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The advent of new technologies is likely to revolutionise the maritime industry, but may create a more challenging environment for marine insurers, Dieter Berg, president of IUMI, tells Intelligent Insurer.
New disruptive technologies such as electronic navigation, autonomous shipping and smart container monitoring systems are likely to revolutionise the maritime business, but marine insurers as a result are likely to face a lot of challenges to their existing business models and will need to adapt to these changes.
This is according Dieter Berg, president of the International Union of Marine Insurance (IUMI), who spoke to Intelligent Insurer ahead of IUMI’s annual conference in Tokyo, September 17 to 20.
IUMI’s outlook for the marine market in 2017 is that it is challenging and uncertain. Global marine underwriting premiums for 2016 fell to $27.5 billion, a year-on-year reduction of 9 percent. This follows a continuing downward trend, with the 2015 figure of $30.5 billion falling 9.9 percent from 2014.
Allianz Global Corporate & Specialty, International Union of Marine Insurance, IUMI, Technology, Data analysis, Dieter Berg, Global