iumi a perspective on current market changeseiauae.com/images/files/180502 - marine...

IUMI – A perspective on current market changes

Lars Lange, IUMI Secretary General

Marine International Conference 2018,

Wed, 02nd May 2018, Roda Al Murooj Hotel, Dubai

Agenda

1. What is IUMI about?

2. IUMI is going east

3. EIA is becoming IUMI member!

4. IUMI‟s world marine insurance statistics

5. Current issues – what IUMI works on

6. Education is close to our heart

7. Connect to IUMI

5 June 2018 International Union of Marine Insurance 2

1. About IUMI

1. International Union of Marine Insurance (IUMI)

traces its roots back to 1874

2. Membership

• 41 national (marine) insurance associations

as members

• 19 Affiliate Members

• 21 IUMI Professional Partners

3. Represents property insurance – cargo, hull,

offshore energy, special lines

4. No brokers, no P&I

.


At a glance

1. About IUMI

1. Lobbying

2. Services

• Education

• Statistics

3. Providing network in the industry and with other

maritime stakeholders

• Meetings

• Conferences

4. Representing the industry„s views and opinions

• Dialogue with other stakeholders

• Position Papers / Press Releases

.


Core Tasks

„IUMI - at the forefront of marine risk“

1. About IUMI


Organization

1. About IUMI

1. International Maritime Organization – IMO

• Special IUMI IMO Liaison Officer in London

• Status as NGO

2. European Union

• Cooperation with Insurance Europe

• Close contacts esp. to DG Move

• The work is topic-driven

3. Other authorities

.


Lobbying

1. About IUMI


Close relation to other maritime / transportation stakeholders

Agenda







7. Connect to IUMI


2. IUMI goes east

• … Asian countries' market share rises ⇒ 27.1%

(2015) to 27,9% (2016)

• IUMI Asia strategy

• increase number of Asian member

associations

• intensify cooperation with existing Asian

member associations


… IUMI Asian Hub

2. IUMI goes east

IUMI sees the Asian development as mandate for

its own work

• Clear IUMI focus on Asia

• Opening of the „IUMI Asia Hub“ in cooperation

with HKFI in Oct 2016 in Hong Kong

• Annual local conferences - “Asia Forum” -

established, first Apr 2018 in Singapore

Targets:

• Enhanced lobbying focus

• Deepened relation to local markets

• Closer contact to political stakeholders in Asia

• Better awareness and understanding of Asian

topics


Agenda







7. Connect to IUMI



• The Emirates Insurance Association applied in

April 2018 officially for IUMI membership

• The IUMI Council will approve the application in

ist next meeting in September 2018

• EIA„s IUMI membership will go along with a

number of advantages

• Granted IUMI Council member from EIA

• Eligibility to IUMI Technical Committees and

Executive Committee

• Access to IUMI conferences and meetings

• Access to IUMI statistics and database

• Access to IUMI education programme

• Benefit from IUMI„s lobbying activities


Agenda




4. IUMI’s world marine insurance statistics



7. Connect to IUMI


Agenda







7. Connect to IUMI


5. Current Issues

1. Political Forum steers and coordinates with

Executive Committee and Technical

Committees

2. Limited number of „current issues“ decided by

EC and published on homepage

3. Examples:

• Cyber Risks

• Fire on container / roro vessels

.


5. Current Issues


IUMI „Current Issue List“ on www.iumi.com

http://www.iumi.com/

5. Current Issues

• «Maersk Honam», Tue, 06 March 2018 as last of

many examples

• «Hanjin Pennsylvania» 2002, «Hyundai Fortune»

2006, «MSC Flaminia» 2012

«... but its thousands of container vessels out

there???»


Fires on container vessels

5. Current Issues

• IMO saw the problem and amended SOLAS

Chapter II-2 in 2014

• Applying for newbuilds on or after 01 Jan 2016

• Step in the right direction, but not enough

• Fire detection in the holds is problematic

• Effectiveness of CO2 systems in the hatches is

doubtful

• Crew needs an adequate protection, equipment

and training

• Misdeclared Cargo plays an important role



5. Current Issues

... But how to solve?

• Are insurers the ones to propose technical

solutions?

