PIAM Collaborates With IUMI To Organise The First Joint Session On The Marine Insurance Industry In Malaysia
The IUMI-PIAM Joint Session on Growth Opportunities for the Marine Insurance Market in Malaysia, organised by the General Insurance Association of Malaysia (PIAM) and International Union of Marine Insurance (IUMI) was held on 2nd November 2015 in Kuala Lumpur. The focus of this inaugural half-day session was to identify ways in which PIAM and IUMI can assist the local marine insurance fraternity facing complex and uncertain challenges while maintaining innovation and development in the marine insurance and maritime industries.
Mr. Dieter Berg, IUMI President delivered the keynote address and touched upon the state of the global marine market, challenges for marine insurance and new initiatives set up by IUMI to assist its members.
The seminar continued with presentations by Mr. Lars Lange, IUMI Secretary General, who shared the highlights from the IUMI Berlin Conference held in September 2015 and some key functions of IUMI, as well as Mr. Mike Davies, Vice Chairman of IUMI Executive Committee who spoke on the marine cargo, hull and offshore energy experience worldwide, including some facts and figures of the Singapore and Malaysian markets. He also highlighted some hot topic areas on loss prevention.
Mr. Edwin Cheah, Assistant Vice President, Marine Underwriting & Trade Credit Insurance, MSIG Insurance (Malaysia) Bhd. and Ms. Lee Ying Ying, Member of PIAM Fire, Marine & Engineering Sub-committee/ Assistant Vice President, Marine & Aviation, AIG Malaysia Insurance Bhd. were also invited to share their views as local experts during the panel discussion session moderated by Mr. Mark Lim, PIAM CEO.
A lively discussion ensued with active interaction among the panel members who fielded challenging and probing questions from the floor.
The IUMI-PIAM Joint Session on Growth Opportunities for the Marine Insurance Market in Malaysia received strong participation from more than 45 local marine insurance practitioners. It is part of PIAM’s effort to elevate the profile of Marine Insurance (both Hull and Cargo) as an important class of business with strong potential for growth in our market.
Mr. Dieter Berg, IUMI President