In this edition of CEO Angles, the topic turns to the tremendous changes affecting the Inland Marine insurance market. From supply chain issues and driver shortages to government infrastructure spending, automation, even cryptocurrency, all are putting pressure on inland marine underwriters to respond.
AAIS President & CEO Ed Kelly discusses the latest issues in the inland marine with Kevin O’Brien, President & CEO of IMUA, and Jessica Frankovich, Executive Vice President for Custom Property & Inland Marine at Seneca Insurance, who also serves as Chair of the IMUA.
According to Mr. O’Brien, the inland marine market remains strong, and profitable while facing many challenges. Ms. Frankovich agrees, pointing to many new entrants to fill the need for more capacity in this attractive sector.
Through the pandemic, there has been a newfound appreciation for truckers. And while the economy has affected new construction, new investments by the Federal Government in roads and bridges is welcome news to the industry.
Technology and automation are also having a tremendous impact on the industry. Autonomous vehicles and drones are among the many emerging technologies changing the landscape, and need for coverage. “Last Mile Delivery” losses are an evolving risk, as is the growing risk of cyber-attacks, particularly with more automation coming to the trucking industry.
The IMUA has launched a series of eLearning course to help keep their members informed of the changes in the industry. The 2022 IMUA Meeting in April is also great opportunity for members to hear from leading experts in the field, and network, in person, for the first time since the pandemic began.
For more information on the IMUA and the 2022 IMUA Meeting, visit the IMUA website. And for more on AAIS and its industry-leading inland marine and commercial output programs, visit the AAIS website, or contact an AAIS Engagement Manager.