Loss prevention remains a vital element in ensuring the insurability of maritime risk

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The International Union of Marine Insurance’s (IUMI) two-week online conference continued today with a comprehensive loss prevention workshop chaired by Uwe-Peter Schieder, from German Insurance Association, GDV and Mariella Dauphinee from Intact Insurance Company.

Both were keen to highlight the role of loss prevention managers and their role in identifying, quantifying and mitigating risk as an enabler of the underwriting process.

Mr Schieder (pictured) explained: “Risk is inherent within the marine sector and the profile changes as our industry evolves. It is the job of the loss prevention manager to be aware of these changes and to identify how the associated risk has altered. Before a risk can be priced, it must first be fully understood in terms of its likely impact and also the measures that might be implemented to lessen that impact.”

He highlighted a number of issues that IUMI is currently debating including autonomous shipping ; the One Belt, One Road initiative;  the emergence of digitalisation and big data and its changing of the overall risk profile – perhaps for the better.

Mr Schieder continued: “Many of the issues we currently face are new variations on old themes. The role of IUMI’s Loss Prevention Committee is to bring together a group of experts from across all marine business lines and all geographies to share knowledge and best practice. By doing this, we raise awareness of changing risk-related issues and, as an industry, work together to implement the optimum mitigation measures and best practice.”