In my capacity as the newly elected IUMI president, I wish to again express my appreciation and thanks to the IUMI Council for its trust and support. This is my first address to our community since taking on this role. Once more, I would also like to thank and congratulate AIMU for their remarkable organisational work that took place in order to host the Chicago September conference. Indeed, it will be remembered as a “one of its kind” success, considering not just the large audience but also the excellent lectures and speeches that were given under the central theme: ‘Adapting to a world in transition’.
This will remain a strategic motto for us all in the months to come.
2022 has been an extraordinary year, marked by unprecedented events and rapid worldwide evolution, bearing clear impacts for international trade and exceptional challenges for marine and transport insurers. IUMI’s members have faced a recovery in international trade and shipping since the COVID slowdown but simultaneously suffered from the outbreak of a disastrous war in Europe for the first time in 60 years.
After a period of suspension, Ukrainian agricultural products and international trade have since been resuscitated due to the new grain corridor. Marine insurers have been able to play their part in supporting the scheme, which has recently been renewed to permit navigation from Ukrainian ports through the Black Sea to the rest of the world, despite the ongoing conflict in the region. Such an erratic situation has caused significant uncertainty, like the potential military escalation, inflationary pressures and economic disruption.
These challenges are occurring amid the more immediate consequences of global warming on the entire planet in 2022, including the impact of hurricanes and dramatic heatwaves. The international community, national authorities, scientists and private companies are eagerly searching for solutions to repel the encroaching catastrophe. They intend to adapt economic models, potentially impacting the lives of billions of people and with profound business and economic disruption.
IUMI can justify its name as an international professional marine insurers association if it maintains complete focus on these issues.
2023 will again be a year of opportunities for marine insurers to demonstrate their resilience and adaptation skills. We must continue to provide our services effectively to all operators involved in international trade, transport and shipping activities in line with the intention to satisfy Environmental, Social and Governance (ESG) principles and address usual patterns of problems affecting marine and transport risks.
IUMI will also put its total effort into enlarging and extending professional education and understanding business changes caused by technological and IT changes. Marine insurers will have to endure and lead and adapt these processes for their own benefit. Together, with IUMI affiliated organisations, the secretariat, technical committees and forum members, we will all work to achieve these goals and maintain the dynamic relationships IUMI has fostered with our marine and transport insurers.
Questions and issues relating to those events affecting the world ahead of us might not seem easy. However, the marine and transport insurance community should feel confident in IUMI’s work. Our presence is an asset for each and every member to face up to the challenging international context ahead and reinforces the marine insurers’ voice in the global economy and transport world.
As president, I will endeavour to reinforce all IUMI messages, statements and work which have been established and shared widely within our community for several years under the chairmanship of my predecessors and toward the maritime and transport industry.
I wish you all a peaceful 2023 and hope to see you in Edinburgh for our September conference next year.
