Asian marine growing but experts needed

Aon's latest Marine Market Review has highlighted a lack of marine experts in the Asian marketplace.

While the establishment of offices in bases such as Singapore and Hong Kong by London-based syndicates such as Ascot, Kiln and Alba has driven growth in the Asian market, experienced insurance professionals are needed to take Asian marine to the next level.

Tom Helleboe, regional director for marine at Aon in Singapore, said: “The expansion in capability and capacity of the Asian markets presents a challenge to the well established marine markets of London and Norway, which is forcing them to review their trading practices. The “hungry dragon” is developing a strong insurance infrastructure in which overseas insurers and brokers want to play a part, as its global role looks set to increase in the future.

“However, if Asia is to establish itself as an insurance hub, the industry must fill the shortage of local marine expertise. There is no use providing the capacity and high level manpower if the long term solutions are not addressed by focusing more on education and recruitment of local marine insurance practitioners as a part of the package. Resolving this shortfall and acknowledging the importance of delivering effective risk management solutions to their shipowners will place Asia and China in a very favourable position for growth.”