Marine underwriters increasingly have to demonstrate their value to customers, management and shareholders and their risk management capability is critical. In some markets loss prevention is a well-developed mindset, whilst in others it is still developing. The effective use of data analytics, improved risk assessment, pricing and application of loss learnings to reduce or avoid loss are vital, but the likely behaviour of the assured needs to be first and foremost in underwriters minds.
The Loss Prevention Committee strives to promote this message to IUMI’s members, identifying new solutions, thinking and techniques. Its role is to challenge areas where old and trusted responses are met with a lack of impact. The Committee's objectives include raising awareness, informing debate, creating solutions and supporting IUMI and other industry stakeholders to make a real and positive impact.