Steve Parker, director general of the British International Freight Association (BIFA) is set to join Marcus Baker, global head of marine, cargo and logistics at Marsh to provide the keynote address at the forthcoming Cargo Insurance London conference.
In the opening address, Parker and Baker will examine the current views of brokers and clients in regards to cargo insurance.
Parker says: “During the 50 years I have been in this industry, one of the things that has always surprised me, is the amount of freight that moves globally without insurance. We will examine the reasons why this happens and suggest some initiatives about what can be done to remedy this.
Baker adds: “The percentage of that freight moving under or uninsured is a point for debate, but estimates suggest as much as 80%. In our presentation, we will focus on the amount of cargo premium available globally, and explore whether there is an opportunity that the insurance market is currently missing.”
Both agree that the insurance sector needs to simplify the process for clients in regards to both placement and claims, so that everyone can win.
Cargo Insurance London is a one-day conference taking place at the Mermaid Theatre in London on March 20th. Other topics that will be addressed include: The Market Cycle – how to reduce the rollercoaster ride; Managing the Risks – could more be done?; The evolving impact of theft and fraud; Counting the cost of container losses; Cargo losses in practice; and many more.
Parker adds: “BIFA is contacted regularly by the trade association’s members when something untoward has happened to a consignment. The ensuing issues cause lots of work and often cost, and whilst I empathise with members’ situations, I often think to myself – if only it was insured.
“However, there are some significant considerations to bear in mind when dealing with cargo insurance, and that is why BIFA is now increasing its work in this area to provide further advice and guidance to our members.”
BIFA is continually trying to help its members understand the insurance industry. Participation in events like Cargo Insurance London is part of this, and the subject will also feature in one of the sessions at the trade association’s forthcoming annual conference in May.
A recent series on the BIFAlink TV channel, which airs on YouTube, saw insurance brokers and intermediaries present information on various topics related to cargo insurance.
Parker concludes: “I do wonder if the process to obtain transit insurance is too cumbersome, and we at BIFA stand ready to help all the parties involved streamline the system, being fully aware that everyone benefits if we can drive up the use of insurance.
“The trader gets the cover they need. Our member has the comfort of knowing in the event of an issue, that the goods are insured. The insurance industry receives more business. I look forward to discussing these matters at the event in March.”
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