IUMI 2018 Inland Hull, Fishing Vessels & Yachts Committee Anneke Kooiman 18 September 2018

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1 IUMI 2018 Inland Hull, Fishing Vessels & Yachts Committee Anneke Kooiman 18 September 2018

2 Waterfront Cape Town 2

3 Content Managing emerging risks and exposures think the unthinkable Introducing the IFY Committee members IFY Market Summary Current Topics Speakers & Topics IFY Workshop Content 3

4 The IFY Committee in 2018 Hilton Adams, South Africa, Vice Chair Zhang Chunguang, China Michael Csorba, United States Tore Høisæther, Nordic countries Anneke Kooiman, Netherlands, Chair Marko van Leeuwen, Secretary Nicolas Leroy, France Pierluigi Portalupi, Italy Jordi Pozo, Spain Les Rout, Australia Bart Staes, Belgium Zhen Yuanze, China Liaisons Peter Tam, Policy Forum [replacing Nick Gooding] Takeshi Miyazaki, Executive Committee [replacing Patricia Kern-Ferretti] Retired after Tokyo 2017 Cristiano Marino, Italy Hossam Olama, Egypt Tomas Ryback, Nordic countries Committee members 4

5 The IFY Committee in 2018 Hilton Adams, South Africa, Vice Chair Zhang Chunguang, China Michael Csorba, United States Tore Høisæther, Nordic countries Anneke Kooiman, Netherlands, Chair Marko van Leeuwen, Secretary Nicolas Leroy, France Pierluigi Portalupi, Italy Jordi Pozo, Spain Les Rout, Australia Bart Staes, Belgium Zhen Yuanze, China Committee members 5

6 cartoon Committee members 6

7 IFY Market Summary General Underwriting Climate Depends on the market and if you were effected by the hurricanes. If not than premium stable or slight increase. If you were than you see companies/syndicates who pull out of the market or shut down this type of business. In several markets the results have a loss ratio of 100% + in the Yachting market. Yacht values drop, but the insured value remains the same or they drop too, but premium level remains the same. Ageing fleet in the fishing vessel market is a concern Inland Hull results on average good. General Pricing Trends Stable or increase in some markets. Emerging Risks/New technology More Electric/Hybrid systems are introduced in Inland Hull Market and Yachts. Project Novimar platooning IH three business concepts are identified. Great interest in several markets on (semi) autonomous shipping. Cyber Risks (market trends) PIANC Global Association for waterborne infrastructure wrote a position paper about cyber and what the impact can be on the inland hull shipping market, especially for equipment, webbased applications, etc. Claims Environment Average repair costs are increasing faster than premiums. Hurricane had a very large impact on the market. Fire related to yachts is a big concern. IFY Market Summary 7

8 Lurrsen dock fire Fires 8

9 Current issues interesting for our market IMO Draft guidelines Safety measures Yacht over 300 gross tonnage, as well as Fishing Vessels not engaged in trade in Polar waters Both dealt by the Policy Forum. Fishing Vessels - Power/Telecom cable damages at sea Yachts - Fire in Marina s and under construction. Cyber (Semi) Autonomous sailing Ferry accidents Current topics 9

10 Speakers & Topics Nooshin Namazi, Partner Nicoletti Hornig & Sweeney The US sanctions laws and their impact on the global marine insurance market Jeremy Prain, Legal Partner, Bowmans Law The Cape Town Agreement 2012 A milestone for improving fishing vessel safety and loss prevention Paul Coxon, Marine Engineer Surveyor and Consultant, Paul Coxon & Associates cc Illegal, unreported and unregulated fishing How can the insurance market help to reduce this practice? David W. Miller, Loss Adjuster / Marine Surveyor, D.W. Miller & Associates The 2017 hurricane season and the effect on the pleasure craft underwriting market Panel discussion with the speakers as panelists together with Hilton Adams (IFYC) Moderated by Anneke Kooiman Speakers IFY workshop 10