• Is it too early to put this on the agenda again?

• Do we have to consider the existing fleet?

IUMI refers to best practices like the ABS

Guide for Fire Fighting Systems

IUMI recommends further joint activities of all

stakeholders

IUMI Position Paper on firefighting on container

vessels published on 19 Sep 2017



5. Current Issues

• Marine insurance covers against the «Perils of

the sea»

• Cl 380?

• “buy-back clauses”?

• Silent coverage?

• Systemic risk? NotPetya as an example –

estimated costs of 250-300 bn. USD alone

for Maersk

• ... and it‟s a moving target

• Digitalization is ongoing

• More automated shipping

• Smart port logistics, intelligent containers,

blockchain technology, IoT, internet based

placing platforms

.


Cyber risks and marine insurance

http://www.google.de/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwim_aOy37_WAhUMWxoKHVr1AyUQjRwIBw&url=http://www.telegraph.co.uk/business/cyber-security/&psig=AFQjCNFI8tELSfHgAK_ZGaYg_rLr1mrdBg&ust=1506408574228838

5. Current Issues

• Guidelines published in July 2017 (2nd edition)

• IUMI is co-author, insurance chapter is added

• Very concrete guidance for the crew:


Cyber - What do ship-owners do?

5. Current Issues

Numerous classification societies working on it

individually - DNV.GL, ABS etc.

IACS:

• Founded “Cyber Panel” in Dec 2015

• Founded “JWG on Cyber Systems” in Nov 2016

• Industry representatives included

• Flag states included (including IMO WG chair)

• Intended output: 11 recommendations; Unified

Requirements (UR) and / or Unified

Interpretations (UI) are further down the line

IUMI: supports and is member of the IACS JWG

. 5 June 2018 International Union of Marine Insurance 36

Cyber - Are classification societies aware?

5. Current Issues

• Maritime Safety Committee (MSC) 96 in May

2016: Interim Guidelines on Maritime Cyber

Risk Management (MSC.1/Circ.1526)

• MSC 98 in June 2017:

• cyber risk management onboard ships

should become part of the ISM Code and

form part of the ship‟s mandatory Safety

Management System by 2021 – audits!

• Interim Guideline transferred to permanent

Guideline

• IMO best place to deal with cyber?

• IUMI welcomes IMO‟s framework and prefers

industry solutions for detail – e.g. “BIMCO

Guideline”

.


Cyber - What is IMO„s approach?

Image: used under license from shutterstock.com

5. … a few others to mention

• Liquefaction

Work on the IMSBC Code

• Low-sulphur fuels – Cat Fines

Limit the ppm, sample the fuel

• Places of Refuge

Transfer EU guideline to international

level

• Autonomous / unmanned transports

Adapt regulation where necessary

.


Image: used under license from shutterstock.com

Agenda







7. Connect to IUMI


6. IUMI Education Programme

• IUMI is developing an education programme for

the global marine insurance industry

• War on talents

• Insurance industry competing with finance,

consultancy and high-tech industries

• Strong demand from IUMI members

• IUMI will promote attractiveness of marine

insurance !


6. IUMI Education Programme

• Member associations„ education programmes

• „IUMI database“

• Webinars

• Tutorials

• Cargo Tutorials to come in June 2018

• HullTutorials to come in December 2018

• In-class instructions (to come in 2019/20)

• … steered by IUMI Education Forum


Agenda







7. Connect to IUMI


7. Connect to IUMI


IUMI „Current Issue List“

7. Connect to IUMI

• Quarterly newsletter

• Mail, pdf or www.iumi.com


IUMI Eye


7. Connect to IUMI

• www.iumi.com


Homepage


7. Connect to IUMI

• IUMI Asia Forum

Singapore, 24/25 April 2018

www.iumi.com

• IUMI Conference 2018

Cape Town / ZA, 16-19 September 2018

www.iumi2018.com


Conferences


http://www.iumi2018.com/



http://www.gia.org.sg/registration_form/registration_iumi2018.php

That„s it! Lars Lange

Secretary General

International Union of Marine Insurance e.V.

Große Elbstraße 36

D-22767 Hamburg

[email protected]

mailto:[email protected]

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