Singapore Shipping Association to increase focus on marine insurance

A leader of the Singapore Shipping Association (SSA), an organisation composed of the country’s shipowners and members of allied industries, said that the group will focus its efforts on improving the field of marine insurance to better protect its members and further Singapore’s status as a global maritime hub.

In his speech at the association’s annual general meeting last week, newly re-elected SSA chairman Esbern Poulsson said that marine insurance is one of the foremost areas for growth available for the Singaporean shipping industry.

“For the next two years, the SSA Council believes SSA must continue its ongoing efforts to grow the Singapore War Risks Mutual (SWRM),” Poulsson said.

“This will further develop the role of marine insurance in Singapore, and to further entrench Singapore as an important maritime insurance hub. Likewise, the development of future leaders and the creation of a Singapore Clause is a key element of the SWRM initiative.”

The SWRM was launched in February 2015, as a joint effort between the SSA and Standard Club Asia Ltd. It is Singapore’s first national mutual war risks insurer, covering P&I war risks up to US$550 million.

Poulsson also called the attention of shipping industry members on matters of digitalisation. He said that the emergence of disruptive new technologies is central to the work of the SSA as it helps its members to adapt.

“We will seek to cooperate with relevant stakeholders, to reap the opportunities from big data and digital innovation, in order that our industry can stay agile and gain improved productivity,” he added.

During the annual general meeting, the SSA added five new councillor spots. According to the SSA, these new additions will strengthen the organisation by bringing in over two centuries of combined expertise from a wide range of disciplines.(Source: Insurance Business)