Asia: Marine Insurance - 2016 is hardest year since financial crisis
Source: Asia Insurance Review | Oct 2017
According to the International Union of Marine Insurance (IUMI) Facts and Figures Committee, global premiums of hull, marine and cargo lines have decreased slightly from 2015 to 2016. Market conditions and a strong US dollar are the main causes of this decline, combined with massive political uncertainty.
However, there is a silver lining to this cloud. Global GDP and trade are increasing 3.5% y-o-y and China’s One Belt, One Road initiative is projected to bring good things to the new economic and trade centre that is Asia.
The marine insurance industry – the oldest form of insurance – has had a proven track record in managing risks and keeping up to date with the latest technologies and innovations (2016 had the lowest number of loss incidences, with weather and grounding being most of reported losses). Now, they will need to grapple with implementing new cyber and artificial intelligence developments to keep up with the rest of the world.
Such issues, and more, will be discussed at the 5th Asia Marine Insurance Conference, organised by Asia Insurance Review. Experts from the marine industry will gather to discuss the latest insights and share their opinions on the most common threats and opportunities facing the industry today.