With Asia’s rising importance in global trade and ship building & repair, the maritime and the marine insurance industry have to deal with greater challenges. They are inundated with threats from the freak weather and climate change, piracy, hijack and terrorism on the sea as well as ship accidents, collisions and war. Cyber risks have also affected the safety of navigation on the high seas. And then there are the various domestic, regional and international rules and regulations to be complied with at whatever costs.
Marine insurers have been inflicted with rising frequency and severity of claims with the vessels getting bigger, while competition is keeping premiums down. Yet marine is one of the most fundamental segments of the insurance industry that supports globalisation and world growth and development. Hence, there is an urgent need for international attention to review the marine insurance scene and find new and lasting solutions for the challenges faced by marine insurers who ensure that a ship can sail. Marine insurers need to find that niche to grow and prosper despite the odds.
The 1st Asia Pacific Maritime Insurance Conference (APMIC) organised in conjunction with the Asia Pacific Maritime 2016 in Singapore provides the premium peer networking and dialogue event for ship owners, ship managers, underwriters and all the stakeholders in the maritime industry to get first-hand insights on the critical challenges facing Asia’s maritime and offshore markets. This 2-day conference includes active panel discussions and expert presentations to discuss pressing issues and concerns relating to market development, legal & regulations, underwriting, claims, risk management as well as practical solutions in maritime trade.