President Frédéric Denèfle of the International Union of Marine Insurance (IUMI) launched this year’s annual conference with a focus on the conference’s central theme: “strength and stability in turbulent seas.”
Addressing the current challenges, he began by describing the routine responsibilities of marine underwriters:
“As marine underwriters, we are accustomed to managing a range of casualties and losses aboard various vessels and in ports and other shoreside facilities. Dealing with the aftermath of natural catastrophes such as earthquakes and weather events is also part of our daily tasks. Similarly, operating amid geopolitical chaos is an ongoing issue, but this has been intensified recently due to the war in Ukraine.”
“Marine insurers actively supported the creation of the original grain corridor to ensure that Ukrainian exports could continue. Now that agreement has broken down, marine insurers are in discussions with the Ukrainian government to provide coverage for vessels transporting Ukrainian cargoes.”
Continuing to discuss the theme of turbulence, Frédéric Denèfle elaborated on how fragmentation was posing challenges. From a trade perspective, COVID- 19 had exposed strategic dependencies, reduced global demand, and encouraged activity relocation closer to consumers. On the legal front, shipping and insurance were increasingly subject to sanctions and local green regulations, with some jurisdictions refusing to register vessels above a certain age. As the unified voice of marine insurers, IUMI collaborated with various authorities and regulators to support the industry and underwriters.
Inflation, driven by COVID-19 and the conflict in Ukraine, was already leading to increased claims costs, a need to assume more risk as asset values rose, and a demand for additional market capacity. Additionally, a broader technological shift toward clean energy, clean propulsion, and autonomous vessels was creating further turbulence. IUMI welcomed these new technologies and climate change reduction measures and stood prepared to facilitate their integration.
Despite the marine insurance market’s state of flux, Frédéric Denèfle expressed confidence in its adaptability:
“As the world’s oldest insurance business, our sector has proven its ability to adapt to new requirements and conditions, both in the market and macroeconomically. I foresee a return to specialized, experienced teams; an increased reliance on intelligence and data systems to anticipate the consequences of geopolitical uncertainty; the emergence of local teams underwriting business in their respective areas to combat fragmentation; adjustments in market capacities and pricing to address inflationary pressures; and the establishment of specialized teams to fully comprehend the implications of new technologies. Much of this is already underway.”
Turning his attention to IUMI itself, Frédéric Denèfle emphasized the association’s progress in recent years and the transformations since the last Edinburgh conference in 1979:
“During my first full year as president, I have come to realize that marine underwriters face a range of intricate issues but share common risks and do not operate in isolation. As a community, we must invest in our collective future. Our industry is not widely understood, so we must leverage IUMI to unite us, provide a unified voice, and chart a shared path forward. With this in mind, our 2030 strategy will lead us to become a stronger and ever-relevant association operating within a broader community of members and partners.”
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