Improved industry cooperation is key to ensuring the maritime industry meets the challenges of today’s uncertain operating environments, according to Thomas Nordberg, Managing Director of The Swedish Club. He made the comments during his keynote address at the Nordic Association of Marine Insurers’ (Cefor) annual seminar and dinner, held in Oslo on April 4.
“A joint approach to high priority industry challenges, commonly driven by factors outside the scope of our control, is the only way to cut through the uncertainty that marine insurers face in today’s global society,” Nordberg said.
“We need to be future looking with the benefit of many minds. At present market complexity can be such that it is difficult to even phrase the question, let alone seek the answer, as the world is changing so fast.”
Nordberg emphasized the need for the Nordic marine insurance industry to escalate collaboration wherever possible and take a joint approach to accelerate innovation and progress in strategically important areas. “Not only will this ultimately offer benefits to our members and clients,” he said, “but it will also protect and strengthen the Nordic marine insurance market’s position in relation to London and the global markets.”
Nordberg outlined several areas where he considers cooperation would be most effective, highlighting geopolitics and digital transformation as essential points of focus.
“We all know how valuable the IG Sanctions Committee has been in supporting clubs and their members. Similar initiatives in other key areas of common interest could deliver the same benefits. For example, in today’s geopolitically turbulent world, clubs and marine insurers are all actively seeking relevant information to stay tuned and responsive, but on an individual basis.
“A better coordinated approach in collecting geopolitical intelligence, how to read and understand it, and collectively responding to it would be for the common good of our industry. our members and clients.
“With digital transformation too comes the opportunity to share resources and make real inroads into understanding how this new technology can impact on our understanding of risk and improve our operations.
“Hand in hand with rapid digital transformation advancements, we are facing escalating IT security industry threats, to which we may benefit from responding as an industry.
“We should also consider how to jointly address the growing ethical concerns associated with the use of AI in our business. We need to set agreed standards and ethical guidelines in this respect to safeguard a transparent, fair, and sustainable use of AI in our industry. The establishment of industry wide innovation centers, research grants and wider investment will all go towards helping us achieving more and better together.”
He also underlined the importance of competition: “It is good for our clients, keeps our businesses responsive and forward looking. As we all know, with collaboration comes great responsibility.”
Photo credit: iStock/ Igor-Kardasov
