The highly anticipated 2017 IUMI Annual Conference will take place 17-20 September in Tokyo this year. This will be the fifth occasion for the conference to be held in Tokyo, the last time being in 2006, and will be hosted by the General Insurance Association of Japan (GIAJ). This is a very special year for the GIAJ as 2017 marks the 100th Anniversary since its establishment. The event will be held at the Grand Nikko Tokyo Daiba, located in the Daiba area of Tokyo.
The common theme for the conference is: “Disruptive times – opportunity or threat for marine insurers?”. The theme encompasses the current difficult market conditions and unsettled political environment through which marine insurers must navigate if they are to continue to provide high quality underwriting provision for their clients.
Global premiums have decreased to levels seen in 2010, of around US $30 billion, and there is a continuing oversupply tonnage, an abundance of capital in the market, and extremely competitive rate renewals with ongoing rate reductions.
There are however signs of emerging opportunities in 2017. Global economic growth is expected to grow this year, with activity predicted to pick up pace in 2017 and 2018, particularly in emerging and developing countries. There has been a boost in exports thanks to the current strong US dollar that is helping struggling economies in Europe and Japan. Simultaneously energy prices stabilized in 2016, with normalization continuing into 2017, and a number of mobile units that had been laid up are now returning to service and employment in the energy sector is starting to grow, albeit slowly.
Tokyo, a city with deep rooted marine insurance history, is the perfect backdrop for IUMI President Dieter Berg, and the Technical Committee Chairs to discuss these imminent issues and potential opportunities for marine insurers. We look forward to welcoming our IUMI associates at the next conference. For further information, please visit – www.iumi2017.com. Registration will be open in early spring.