IUMI Podcast

MEPC and the adoption of the 2023 IMO Strategy on Reduction of GHG Emissions from Ships

In this podcast we chat with Dr Harry Conway, the Permanent Representative of Liberia’s Permanent Mission to the IMO and the Chair of IMO’s Marine Environment Protection Committee. At the last meeting of MEPC held in early July, the Committee agreed, unanimously, to adopt the new 2023 IMO Strategy on Reduction of GHG Emissions from Ships. This potentially ground-breaking strategy includes an enhanced common ambition to reach net-zero GHG emissions from international shipping close to 2050. It establishes two checkpoints on the path to 2050 including a 20% reduction by 2030 and a 70% reduction by 2040, both from a 2008 baseline.

 

In the podcast, Dr Conway explains the implications and practicalities of this brave new ambition and also outlines the work of the MEPC and what the committee will focus on going forward.  

Understanding direct and indirect threats can lead to better risk assessment

The pandemic, Russia-Ukraine, cost of living, and China-Taiwan demonstrate the circularity of global threats and highlight the need for (re)insurers and their clients to have a better understanding of these crises’ impacts, especially considering the financial outcomes from such global events. Suki Basi, Managing Director at Russell Group and an IUMI Professional Partner, says financial outcomes relating to insurable and insured outcomes require better modelling, risk assessment and holistic analysis. 

 

Tune into our latest podcast and learn how horizon scanning, or environmental scanning, is a foresight method for discovering early signs of potential change. Suki uses an example of trade disruption in ports and how trade data can enable the analysis of the financial impact. Click here to listen:

Mis- or undeclared dangerous goods and their impact on marine insurance

In our latest podcast, Isabelle Therrien, IUMI Cargo Committee Chair and Senior Vice President Canada, Marine Cargo at  Falvey Insurance Group, discusses misdeclared goods and the related challenges facing shipping and the marine insurance industry. Isabelle emphasised the importance of increasing awareness and collaborating with all relevant stakeholders to ensure dangerous cargo is adequately declared and handled throughout the supply chain. An common example for DGs are lithium-ion batteries which will also be on the agenda of this year’s Cargo Workshop at the IUMI annual conference in Edinburgh.

What role can tech start-ups play in digitalising the marine insurance industry?

On this special episode of the IUMI podcast, chair of IUMI’s Data & Digitalisation Forum, Patrizia Kern, interviews Osher Perry, founder and CEO of ShipIn Systems. ShipIn offers onboard CCTV solutions for vessels that allows shoreside personnel to get the visibility needed during critical operations. It is also an IUMI Professional Partner.

Together, Patrizia and Osher discuss the digitisation of marine insurance, working with clients in an age of rapid digital expansion, accessing relevant data, implementing digitised business conduct, and much more.

IUMI Eye podcast now out

Our popular quarterly newsletter IUMI Eye is now available as a podcast and features interviews with some authors. Highlights of this edition include Frédéric Denèfle, IUMI President & Managing Director at Garex, who discusses the challenges around reinsurance cover and the correlation with the Ukraine War. IUMI Secretary General Lars Lange reports on the latest IMO’s Marine Environment Protection and Maritime Safety Committee sessions; Sean Dalton, Vice-Chair of the IUMI Executive Committee & Executive Vice President, Head of Marine Underwriting, North America for Munich Reinsurance America, discusses the challenges marine insurers are facing in a time of increased inflation. Guillermo Zamora, CEO of Marlin Blue and an IUMI Professional Partner, offers guidance for adequately implementing and applying IMO liability and compensation conventions.

The Poseidon Principles for Marine Insurance (PPMI): “What, how, why”

The Poseidon Principles for Marine Insurance (PPMI) are a global framework for assessing climate alignments of insurers’ hull and machinery portfolios. The PPMI use the ambitions of the International Maritime Organization’s (IMO) greenhouse gas emissions strategy and the Paris Agreement as benchmarks. The first annual disclosure report of the PPMI signatory companies has just been published. 

 

In this episode of the IUMI podcast we spoke with Pauline des Vallières, Sustainable Insurance Manager at SCOR where she has been part of the Marine division during the last five years. Pauline explains what the PPMI are, how they work, and why marine insurance companies have signed up to publicly disclose the carbon footprint of their H&M portfolios.

Frédéric Denèfle’s first 100 days as IUMI President

In the first podcast of 2023, we speak to Frédéric Denèfle, the new IUMI President, for a roundup of his first 100 days in the job. 

Since taking up the role following the IUMI conference in Chicago last year, Frédéric Denèfle has had a busy timetable. In this episode, he reflects on the immediate challenges and surprises, changes to IUMI’s leadership structure, the popularity of the new IUMI Masterclass, the Black Sea Grain Initiative and more. 

Sanctions

Since the outbreak of the war between the Russian Federation and Ukraine in February this year, the subject of international sanctions has been at the forefront of industry concerns. On December 3, 2022, G7 members formally set a price cap on Russian oil at 60 USD per barrel. This applies to oil products originating in or exported from Russia. In this podcast, we sat down with Christopher Jones, Director of Legal and Market Services of the International Underwriting Association and Neil Roberts, Head of Marine & Aviation at Lloyds List. Together, these two industry experts outlined what the impact of the price cap will be, the challenges facing the maritime sector and how insurers are coping with the new complexities.

IUMI Eye podcast now out

Our popular quarterly newsletter IUMI Eye is now available as a podcast and features interviews with some of the authors. Highlights of this edition include ShipIn’s Amit Shalev who discusses loss prevention using AI, IUMI Secretary General Lars Lange on the latest IMO Maritime Safety Committee session; HFW on the implications for insurers of the NordStream pipeline attack; Julian Kirkman-Page of Russell Group on how a holistic view of trade can help marine insurers understand current and future exposure, as well as more details on IUMI’s Masterclass in Cargo Insurance programme.

 

IUMI Facts & Figures Report

Twice a year, industry reports are presented by the IUMI Facts & Figures Committee, outlining the most up-to-date key shipping and marine insurance data and statistics, as well as providing an overview of marine, offshore and related industries. In this podcast, we sit down with leading members of IUMI’s Facts and Figures Committee: Jun Lin, Vice-President of Gard, and Astrid Seltmann from Cefor, the Nordic Association of Marine Insurers to discuss how the marine insurance industry faired in 2021, the challenges it faces heading into 2023, and some of the key takeaways from this year’s Facts and Figures report.