Addressing delegates at the International Union of Marine Insurance (IUMI) annual conference in Singapore, Pascal Dubois, Chair of the IUMI Loss Prevention Committee, reaffirmed the critical importance of loss prevention in today’s maritime landscape.
“The marine insurance sector has debated loss prevention for many years,” Dubois said. “Some may question whether the concept has passed its sell-by date – but in reality, it has never been more relevant.”
Dubois outlined four major challenges facing the shipping and marine insurance industries:
- Climate change and the transition to net zero.
- Geopolitical volatility, encompassing both physical and economic conflict.
- Technological transformation, including advances in artificial intelligence.
- Finance, specifically the availability of capital for the significant investment required to address these challenges.
“It is inconceivable that society – and shipping – can navigate these issues without prevention,” he said.
Dubois cited practical examples already in use, such as vessels re-routing via the Cape of Good Hope to avoid the Red Sea high-risk area, drone-based surveys, IoT-enabled real-time cargo tracking, predictive analytics to sustain traffic flows and blockchain for secure document processing.
“Prevention is about re-structuring our businesses and enhancing the way we operate,” he said. “We are entering a brave new world of unprecedented complexity. Embedding loss prevention into daily operations will only grow in importance.”
As shipping accelerates its decarbonisation efforts, Dubois stressed that maritime stakeholders will increasingly look to de-risk operations by fully understanding the risks and implementing robust prevention strategies. This will provide the confidence needed for investment and transformation.
Through its Loss Prevention Committee, IUMI continues to play a central role in disseminating knowledge and best practices across the global maritime industry.
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