People at IUMI – IUMI EYE December 2020 - Frank Streidl

What is your IUMI role today and what does it involve?

Joining IUMI in 2013 as the International Underwriting Association (IUA) representative to the Offshore Energy Committee (OEC), I was recently elected OEC Chairperson for the next three years. My priority is to coordinate and lead the OEC’s efforts in preparation of the Annual Conference. In addition, I endeavour to encourage the Committee members to engage in other educational and networking activities for IUMI, the upstream energy market and beyond.


How do you see the current state of the offshore energy insurance sector?

The upstream sector has been fairly stable for the last few years. Significant over capacity is still eroding profit margins and potential rate increases we tend to see in other energy and marine lines these days. The lack of substantial claims activity allowed the market to survive and sail under the radar. However, the next treaty renewal on 1 January might end the hibernation.


There has been much discussion on the volatile oil price these past few years, what is your take on it?

As upstream insurers, we feel for our insureds and aspire to help them through these difficult times. Remember, we have been here before in 2014/2015 and the lessons learned are still fresh on our mind. It’s fair to say, that the oil and gas industry and the upstream insurance markets are much better prepared this time.


Most oil majors are transitioning into the production and delivery of a broader range of energy products, how will that affect your insurance line?

Sustainability is obviously the hot topic these days. The current pandemic will not change that and if anything, accelerate the drive towards a greener future. Initiatives like “build back better” are highly encouraging (on a personal and professional level) and our industry should and will support these developments. In Toronto in 2019 the OEC workshop already addressed the topic. We got incredibly positive feedback which is testament to the importance of shaping our future together.


What benefits do you get from being associated with IUMI? 

IUMI provides a unique platform for insurers and other insurance professionals to get together and exchange experience and expertise to the benefit of the industries we support and our own organisations.


If you could change anything at IUMI, or marine insurance in general, what would it be?

The marine insurance market should embrace the new technologies much better. IUMI might actually be able to help. As an example, aggregation control could be much more transparent and consistent through the application of modern technology but remains widely unexploited as the marine market is notorious for its collective resistance to change.


And what do you do away from the office?

When I am not working or travelling, I seek to maximise the time I get to spend with my family. Ideally involving outdoor activities and/or sports.