IUMI Eye Newsletter March 2023

Message from the President: IUMI steadfast in uncertain times

The year 2023 will see significant changes in the marine insurance industry. Covid-19 is now behind us...

Looking ahead to IUMI’s annual conference

IUMI announced Strength and stability in turbulent seas as its theme for the #IUMI2023 conference. With less than 200 days until the...

Ukraine war: Price cap on crude and refined products compliance

The G7, EU and Australia almost agreed to ban the maritime transport of Russian crude oil from 5 December, and refined...

Marine underwriting’s data evolution

Few might have imagined its impact when Malcolm McLean introduced the shipping container to the world in 1956. Before his invention, lots of small cargo...

PPMI is leading global climate alignment

The first Annual Disclosure Report for Poseidon Principles for Marine Insurance (PPMI) is a landmark step towards transparency in the maritime and insurance...

Report of the 79th session of the Committee on Marine Environment Protection Committee (MEPC 79)

The Marine Environment Protection Committee (MEPC)...

9th session of the Sub-Committee on Ship Design and Construction (SDC 9)

The Sub-Committee on Ship Design and Construction (SDC), chaired by Erik Tvedt from Denmark, held its ninth session from 23...

9th session of the Sub-Committee on Ship Systems and Equipment (SSE 9)

The ninth session of the Sub-Committee on Ship Systems and Equipment (SSE 9) was held from 27 February to 3 March 2023 at the...

Bringing the ‘dark’ fleet into the light

The invasion of Ukraine triggered a wide range of sanctions with both direct and indirect effects on our industry. These sanctions, coming on top of...

IUMI Podcast

Listen to our monthly podcast on The Poseidon Principles for Marine Insurance: “What, how, why” The Poseidon Principles for Marine Insurance (PPMI) are a global framework...

IUMI’s Winter Meeting focused on future priorities and ongoing policy and advocacy work

On 6 and 7 February 2023, IUMI's annual Winter Meeting took place in London again, this time in-person...

Plastic in the ocean: Shipping’s contribution to the problem and the solutions

According to the UN Environmental Programme (UNEP), the global annual production of plastic is estimated at about 400...

Ukraine War: challenges around reinsurance cover

The war in Ukraine has been ongoing for more than a year, and the consequences of such a conflict have strongly impacted the marine insurance...

The risks of lithium-ion batteries and lithium-iron phosphate batteries...

The advantages of lithium-ion batteries include high efficiency, high cell voltages and low self-discharge. Under normal...

The CTL conundrum: Dealing with the vessels stranded in Ukraine

24 February 2023 marked the one-year anniversary of Russia's invasion of Ukraine. In an insurance context, the date is an...

Offering guidance for properly implementing and applying IMO liability and compensation conventions

A Claims Handling Manual may offer assistance for any problem encountered by claimants for the...

Autonomous and electric ferries set course for Sweden

The race to greener transport is well underway in Sweden, with the city of Stockholm on course to be running electric autonomous car ferries...

Asia Forum 2023: a first for the Middle East

The IUMI 2023 Asia Forum will be hosted from 8 to 10 May in Dubai, United Arab Emirates (UAE) and feature a panel of knowledgeable speakers during the...

The socio-political situation in Latin America has challenges

Risks are the same all over the world. However, as in the economy, external factors that can either have a positive or negative...

Marine insurers are facing a challenging time due to an increase in inflation and a decrease in trade

Similar to many sectors of the global economy, the global marine insurance industry is...

How marine ILWs work: demand is up and growing

Demand for marine and energy industry loss warranties (ILWs) has increased sharply over the past year – as it already had from the year before....

How single points of failure can undermine global supply chains

Global containerised trade has suffered more severe disruption in the past few years than in its entire 70year history. Analysts...

IUMI welcomes new IUMI Committee members

It is with great pleasure that we announce the new members of the IUMI Technical Committees. Facts & Figures – Sigorney Lau, Hong Kong / Mario...

The EU oil price cap on Russian oil and its impact on marine insurers

In a concerted action with the G7 states and Australia, also known as the Oil Price Cap Coalition, the European Union has...

Diesel engine fire risks still found evident during surveys

Despite targeted and concentrated surveys carried out by Regulatory Bodies and Surveyors on behalf of the insurance industry, the fire...

Fatal consequences of ambiguous “Choice of Jurisdiction” clauses

There is a never-ending dilemma faced by insurers/brokers worldwide regarding how to draft a governing “jurisdiction...

The red thread: Human factors in loss prevention

With human factors contributing to more than 80% of maritime accidents, we must acknowledge that people have limitations and strengths that need to...

Spring Meeting 2023: Marine insurers from around the world finally come back together in Hamburg

IUMI’s annual Spring Meeting was finally back in person...