2024 will soon become part of our history and so we should take a moment to reflect on IUMI’s achievements during our special 150th anniversary year.

Our Berlin conference in September was a true success in every sense of the word and reflected by a record number of participants. Our hosts GDV and VHT must be thanked and congratulated for their fantastic work and meeting such an important challenge. So many marine insurance stakeholders attended demonstrating how IUMI is now the natural forum for all those involved in marine risk to gather and share knowledge.

Our statistics showed that the marine insurance premium base continues to grow in all risk segments and that shipping activity and international trade remains resilient. This is despite important differences between regions.  

With the efficient support of the Hong Kong Federation of Insurers, we were also able to stage our annual Asia Forum which was a great success.  

On a more technical note, with the expert assistance from our Technical Committees, we were able to publish guidelines on the safe use of “flexitanks” and we are currently updating our advice on the safe transportation of electric vehicles. We continue to follow other important issues such as fires in large containerships and the legal evolution of LOF through dedicated working groups which have the full support of the IUMI Secretariat.  

There will be much to engage us next year and we will continue to monitor the geopolitical situation which will keep insurers under pressure to deliver support to international trade and shipping operating in, or adjacent to, high-risk areas. Many questions will also be raised over potential changes to US policy now that a new administration has been elected.

At the same time, developments regarding the decarbonisation of shipping and the introduction of new technologies to reduce global warming will influence the design and operation of new generation vessels and as underwriters we will need to keep abreast of these innovations.

The industrial reshoring processes appears to be accelerating and this has the potential to create new opportunities for our members in Asia and elsewhere. Added to this, the data and digitalisation revolution can only strengthen, meaning underwriters will need to adapt to this set of changes also.

This seemingly endless list of issues we face going forward will require significant  IUMI input and commitment so that knowledge can be shared and the voice of marine insurers heard. As ever, this requires collaboration from members, IPPs and other partners.

I am confident that such challenges are achievable for IUMI. We will remain in touch throughout the year culminating in our annual conference in Singapore in September giving us a further opportunity to understand how these drivers will influence marine risks in the future.

Let me wish you a good holiday season and a happy and healthy new year.