Last Tuesday, May 7, our president Mike Falvey was honored to be part of a leadership panel at the AIMU Marine Insurance Issues Seminar. The seminar was held at the Alexander Hamilton U.S. Custom House in New York, NY, with the theme of“Shifting Market, Shifting Tides: A New Marine Insurance Landscape is Emerging.”
Mike Falvey. pictured far left
The American Institute of Marine Underwriters (AIMU) is a trade association that has been an advocate, educator, and information center for the United States ocean marine insurance industry over the last 100 years. AIMU hosted another incredible event, with engaging presentations that included:
- Overview of U.S. P&C and Marine Market
- Lloyds U.S. Underwriter and Broker Panel
- Weather/NAT CAT and RMS Modeling Tool Updates
- Mega Ship Challenges
- Emerging Issues (Marijuana/Opioid Crisis and Punitive Damages-Batterton)
- Hurricane Plans for Yacht, Cargo, and Shipyards
The last session of the day was the Marine Leadership Panel. Mike Falvey and four other industry experts composed this panel, which was moderated by Tony Cowie from Swiss Re. Panel topics ranged from industry profitability and innovation to current market dynamics and HR strategies. Some of the questions in the discussion included:
- The London market is taking action to correct itself via the Decile 10 process, particularly in cargo, hull and yacht lines. How do you see this impacting the US market?
- How does pressure around profitability impact your day-to-day roles, and impact results you are able to deliver for your clients?
- Marine lines with chronic profitability issues and high expenses (acquisition costs) would seem a target for disruption. Is this happening and if not, how do you see it happening in the future?
- Describe a significant innovation you think will impact our the insurance industry or maritime industry by 2025.
The seminar concluded with closing remarks from AIMU President John Miklus, and then attendees headed to a cocktail reception to mingle and share notes from the day.
Falvey Insurance Group was excited to be part of the seminar and we look forward to the next AIMU event. To learn more about Falvey’s industry activities, read our latest news.