Lloyd’s out in force at major marine conference
13 September 2007
The Lloyd’s market was out in force at the 133rd annual conference of the International Union of Marine Insurance (IUMI) in Copenhagen.
The event attracted the second biggest attendance in the Union’s history and Lloyd’s, through the Lloyd’s Agency Department, was the principle sponsor. Recently appointed Controller of Agencies Karen Bizon was pleased to be a gold sponsor and said: “The bedrock of the Lloyd’s Agency network is marine business. The Department’s presence at IUMI gives us the opportunity to meet senior representatives from the key markets throughout the world.”
Lloyd’s Agency, which controls and administers the network, is part of Lloyd’s Franchise Performance Directorate and is the largest surveying and adjusting network of its type, with over 630 agents and sub-agents in 173 countries.
The Lloyd’s Market Association also sent its biggest delegation for some years to the event with 35 underwriters from the market in attendance. Lloyd’s underwriters play key roles on the IUMI committees which provide a forum for marine underwriters to discuss issues, other than pricing, which affect the market across the world.
The major topic for this year’s conference has been the human challenge facing the maritime market. With global trade continuing to grow ship owners are finding it increasingly difficult to hire qualified and experienced crews for vessels, and also to attract young people to a life at sea.
The issue impacts on the insurance market as human error increasingly plays a part in accidents and incidents involving vessels, and the costs and severity of the associated claims are continuing to rise.
Last updated on 11 Oct 2007
