The president of the International Union of Marine Insurance (IUMI) has warned that the marine industry faces many challenges over the coming years.
Speaking at an event hosted by the American Institute of Marine Underwriters, Dieter Berg, warned the marine industry that some emerging risks need to be monitored in the future.
“We are facing increased exposure from information technology, from the growth in offshore oil and gas exploration and from the never-ending search for economies of scale within the shipbuilding and operating sector,” Berg said according to shipping news site splash247.com.
“Added to that, uncertainty over oil prices and the general economic picture is exposing marine underwriters to a level of risk we’ve not experienced before.”
Berg stressed that all those involved in the marine insurance sector need to understand the burgeoning risk profile of the industry in a bid to offer clients the best possible coverage in an ever-changing industry.
“We need to ensure we fully understand the risks our industry is facing and offer products that match these new trends and deliver adequate cover for our clients.”