We are delighted to announce the IUMI annual conference this year was once again a great success, thanks to the fantastic organisation of Italian Insurance Association (ANIA). More than 600 delegates, comprising leading marine insurance professionals and IUMI members, came to the beautiful historical city of Genova to discuss the current industry issues.
Cyber threats, car carrier safety issues, unmanned vessels, piracy, the challenges of ultra large container vessels, places of refuge, fire-fighting systems on container vessels, the volatile oil price, risk accumulation and CAT modelling are just a few of the topics discussed under this year’s theme “Effective underwriting in a changing environment”.
This year the conference got underway with a generous donation from the Hong Kong Federation of Insurer’s (HKFI) of €100,000 EUR to support IUMI’s new education programme. The education programme is a key IUMI objective and aimed at attracting new talent to ensure marine insurance stays relevant for the good of global trade and the world economy.
Other highlights include IUMI President, Dieter Berg’s, workshop where risk accumulation and CAT modelling were discussed in detail. Dieter raised the issue that when large marine losses were combined with property and other losses, there was a real concern that this might overwhelm and put financial strain on insurance companies. He called on the industry to understand, clearly, their aggregate positions and to manage their exposures by carefully modelling their risk positions.
Overall, marine insurers are navigating through challenging times and need to have a clear understanding of risk exposure to better advise client’s and to educate the new generation.
We would like to take the opportunity to thank everyone who attended and helped make this year’s conference a huge success. We look forward to welcoming you at next year’s conference in Tokyo (17 – 20 September 2017).