Speaking at the International Union of Marine Insurance (IUMI) annual conference currently taking place online, chairperson of the IUMI Loss Prevention Committee, Pascal Dubois, called on marine insurers to recognize the vital role that loss prevention plays in increasing overall efficiency and profitability of their entire business.
Using the concept of a ‘virtuous circle’ to explain the value of loss prevention, Dubois highlighted the need for insurers to leverage new technologies to further improve loss prevention processes, particularly in addressing evolving risks such as climate impacts and changing industry regulations.
Adopting loss prevention measures also contributes to the sustainability of the industry and to environmental, social and governance (ESG) issues, Dubois also argued. ESG issues are high on the agenda for IUMI, with a recent Working Group being established within the organisation to successfully develop a long-term vision for IUMI’s ESG approach as well as creating a strategy to address ESG concerns for marine insurers.
The International Union of Marine Insurance (IUMI) represents 45 national and marine market insurance and reinsurance associations. Operating at the forefront of marine risk, it gives a unified voice to the global marine insurance market through effective representation and lobbying activities. As a forum for the exchange of ideas and best practice, IUMI works to raise standards across the industry and provides opportunities for education and the collection and publication of industry statistics. IUMI is headquartered in Hamburg and traces its roots back to 1874.