The International Union of Marine Insurance's annual conference is back in Japan at the Grand Nikko Tokyo Daiba.
During the welcome speech, IUMI President Dieter Berg predicted an impending shake-up in the marine insurance sector driven by the current environment of disruption – "We need to inhale innovation. Digitalisation will change the way our clients operate and we, as marine insurers, must follow suit. In the future, insurance will be placed on electronic platforms as our next generation of clients will want 24/7 access to insurance products and instant responses. The insurance value-chain will shrink and the role of the broker will inevitably be impacted as well. Because of this, it is likely that global premium income will continue reduce and this means that we, as marine insurers, need to change our game and find additional streams of revenue."
Baird Maritime sent a delegation to the event, and our co-founder, Neil Baird, spoke yesterday morning on Fatal Ferry Accidents: Where, How and Why They Occur, and How to Prevent Them.
The history of general insurance in Japan goes back to the 19th century. Founded in 1878, the first general insurance company in Japan began to sell cargo insurance in 1879 and hull insurance in 1883, so maritime insurance was a big part of the industry in Japan almost from day one.
Neil Baird with the team from Fukada Salvage and Marine Works