Falvey Cargo Updates

IUMI Conference Recap: What We Learned

Posted: October 2, 2018 in:

Isabelle Therrien, Vice President of Falvey Cargo, attended the IUMI 2018 Conference in Cape Town in the final weeks of September. For the first time in nearly 150 years, the event was held in Africa and Isabelle was thrilled to join over 500 of our colleagues, hailing from 38 different countries.

Each day was filled with engaging sessions and interesting conversations. True to form, everything revolved around the conference theme: “Managing emerging risks and exposures – think the unthinkable.” Here’s a quick recap of what Isabelle saw and heard at the conference:

  • IUMI Council President Dieter Berg opened the conference by discussing factors that are likely to impact underwriters in the near future. He advised that in this day and age we now have to manage the unthinkable rather than just “think” it!  Berg spoke broadly, saying, “There will soon be unprecedented change, unimaginable technological advances, and nothing will be left unscathed.”
  • The Ocean Hull panel discussed how big data will significantly change underwriting (but how, exactly, isn’t yet clear).
  • During the Cargo Workshop, Isabelle moderated a panel in her role as Vice Chair of the Cargo Committee, where ideas were exchanged on the different extensions of coverage afforded by cargo policies and how they impact our results.
  • Also in the Cargo Workshop, IUMI Cargo Committee Chair Sean Dalton reported that “the marine cargo market remained the largest commercial marine line of business in terms of premium income. IUMI’s 2017 statistics showed global cargo premiums amounting to US$16.1 billion. Globally, the cargo line has been unprofitable for several years with rising loss ratios and expense ratios and this is of great concern to underwriters.”
  • A big issue on everyone’s mind—trade wars—and their potential impact on the shipping industry was discussed in the Policy Forum.  
  • The Loss Prevention Workshop gave a comprehensive overview of marine risks in South Africa, from extreme weather to criminal threats. The presentation highlighted the rise in cargo hijacking and increasingly sophisticated methods of gangs and pirates.
  • President Berg advocated for technological advancements in marine insurance, including blockchain, Internet of Things (IoT), digitalization, global trade, and disruptive technologies.
  • President Berg’s successor, Richard Turner was also announced on September 19th.

IUMI 2019 Conference

Isabelle Therrien, Vice President at Falvey Cargo Underwriting in Toronto, Canada, and President of the Canadian Board of Marine Underwriters, came on stage in the closing session to introduce Toronto as the host city for next year’s conference. IUMI 2019 will be held September 15-18, 2019, at the Fairmont Royal York Hotel in the heart of downtown Toronto.

Next year’s attendees can look forward to exploring an exciting conference in a vibrant city of 2.8M people that is famous for its diversity. There are exciting changes coming to Canada when it comes to the Maritime sector and having an IUMI conference in Canada will be very timely. The Government of Canada is taking action to achieve a world-leading marine safety system that protects and preserves the Canadian coasts. Through the Oceans Protection Plan, a $1.5-billion strategy launched in November 2016, the Government is building a state-of-the art marine transportation system that supports Canada’s trade and economic goals, moving goods and natural resource products to new markets.

Ton find out more about the IUMI 2019 conference, please visit: http://iumi2019.com/.


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