The vast majority the world’s goods are transported by sea. From the Lloyd’s Coffee House over three centuries ago, vessels and cargos have been insured across the world against risks ranging from storms to piracy.

During that period the London marine market underwent some challenging times in terms of losses, and the need for the way in which marine risks were underwritten and those who were allowed to underwrite them requiring fundamental change.

Like the risks themselves marine insurance is a global business given that the economies of so many nations around the world have been built and continue to rely on the ability to efficiently import and export goods and materials.

Therefore the creation of the International Union of Marine Insurance (IUMI) was seen as a much needed development at a time when the maritime industry was looking for a greater degree of consistency in the industry’s approach to risks, a move that required a more uniform approach as to how risks were understood and a more joined up response from marine insurers to the demands of government and regulators as maritime trade and the vessels used to conduct business underwent a sea change.

IUMI’s annual conference has long been seen as an annual chance for the market to come together in order to discuss current and emerging risks and how best they could be addressed. Leading figures from across the maritime sector have addressed the conference to provide an external view on its performance and the responses expected by clients.

The complexity of marine risks created the need for a range of specialist committees within the organisation and the membership of those committees reads like a who’s who in marine insurance which has long included energy risks.

This year delegates will arrive against a background of significant and increasing risks for the market. Geopolitical threats have impacted the ability for vessels to transit some of the world’s busiest routes, and the rising impact of climate change has seen access and use of the Panama Canal significantly reduced.

Ian Summers, Global Business Leader, AdvantageGo.

Marine underwriters will gather in Germany in three weeks with IUMI secretary general Lars Lange, saying while there will much talk around the pressing risks underwriters face, the event will be a celebration of both the market’s longevity and the benefits it continues to deliver to clients across the globe.

“It’s a special year for IUMI,” he explains. “We celebrate 150 years of representing marine insurers and to mark the occasion we are returning to our Berlin roots for our annual conference in September.”

“Back in 1874, a group of German marine underwriters created an international association to shore up what was rapidly becoming a haphazard and failing marine insurance market – their aim was to ‘eliminate all technical deficiencies and encourage legislative improvements’. Membership was restricted to those ‘conducting marine insurance for their own account’ and members met annually to discuss matters of common interest and to share knowledge,” Lange continues. “Fast forward 150 years and IUMI is pretty much continuing to do just that – and a lot more besides.”

“Our membership has moved from individual companies to national associations but we still, almost entirely, only admit underwriters to our meetings where knowledge sharing and debate is top of the agenda. Lobbying is now a large part of our remit which is demonstrated by our seat at IMO and our active engagement with this and other international bodies.”

However he adds that IUMI has been able to create a vital role for itself within the marine insurance sector.

“Crucially, we have now become the accepted and trusted voice for the industry and we engage and lobby effectively at all levels to ensure marine insurance – as a service provider – continues to facilitate trade across the globe as effectively as possible,” says Lange. “Coupled with this, IUMI is now an educator of new and seasoned underwriters and reports on the health of the marine insurance market through the collection and analysis of global statistics.”

“Our annual conference remains our showpiece and is the culmination of all we have achieved throughout the year – but please don’t think IUMI is simply a conference organiser, we are very much more than that.”

The event this month also highlights whilst risk and the products provided by the market have evolved, the way in which business is conducted is still rooted in the need for strong relationships.

“Insurance has always been a people business where relationships and communication is at its core,” he says. “Today, our annual meeting, backed up with an annual event in Asia, remains the forum where underwriters across the globe get together to learn, debate, discuss and network.”

“This year, we’ve made some changes to our programme. We’ve decided to include two topic-driven workshops to bring a focus to the pressing issues of the moment. Unsurprisingly, one of these will spotlight the current geopolitical tensions impacting the globe as well as marine underwriters. The other will acknowledge our 150 year history but concentrate on the future of IUMI and marine underwriting more generally.”

Each year the organisation settles on an over-arching theme which this year is “building on 150 years of enabling global commerce”.

“This combines a nod to our past with an acknowledgement of our role as a facilitator and service provider,” explains Lange. “Our theme will be examined through the eight conference workshops arranged by our Technical Committees and Forums.”

“Our agenda is always wide-ranging and this year contains many highlights. The presentation of our annual statistics and analysis of the health of the global marine insurance sector is always hugely anticipated.”

“This year, our Legal & Liability workshop will include a panel debate on the growth of marine liability and how much more risk we might see in the future. Elsewhere, the Loss Prevention workshop will debate the increasing incidence of cargo crime as well the transport of lithium-ion batteries.”

The German Insurance Association (GDV) and the Association of Hanseatic Marine Underwriters (VHT) will host the event which is a logistical challenge that requires significant effort and organisation.

“We are very grateful for the efforts of our hosts, they are doing a splendid job,” Lange adds.

The importance of marine insurance and the risks that both the maritime sector and the clients face has once again seen significant interest in the conference.

“Our conference is now a sell-out with just a very limited number of day passes still available,” Lange adds.