Determining the right track in transition risks | AON – WISTA – RMSC

Directly after the general assembly on September 13, Aon also welcomed the ladies of the Women in Shipping and Trade Assication, for a joint knowledge sharing event, about determining the right track in transition risks. From one of the top floors, looking out over the river and Willemsbrug, those attending were in for an afternoon of interesting discussions

The program resumed with a very interesting talk by Peter van den Brink about the implications of ESG (Environmental, Societal and Governance) for the maritime sector and the insurers in particular. This was followed up by an interactive panel discussion hosted by Erwin van Geyte with panelists Anneke Kooiman of DUPI and Aram Stoop of MS Amlin both RMSC members. Voting by the public on a number of statements ensured that a lively discussion ensued, with notable exchanges for instance about the feasibility of zero carbon solutions in current newbuilds. The subject of ESG is an important one, and is bound to return to the RMSC agenda from time to time in the future.

The presentation showed that there are numerous consequences for the shipping industry anticipated but there is no certainty on the final impact. The panel discussion showed that – although many of us are aware of the upcoming requirements – not everyone is actively implementing an ESG policy. Further topics addressed were the impact of the inflation on the insurance industry for instance the rising costs of labour, repair and replacement. Shipowners should reconsider the value insured of their assets and underwriters will increase the premiums to prepare for the expected increase of claims. Conclusion of the Aon presenters was that communication between all parties is necessary to meet the upcoming challenges.

To conclude the event, networking drinks ensued with an enthusiastic group of WISTA and RMSC members making new connections and strengthening existing relationships.