Heightened geopolitical risk is always troubling. The current negative outlook caused by the ongoing war in the Ukraine; power struggle and conflict in Sudan; coupled with the mounting tensions between the USA and China are of great concern to the marine insurance and reinsurance markets.
Notwithstanding those threats, the various national associations which make up IUMI membership are showing strength and resilience and continue to face the marine risks challenges. The IUMI Asia Forum, held in Dubai on 9 and 10 May 2023, is an example of the excellent and positive approach the industry is showing. Hosted by the Emirates Insurance Association, more than 160 participants attended the IUMI Asia Forum. Drawn from Asia, Europe and the Middle East, the delegates had the opportunity to attend more than 20 presentations highlighting the evolution of marine risk and its potential impact on insurers.
The quality and intensity of these in-depth exchanges once again demonstrated the necessity and value of these conferences. They allow stakeholders in Asia to meet, share knowledge during trying times, and discuss any future developments the marine insurance industry may face with IUMI’s support.
This first-of-its-kind in the Middle East, IUMI Asia Forum 2023 will be remembered as an important gathering in the history and development of the IUMI Asia Forum and should deliver a hopeful message to all professionals in Asia and the EMEA regions interested in building better connections through IUMI.
IUMI also attended the 38th South African Marine Insurance Conference in Johannesburg, hosted by the South African Insurance Association. This event showed how IUMI member associations are taking an active and dynamic approach to the market’s progress on marine risk, both domestically and internationally.
Marine insurance is about people and knowledge: these conferences are important for creating momentum and raising our capabilities when facing the ever changing marine and transport risks. By nature, such risks are international, and we can share valuable knowledge through professional interactions across borders.
In September, we will host the next IUMI annual conference in Edinburgh. Lloyd’s Market Association (LMA) and the International Underwriting Association (IUA) have done great work organising the event. “Strength and Stability in Turbulent Seas” – the conference’s central theme – seems more relevant when considering the geopolitical and economic challenges ahead.
We look forward to welcoming representatives from all IUMI marine insurance associations, affiliates and professional partners at the conference. It will provide the opportunity to understand how marine insurance and reinsurance professionals view future marine risks, as well as how IUMI has evolved since the last conference held in Edinburgh 44 years ago. No doubt it will be fascinating. See you all in September.
