IUMI holds its first meeting in Mumbai

Mumbai, June 02 This is the first of a kind International Marine Insurance event held by IUMI in India in collaboration with the General Insurance Council, India where more than 200 participants representing insurance companies, shipping industry, Insurance brokers, Customers & surveyors came together at in Mumbai on June 01-02.

The International Union of Marine Insurance (IUMI) is a professional body which is run by and for its members. IUMI represents national and international marine insurers and considers issues of interest to the worldwide marine insurance industry. IUMI has a unique status in the world of marine and transport insurance. Its members are dedicated to maintaining and expanding global trade focusing both on developed and emerging markets. It is consistently raising professional standards in marine insurance through timely and topical information, statistics and risk expertise, education, insight and guidance, networking opportunities & effective lobbying.

The General Insurance Council has been constituted by the Insurance Regulatory and Development Authority of India (IRDAI). The General Insurance Council is an important link between the Insurance Regulatory and Development Authority of India and the non-Life insurance industry. It also pushes for the Industry's issues with the Government. While the Council plays the role envisaged for it by the Insurance Act, it also facilitates overall growth for the industry in a fair and equitable manner in the interest of all stake holders.

During the IUMI Asia Forum, important and relevant topics related to ESG, Digitalization, Geo Political Crisis in Ukraine, Sanctions implication on Russia, Global shipping trends and shape of Indian Marine and Insurance Market, importance of Marine Insurance Education, Risk management of Project Cargo, Awareness and possible Solutions for Cyber Risks and Indian Maritime Vision were discussed by eminent speaker from India and abroad. The sessions were chaired by esteemed dignitaries like M.N. Sarma (GIC), Richard Turner (IUMI), Shailesh Haribhakti (CA), Saurabh Mishra (Jt Secretary DFS) and Jayakumar (Nautical Advisor to GOI).

This was a huge opportunity post pandemic for the Marine Insurance market to come together and discuss issues of common interest. This meet was a pre cursor to deliberate and align to the GOI's vision to make India a 5 Trillion economy by 2030 and make marine insurance an integral part of this journey and to support the growing insurance needs of Indian manufactures and traders through improved products, digitalization and best in class services.