With the globalisation questions, the drama of the Hanjin’s bankruptcy, the challenges faced by several major liners, as well as the diversification and M&A in the shipping community, the marine world is being tempest-tossed as they say. And the bold new initiative of “One Belt One Road” and the melting Arctic ice are causing great excitement in global transport. There is a buzz of anxiety and hope tugging away as the old world routes are being swept aside.
The marine insurance industry, despite its emphasis on risk management and sustainability as well as track record in managing risks, is also facing tremendous winds of change. While the growth opportunities shine in the era of digital disruption and technological innovation, they come embedded with increased piracy, terrorism and hijacking, raging cyber threats and crimes, shortage of human expertise as well as tough market conditions of decreasing world tonnage and falling rates. Hence we have set our theme for the 2017 Asia Marine Insurance Conference as “Finding Anchorage in the Perfect Storm”.