Emphasising experience-based insurance at Cyprus forum
Earlier this month the "Capital Link Cyprus Shipping Forum" took place in Limassol at the Columbia Plaza.
Our Director and Head of London Branch, Ole Wikborg, attended as a participant in the panel discussion: "Optimizing Insurance & Reinsurance – Trends & Developments".
More than 400 delegates attended the forum, aimed at raising awareness of the role of Cyprus as a regional maritime, logistics and energy hub.
The insurance and reinsurance panel discussion was moderated by Mr. Mark O’Neil, President of Columbia Shipmanagement. Ole Wikborg was joined on the panel by Mr. Stephen Cooper, CEO of Fourth Insurance Office, Inc.; Mr. Joseph E.M. Hughes, Chairman & CEO of The American Club; and Mr. Costas Th. Joannides, CEO of Marsh Brokers Ltd., Cyprus.
Whilst insurance has historically enjoyed an important position in the operational environment of a ship owner as a tool for risk relief and management and mitigation of financial exposures and risks, Ole Wikborg questioned whether that was the situation today. He was keen to challenge the audience on the current general view of insurance as merely a financial product and a price-driven commodity.
He concluded his contribution by encouraging buyers of marine insurance to optimize their insurance spend by having a mindful approach to their selection of insurance partners, not least in terms of what to expect in terms of service and assistance when an unfortunate incident strikes.