We are extremely pleased to announce the opening of a new overseas hub in Hong Kong. Inaugurated in October this year, this important initiative marks the first time in its 142-year history that IUMI has a permanent presence outside of Europe.

The Asian maritime insurance market accounts for almost 30% of global premium income and global trade in the region is continuing to grow. In recognition of this, IUMI, with the strong support of the Hong Kong Federation of Insurers (HKFI), set the wheels in motion to align itself more closely with the activities and objectives of the Asian market.

The Asian hub was created to give us more visibility in the region to help foster closer cooperation with our Asian members and the maritime industry in general. The new hub will facilitate the regular exchange of views between members as well as with governments, authorities, regulators and NGOs.

In addition, we will use the hub to share global insurance expertise and promote education and training for marine insurance practitioners across the region, an initiative at the heart of our core objectives. The new hub will also help broaden our Asian membership.

The HKFI has been instrumental in setting up this new hub and will provide the secretariat. HKFI has a long association with IUMI, having organised a number of IUMI events and conferences in Hong Kong as well as being represented on our executive and technical committees. HKFI enjoys strong support from the Hong Kong government and has close working relationships with IUMI members and insurance companies throughout the Asia region. This significant step forward marks an exciting new era for IUMI.