Maritime Week 2009
Like all industry, maritime and shipping industry is equally exposed to risks of a difference sort. To better manage the exposures, it is prudent to understand the extent of the risks, its sources, cost of damages, risk management tools and how best to effectively control and mitigate them. Transportation, merchandise / cargo damage, financial losses, oil spill, piracy, shipment embargoes, natural disasters are just some of the exposures the industry faces. Regardless of the size of a shipping company, delivering the result and healthier bottom line, very much depends on the safety of the vessel, cargo and business activities of the industry. Maritime /s hipping insurance has been used as one of the risk mitigating tools to manage risk exposures With the current dismal business outlook resulting from financial meltdown and recession, the shipping industry faces increasing risk and uncertainties. What sort of risk are they facing? Can it be cargo and shipment risks? Environmental responsibility and risk? Vessel operational risks? What will be the immediate corrective steps be taken? What contingency plan must be put in place quickly? And what sort of risk mitigating tools to employ to buffer the impact of the slower economic times?
On the other side of the coins, we have to evaluate the concern of Insurance companies who are servicing the maritime and shipping sectors. Can all risk exposures be underwritten by insurance companies? How much will maritime insurance companies capable to provide coverage? Is the reinsurance sector ready to underwrite the risks? How importance is marine surveyor to insurance companies? How do the underwriters asses and price (premium) maritime policies? What are the changes in regulatory issues, local and international? What will the future be in term of trend – pricing and coverage?
Objectives of this conference:
1. To provide an opportunity for the general insurance sector (as well as the reinsurance) and shipping maritime sector to discuss ongoing issues affecting them in the midst of a financial contagion.
2. To identify the changing needs, and preferences of the shipping company as they go through the challenging time.
3. To provide risk management solutions to the shipping sector.
4. To determine new means in strategic risk management.
To learn and benefit from the experience of expertise and other shipping company in managing risk and opportunity.
TARGET MARKET : PRIMARY (RANK IN IMPORTANCE)
From Marine / Shipping / Logistics Sectors
Ship Owners (Insurance Department / technical manager)
From Insurance (Life & General Insurance)
Shipping Finance (Structured Finance / Project Finaance)
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