Insurance Must Shift “From Repair To Prevention”, says IUMI
Marine insurers will need to place greater emphasis on loss prevention as risks become more complex and costly to insure, according to Pascal Dubois, Chair of the International Union of Marine Insurance (IUMI) Loss Prevention Committee. Speaking at the IUMI Annual Conference in Rotterdam today, Dubois highlighted what he sees as a broader shift across ...
Pascal Dubois, Chair of the International Union of Marine Insurance (IUMI) Loss Prevention Committee, has called for marine insurers to shift their focus from repairing damage to preventing losses. Speaking at the IUMI Annual Conference in Rotterdam, Dubois noted the growing complexity and cost of insuring risks, and the broader societal shift towards prevention.
He cited how nations are now recognizing that capital allocation alone is insufficient for managing climate change, highlighting the importance of prevention in containing costs and reducing the impact of natural catastrophes. Dubois acknowledged that marine insurers already invest in loss prevention, but believes this need to expand as the risk landscape becomes more intricate and uncertain.
He expects loss prevention to move beyond larger insurers, with SMEs increasingly adopting preventative measures. Dubois expects insurers to invest in prevention capabilities, including more technical expertise and loss prevention professionals. IUMI aims to raise awareness of systemic risks, encouraging insurers to develop loss prevention programs and providing guidance on emerging risks.
The organization is currently collaborating on the use of wood packaging materials to prevent operational disruptions, as compliance with ISPM 15 standards can help avoid damage rather than just costs.
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