IGP&I Chairman statement
I am delighted to see the way that the Group has weathered the COVID-19 storm in 2020 and is coming out in 2021 with renewed focus on how sustainability within Clubs and the marine insurance industry generally, can help to support our shipowner members in a changing environment. I have also been heartened to see how the Group’s data collection exercises on Pilotage incidents over a 20 year period see report here and shortly on enclosed spaces may help improve safety for seafarers and reduce incidents in the future. Utilisation of Group claims data to support safety at sea and protection of the marine environment is certainly be an area we will be focussing more on going forward. Other data collections exercises across the Group show that the Group continues to cover liability risks for between 90-95% of the global shipping fleet.
The 13 Group Clubs all moved seamlessly to working virtually whilst continuing their collective efforts at Group level. There were a record number of virtual meetings in the autumn helping to drive the Group’s work in so many areas to support our shipowner members. Whilst missing the personal contact which is so much a part of the industry, I have been particularly impressed by the resilience of the industry and the Group in the face of adversity and its role in supporting global trade, which is often underestimated.
Pool Claims were challenging in the first half of 2020/21 reaching high levels but it remains to be seen how losses develop in the second half of the policy year. What remains clear however is that the strong pooling arrangements have proved continuously resilient and helped Group Clubs to pay the innocent victims and restore the marine environment, as evidenced on the largest maritime claims, such as the ongoing GOLDEN RAY wreck removal.
The Group is continuing to examine how to enhance its role in support of the shipping industry and by working together the Group Clubs can collectively help our shipowner members recover from 2020 and build a prosperous and sustainable shipping industry in 2021.
Paul Jennings
