The International Union of Marine Insurance (IUMI) has announced the opening of a new overseas hub in Hong Kong. This is the first time in the organisation’s 142-year history that it has established a permanent presence outside of Europe.
IUMI President Dieter Berg said: “The Asian marine insurance market accounts for almost 30% of global premium income and global trade in this region continues to grow. The opening of our new Asian hub, based in Hong Kong, recognises this significant contribution. Through this initiative, we hope to align IUMI more closely with the activities and aspirations of our colleagues in Asia and ensure that IUMI remains relevant and of service to this very important region”.
Mr Berg announced the IUMI’s decision at the 4th Asia Marine Insurance Conference organised by Asia Insurance Review and the Hong Kong Federation of Insurers, where he delivered a special address about international trends in the sector.
Give IUMI more visibility in the region
The Asian hub is created to give IUMI more visibility in the region and to help foster closer cooperation with its Asian members and the maritime industry in general. It will facilitate the regular exchange of views between members as well as with governments, authorities, regulators and NGOs. In addition, IUMI will use the hub to share global insurance expertise and promote education and training for marine insurance practitioners across the region. The new hub will also help broaden IUMI’s Asian membership.
The Hong Kong government’s Secretary for Transport and Housing, Professor Anthony Cheung Bing-leung, welcomed the decision, noting that it recognises the increasing importance of Asia in the marine insurance industry, and also highlights Hong Kong’s position as a prominent industry player in Asia.
Prof Cheung said: “The Asian hub will promote the development of marine insurance in Hong Kong, as well as in the Mainland and the rest of the Asia-Pacific region, and connect with the industry around the region. By unleashing the unique advantages and soft power of Hong Kong’s maritime industry, the Asian hub will further raise Hong Kong’s profile as a maritime services hub.”
He added that the China’s national Belt and Road Initiative presents a wealth of opportunities to the maritime and insurance industries, and Hong Kong’s flourishing marine insurance market makes available a full range of insurance services on offer by global providers. He noted that the insurance sector, together with other high value-added maritime services of Hong Kong, underpins the sustainable development of the maritime industry.
HKFI will provide the secretariat
Mr Berg said that the hub was created with the strong support of the Hong Kong Federation of Insurers (HKFI), which has a long association with the IUMI. HKFI will provide the secretariat for the Asian hub.
In this role, HKFI will help promote marine insurance in the region and conduct quality training / conferences to upgrade the industry’s professional standard. It will also help IUMI raise its profile in the region and build a broader network.
Mr Ronnie Ng, HKFI Chairman, said: “We are confident that Hong Kong will be the ‘super-connector’ between IUMI and our neighbouring markets and help propel the marine insurance industry in the region to new heights.”
The IUMI is a professional body headquartered in Hamburg, Germany, which represents national and international marine insurers and provides a forum for the marine industry to exchange views on issues of common interest. It currently has 55 national associations as members.