• 2021 September 15 14:34

    Embracing digitalization will bring new opportunities and new discipline to cargo underwriting, says IUMI

    Cargo insurance has entered a new era that will deliver opportunities to those underwriters who embrace technology and harness its power. This message was delivered by the International Union of Marine Insurance (IUMI) at its data and digitalisation workshop as part of this year’s annual conference delivered online from Seoul, according to the company's release.

    Taking recent experiences from the COVID pandemic, Patrizia Kern-Ferretti, chairperson of IUMI’s Data and Digitalisation Forum says:
     “Prior to COVID, most global supply chains were constructed on cost only – the focus was to maintain the lowest cost base possible which allowed goods to flow. COVID has exposed this as unsustainable. Today, we are in a much better position to understand and recognise that low cost has translated into low reliability. As a result, our global supply chains are prone to disruption and failure.”

     She continued:
     “The world needs reliable and sustainable ways of moving goods around the world and that will be delivered through increased transparency. And transparency will be achieved through better and real-time data along with enhanced digitalisation across the entire supply chain.”
    Transforming global supply chains impacts directly on the provision of cargo insurance. Today, most cargo risk is underwritten based on experience ratings or historical data. This will be largely irrelevant in tomorrow’s business environment and cargo underwriters will need to change how they operate.

    Patrizia Kern-Ferretti explains:
     “To be truly effective in how we assess and price these new risks inherent in a transformed supply chain, underwriters will need to draw on predictive analysis involving the gathering and analysis of real time data derived from multiple sources. Raw data on cargoes, movements, weather, casualties and from a range of IoT sensors will be gathered to highlight patterns and correlations. Combining this with predictive machine learning models will allow underwriters to much better understand the likely frequency and severity of potential losses and claims; and allow them to apply accurate exposure rankings. This will result in enhanced and more suitable insurance products, more accurate pricing, more leverage for prevention and, ultimately, a more disciplined cargo insurance market”.
    To get to this point, there are a number of issues that need addressing, not least is the current lack of data standards across today’s supply chain; the problem of data protection and ownership; and a willingness to share information and collaborate accordingly.

    Patrizia Kern-Ferretti is confident these issues will be resolved in time:
     “Insurers need to understand that digitalisation is here to stay and recognise it as an opportunity to improve their underwriting business and the products and services they are offering their assureds”.
     “To drive the fundamental changes needed over the next three decades, we need to think holistically about the entire supply chain ecosystem, leverage new data, and actively partner to develop new solutions to incentivize marine sustainability at scale.”
     
    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.




2021 September 17

17:49 New radar post to increase navigation safety in the seaport of Kaliningrad
17:26 Svanehøj acquires Wärtsilä Tank Control Systems
17:06 Navigator Gas awarded DNV AiP for new ammonia fuelled gas carrier design
16:47 Zelenodolsk Plant named after M. Gorky launches small-size missile ship Grad
16:31 PIL launches new South China to India West Coast Service - South China India Express
16:05 De Beers’ latest diamond recovery vessel departs Damen Shipyards Mangalia for Southern Africa
15:46 Port of Melbourne CEO announces retirement
15:25 Transneft Baltic holds large-scale firefighting and tactical drills at Ust-Luga Oil Depot
14:18 Grain traders to address RF Ministry of Agriculture and ask it revise grain export duty calculation system
13:27 Rostov Grain Terminal handled 80,000 tonnes of grain in August 2021
12:10 APM Terminals Poti marks two years without injury and celebrates its safety culture
11:56 Vitol’s V-Bunkers to bring electric-hybrid bunker tankers to Singapore harbour
11:05 ABS and DSME to develop very large liquefied CO2 carrier
10:55 DP World to invest £300m in new fourth berth at London Gateway logistics hub
10:34 Severnaya Verf shipyard launches third processing trawler of Project 170701, Kapitan Ostashkov (video)
09:58 The Port of Calais officially inaugurated
09:26 Crude oil market sees downward price correction
09:23 MABUX: No firm trend is registered on global bunker market on Sep 17
09:09 Baltic Dry Index as of September 16

2021 September 16

18:35 Boskalis completes EUR 100 million share buyback program
17:30 Construction of port Lavna kicked off in Murmansk Region
17:21 APM Terminals opens first “Fast Corridor” between Vado Ligure reefer terminal and inland customers in Italy
17:05 Wärtsilä cloud simulation now available on-demand via OTG’s Ocean Learning Platform
16:41 Evergreen’s Ever Ace with WinGD’s large bore X92 bore size engines crossed the Suez Canal
16:14 The new Port of Calais officially inaugurated after six years of construction
15:45 Southampton’s newest cruise terminal officially opened
15:35 Organizers of International Conference “Development of Icebreaking and Support Fleet“ offer the event programme
15:14 Dublin Port publishes Port Infrastructure Charges Pricing Strategy 2022 to 2026
14:53 Port of Oakland beef export volume up 25 percent in Jan - July 2021
14:37 UK ports welcome public support for clean maritime projects
14:26 IVECO and Nikola sign MoU with Hamburg Port Authority for zero-emission Class 8 battery-electric trucks
13:40 SMM Maritime Industry Report (MIR) shows industry on track for sustainability
13:16 MABUX: Bunker Weekly Outlook, Week 37, 2021
13:02 Port of Los Angeles cargo volume exceeds 954,000 TEU in August 2021
12:11 Sharrow Marine announces plans to roll out an exclusive OEM Sharrow Propeller™ Boatbuilder Program
11:47 TransContainer arranged transit transportation from Korea to Turkey via Far East and Novorossiysk ports
11:24 DOF Group announces new contracts in Brazil
11:02 Cargo-passenger ferry Pavel Leonov arrived at Korsakov, the ship’s homeport
10:38 Capacity of Vostochny Port’s multipurpose complex to be raised to 117,000 TEUs per year
10:21 Norwegian Ministry of Petroleum and Energy sees great interest in the Norwegian continental shelf
10:13 DFDS acquires ICT Logistics
09:49 Crude oil prices continue rising driven by data on reduction of reserves
09:30 Maersk acquires a Portuguese cloud-based logistics start-up HUUB
09:16 Baltic Dry Index as of September 15
09:15 MABUX: Global bunker prices may rise sharply on Sep 16
08:28 Castor Maritime announces new charter agreements

2021 September 15

18:43 Royal Phuket Marina’s inner-channel dredging project to deliver round-the-clock access for boats up to 35 metres
18:37 NJEDA and PSEG sign 78-year lease for the New Jersey Wind Port
18:17 PGS sets multiple acquisition records
17:55 Nefteflot lays down two ships of Project RDB 66.62
17:31 Subsea 7 awarded FEED contract in Norway
17:30 Gazpromneft Snabzheniye and Yamal-Nenets Autonomous Region to develop industrial and logistics park Obsky Prichal in Labytnangi
17:09 bp and NYK Line join forces to help decarbonise hard-to-abate sectors
16:57 SFL sells seven handysize bulk carriers
16:51 Yantar shipyard launches production of thermal and sound insulation
16:06 Sea Machines Robotics to embark on 1,000 nautical mile autonomous and remotely commanded journey around Denmark
14:34 Embracing digitalization will bring new opportunities and new discipline to cargo underwriting, says IUMI
14:02 Container ship FESCO Yanina joins the FESCO fleet
13:03 ICS issues new anti-COVID guidance
12:55 Evergreen Marine renews its 22-year LTSSP contract with KDI for another decade