Insurance keeps up with fast pace of maritime industry change

Loss prevention strategies for wind powered and unmanned vessels, new cargoes such as electrical vehicles have quickly moved “out of the laboratory and in the real world,” says IUMI’s Loss Prevention Committee chairperson Pascal Dubois.

Speaking at the International Union of Marine Insurers (IUMI) annual conference in Chicago in September, he told delegates that the collaboration and detailed work undertaken by the marine insurance industry over the past three years are quickly resulting in improvements to operating and safety practices. Key to success has been the sharing of data by all stakeholders.

“Loss prevention is everywhere and it concerns everyone,” said Pascal Dubois. “Two years ago, wind powered and unmanned vessels were concepts. Now they are being found in the real world. The marine industry is going through a wave of change and continues to be supported by carefully considered and practical loss prevention practices. As an industry we have collaborated well, sharing data and best practices with all stakeholders.”

He added: “It is vital that the marine insurance community continues to leverage new technologies to further improve loss prevention processes, particularly in addressing evolving risks such as climate impacts and changing industry regulation. Good loss prevention is good for business: it helps marine underwriters achieve higher levels of efficiency and profitability.”

He cited the example of the work undertaken by the insurance community to support the movement of grain out of Ukraine in very challenging circumstances as an example of how loss prevention strategies can be quickly developed and adopted.

“Thanks in part to the sharing of best practice, a grain corridor has been opened which has allowed vessels to trade as safely as possible through mined waters.”

In a separate move, IUMI’s Loss Prevention Committee announced the creation of a working group to provide loss prevention guidance for flexitanks. Flexitanks, which are used to carry non-dangerous bulk liquids within a standard box container, offer an alternative to ISO tank containers and their use has grown six-fold since 2009 to around 1.5m movements per annum.

Photo credit: RAEng_Publications/Pixabay

The best maritime news and insights delivered to you.

subscribe maritime fairtrade

Here's what you can expect from us:

  • Event offers and discounts
  • News & key insights of the maritime industry
  • Expert analysis and opinions on corruption and more