Sponsored by Swiss Re and Singapore Reinsurers' Association
On 1 August 2024, industry professionals, maritime enthusiasts and insurance experts gathered for an informative and engaging "Coffee with Mariners" event. The conference room setup at the Swiss Re Singapore office provided the perfect setting for attendees to gain valuable insights into the latest developments in marine insurance. The afternoon was packed with engaging discussions, expert presentations, and networking opportunities centered around Marine Re/insurance topics.
Event Overview
This "Coffee with Mariners" event focused on marine insurance and provided attendees with the latest insights, trends, and regulatory updates affecting the industry.
The event commenced with a keynote address by Marsayuti Noviar, executive committee member of the WiRE, and the moderator Anthea Cheng, a Senior Marine Underwriter of Swiss Re Asia, who introduced the speaker Priscilla Foo, Head Marine and Aviation Reinsurance APAC of Swiss Re Asia.
Trends in Marine Insurance
In the first half of the session, Priscilla gave an overview of emerging trends in marine insurance, highlighting challenging results in marine hull, the increasing costs of marine cargo insurance, inflation, crew negligence, reducing fleet maintenance, and rising geopolitical tensions.
Despite these challenges, there is still an observable increase in capacity in marine insurance (some of that supported by MGAs), responding to increased demand brought by the green transition, and the market adapting to contemporary trends through proper underwriting and sustainable premiums.
The rest of the event flowed naturally with Anthea encouraging lots of questions and views from participants on the escalating Red Sea situation and continued challenges in the Black Sea.
The discussion then focused on war exclusions, sanctions, piracy, disruption of the supply chain, shadow fleets, port congestion, accumulation issues and how AI can help or even replace human involvement in these areas. A vast and robust discussion, had over a cup of coffee.
The event was a resounding success, bringing together a diverse group of professionals to discuss the latest in marine insurance. Attendees left with a comprehensive understanding of current trends, regulatory updates, and effective strategies for navigating the complexities of marine insurance.
At the end of the session, we also soft-launched SpeakEasy, WiRE's speaking network thanking Priscilla being part of our inaugural speakers' list. We invited interested women to sign-up as speakers as we prepared for the full launch the week after.
Thank you Pris and Anthea for leading this session!
Watch this space for future "Candid Coffee" sessions, where we will continue to explore timely topics of interest.
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