Our “People at IUMI” Q&A continues with a chat with Bo Yu who is Head of Claims at Markel in Singapore and a member of the Legal & Liability Committee
Tell us about your connection with IUMI?
My connection with IUMI began in 2022, when I was nominated with the support of Markel and to represent the General Insurance Association of Singapore on IUMI’s Legal & Liability Committee. The Committee gives me the opportunity to bring claims perspective to discussions on developments affecting the global marine insurance market.
Since then, my involvement has expanded into education and knowledge sharing. I have contributed to the development of IUMI’s Hull and Cargo Masterclasses, including helping to design parts of the curriculum and delivering sessions myself. Most recently, I was involved in delivering the first Cargo Masterclass held in Singapore and I have agreed to return as an instructor in 2027. For me, IUMI has become much more than a committee appointment. It is a platform through which I can learn, contribute and help develop the next generation of marine insurance professionals.
Why do you feel it’s important to be associated with IUMI?
The nature of the risks associated with marine itself is not subjected to any national borders, so it is important that our industry find ways to collaborate and does not work in silos. IUMI brings together practitioners from different markets, disciplines and backgrounds to compare experience, debate emerging issues and speak with a more coherent industry voice.
That is particularly important when marine insurance is dealing with geopolitical instability, sanctions, new vessel technologies, alternative fuels, accumulation risks and increasingly complex supply chains. No individual insurer or market has all the answers. IUMI allows us to combine practical experience and turn it into education, guidance and, where necessary, advocacy.
I also value its role in professional development. Marine insurance has a shrinking talent pool and we need to pass on practical knowledge before it is lost. IUMI gives experienced practitioners a way to contribute beyond their own organisations and make the industry more accessible to people coming through.
What is your day job and how did you get to that position?
I am Head of Claims – Asia at Markel, based in Singapore. I lead the regional claims function and oversee claims across Marine, Energy, Casualty and Professional and Financial Risks. Apart from the general claims work, I work closely with underwriting, actuarial and management teams on emerging loss trends, policy wordings, portfolio issues and how claims insight can support better business decisions.
I started as a third-party claims practitioner providing services to cargo underwriters globally, then moved into broking and claims advocacy, and eventually joined insurers handling claims directly. Each move meant giving up some familiarity and starting again but together they gave me a much more rounded perspective. I learnt how claims look to the insurer, the broker, the policyholder and the service providers involved in resolving a casualty.
When I joined Markel, the regional claims role had been vacant for some time and the pandemic had just begun. I therefore had to get to know the organisation remotely while rebuilding the claims presence in Asia. It was challenging but it also gave me the opportunity to shape the function rather than simply inherit it. Over time, the role developed from managing individual claims into building a regional team and connecting claims more closely with underwriting and portfolio strategy.
What is the best decision you’ve taken in your career?
The best decision I made was to have that open mindset which helped me to explore different roles that showed me a different side of the same industry.
That experience has also convinced me that claims should not operate only at the back end of the insurance process. The most useful claims function is one that resolves losses properly but also feeds its experience back into underwriting, actuarial analysis, policy wording and product development. Choosing breadth rather than staying within one narrow lane has probably shaped my career more than I would have contemplated.
Would you recommend a similar career path for newcomers to the sector and what advice would you give them?
Yes for sure, although I would not suggest that anyone needs to copy the sequence exactly. What I would recommend is gaining exposure to more than one part of the insurance chain. Experience across claims, broking, underwriting, surveying, law practitioners or risk management helps you understand not just what your own role requires, but why the other participants act as they do.
My advice would be to build technical foundations early and remain curious. Read the policy, understand the underlying trade, assess the risks and ask what actually happens operationally when there is a casualty. Marine insurance makes much more sense when you understand the vessel, cargo, contract and commercial relationships behind the paperwork.
I would also advise newcomers not to worry too much about having a perfectly planned career. Take roles that stretch you, find people who are willing to teach you and volunteer for work beyond your immediate job description. Knowledge is important but so are judgement, communication and relationships. Most importantly, do not regard the claims function as a narrow or purely reactive career. It can provide one of the broadest perspectives available in the insurance industry. And as for the marine insurance industry itself, many people did not realise how welcoming this industry is in embracing people from different disciplines and expertise.
Where would you like to see life take you in the future?
I would like to continue operating at the point where technical expertise, business strategy and industry development meet.
I enjoy dealing with difficult claims and coverage questions but I also want to use what those cases teach us to improve underwriting, products and portfolio decisions. In the future, I hope to take on broader responsibilities across the insurance value chain while remaining close enough to actual cases to retain a practitioner’s perspective.
Beyond my own career, I would like to contribute more to developing marine insurance talent in Asia. If I can help build capable teams, make specialist knowledge easier to access and encourage more people to see insurance as a profession they can be proud of, I would consider that a meaningful outcome.
And finally, tell us something about yourself that no one else knows!
I am a fan of video games whether on consoles or mobile. They are an effective way for me to take my mind away from work when I need a hard reset. But I am conscious enough to monitor that balance on time spent. I cut my “addiction” whenever I feel a game is taking more from me than it gives back, I simply quit it entirely and take a break. (gamers out there should resonate with me)
