IUMI Eye – People at IUMI – Peter Tam – September 2017

How long have you been associated with IUMI?

September 2006 was my first ever IUMI conference, in the beautiful city of Tokyo. A great conference with first-class speakers and an excellent programme.


It was a most rewarding experience and I am pleased to say that it helped me gain a better understanding of why marine insurance is regarded as the mother of insurance. Most memorable of all is that I met a couple of IUMI veterans, including Fritz Stabinger. They were so ready and kind to share their thoughts on what IUMI stood for and immediately I was completely engrossed in the spirit of IUMI and its vital contribution to facilitating global trade and transport.


One day I thought I could bring IUMI to Hong Kong and thanks to the terrific support of the then IUMI President, Ole Wikborg, my dream came true in September 2014.



What is your IUMI role today and what does it involve?

I am a member of the Hong Kong delegation to IUMI. Some years ago, I initiated the idea of setting up an IUMI Education Foundation with seed money donated by the Hong Kong Federation of Insurers. The project is now being steered by the Education Forum under the able leadership of John Miklus.


I also helped steer the establishment of the IUMI Asian Hub in Hong Kong in November 2016. This was a big step taken by IUMI, and I firmly believe that it is, and will continue to be, good for both IUMI and the marine insurance market in Asia. Among other things, we will use this unique platform to organise quality webinars and develop a marine insurance training course with IUMI foundations.


It is our long-term vision to develop a series of IUMI accredited training programmes for different levels of industry practitioners. We are also using this platform to help IUMI reach further and deeper into Asia. Apart from participating in the work of the IUMI Secretary Meetings, I am also a member of the Education Forum and the Political Forum. I find my involvement in these two forums most rewarding and inspiring.  


And what is your day job?

My day job is the Chief Executive of the Hong Kong Federation of Insurers. Established in August 1988, we’ll be celebrating our 30th anniversary next year. We act as the voice of the insurance industry, representing more than 90 per cent of the market players here in Hong Kong. We do a lot of work in promoting the importance of insurance, raising our industry’s image, protecting the interests of consumers and talent development.


What benefits do you get from being associated with IUMI? 

IUMI is a great organisation and has so much to offer in terms of enhancing the industry’s professionalism and making a positive impact on maritime matters globally. Its annual conference is well received by marine insurance professionals around the world and its quality education programmes are well recognised.


We value and appreciate the regular market information and updates provided by IUMI. They bring us up to speed on the key market trends and best practices.


If you could change anything at IUMI what would it be?

Under the steer of President Dieter Berg, we’ve witnessed a raft of positive changes to IUMI in the past three years. What we need now, I think, is consolidation of the good outcome in IUMI’s transformation during this period.


Going forward, it’s apparent that we need to step up our efforts in talent development and further embrace technology and innovation.


How did you reach your current position in marine insurance?

Marine insurance, I must say, is not a big part of my daily work but I feel great to have been a part in setting up the IUMI Asian Hub in Hong Kong and being closely involved in the follow-up work. It is good to be associated with many of my fantastic colleagues from the Hong Kong team who are actively involved in IUMI. These include Agnes Choi, Vice Chair of IUMI Executive Committee, Raymond Ng, member of the Loss Prevention Committee, Joanne S.F. Chan, member of the Cargo Committee and Timothy Lee, member of the Ocean Hull Committee.


And what do you do away from the office?

I enjoy reading, hiking, travelling and exploring new ideas.