine vehicles. We then turn to IUMI’s recently issued best practice and recommendations paper for the safe transport of EVs by sea. Finally, we take a look at how we think this issue will progress.  

In this podcast we chat with Dr Harry Conway, the Permanent Representative of Liberia’s Permanent Mission to the IMO and the Chair of IMO’s Marine Environment Protection Committee. At the last meeting of MEPC held in early July, the Committee agreed, unanimously, to adopt the new 2023 IMO Strategy on Reduction of GHG Emissions from Ships. This potentially ground-breaking strategy includes an enhanced common ambition to reach net-zero GHG emissions from international shipping close to 2050. It establishes two checkpoints on the path to 2050 including a 20% reduction by 2030 and a 70% reduction by 2040, both from a 2008 baseline.   In the podcast, Dr Conway explains the implications and practicalities of this brave new ambition and also outlines the work of the MEPC and what the committee will focus on going forward.  

The pandemic, Russia-Ukraine, cost of living, and China-Taiwan demonstrate the circularity of global threats and highlight the need for (re)insurers and their clients to have a better understanding of these crises’ impacts, especially considering the financial outcomes from such global events. Suki Basi, Managing Director at Russell Group and an IUMI Professional Partner, says financial outcomes relating to insurable and insured outcomes require better modelling, risk assessment and holistic analysis.    Tune into our latest podcast and learn how horizon scanning, or environmental scanning, is a foresight method for discovering early signs of potential change. Suki uses an example of trade disruption in ports and how trade data can enable the analysis of the financial impact. Click here to listen: