Impressions after IUMI’s spring meeting

International Union of Marine Insurance (IUMI)’s spring meeting is just completed. Thanks to IUMI’s president Frédéric DENEFLE and Secretary General Lars Lange the IUMI team for a very well organised event. The spring meeting sets the agenda for the coming conference in Rotterdam later this year.
As a member of the for the Data and Digitalisation forum I am pleased to see that the D&D forum addressed structured data. Tom Shinya 新谷　哲之介 work regarding structured data for Cargo and Dave Matcham FCII from ACORD addressing the importance of structured and high quality data.

Frédéric Denèfle pointed out in his speech that the global marine insurance market was valued at approximately 34.8 💰billion USD in 2024, and is expected to reach an estimated USD 59.2 💰 billion USD by 2032. However, as the market currently is softening margins shrink for everyone in the value chain. Consequently, players in the value chain need to evaluate how one can reduce cost. AI can be a part of the solution, but AI needs quality data. To get quality data you need systems that gives you structured and quality data. That’s why investing in robust, future-proof core systems is a smart move—structured, quality data is the foundation for success.