2Message from the President3IUMI seeks Policy Officer4Winning the “war on talent” in the oceanmarine insurance industry: The importanceof diversity at IUMI5AI and Underwriting7IMO’s Marine Environment ProtectionCommittee’s Extraordinary Session andthe delay of the Net-Zero Framework8IMO Sub-Committee on Carriage ofCargoes and Containers (CCC 12):Work on containers lost at sea9Special featureALSUM joins IUMI as new memberassociation10Insights from ALSUM Conference 202512ALSUM and IUMI: A partnership thatstrengthens both sides of the global marineinsurance community13Smart Ports: A technology-driventransformation15Steaming challenges: The risky voyageof rice from Asia to Africa16Cold-starting GenAI in a marine insurer:What to watch out for17People at IUMI: Brian Murphy18Navigating cross-border e-commerceparcel risks: A strategic upgrade for insurers19Q&A with Thomas A Kazakos of ICS20Vessel Affiliation Screening —Enhanced clarity in uncertain times21ICS industry workshop on vehicle carrier fires22When sanctions collide with casualties 23Welcome to two new IUMIProfessional Partners24Recent findings on LNG vessel cargocontainment tanks25The power of shared purpose: Reflectionson the inaugural IUMI Masterclass HullInsurance26Below the surface: How small cyber incidentsare quietly causing global port congestion27Challenges of false-flagged vessels inmaritime safety & compliance28IUMI signs MOU with Hong KongMaritime & Port Development Board29Towards a common language:Why a shared framework for vesselassessment matters30IUMI Stats Report 202531The great underwriting brain drain:Who holds tomorrow’s risk expertise?32Update on Inland Hull, Fishing Vesseland Yacht (IFY) Committee activity fromSingapore, 202533Cyber hacking and cargo theft: Howinsurance policy wordings are evolving34Collaboration with member associations36New ransomware legislation on the horizon37IUMI Singapore 202539Embracing collaboration, data and AI nowwill get you out in front tomorrow40Committee Changes41World Maritime University42IUMI tutorial programme43IUMI podcast series43Imprint No let-up as weapproach the new year Frédéric DenèfleIUMI President It’s very likely that high levels of tariffs will remainin place throughout 2026 and this has the potentialto fuel inflation. Similarly, it’s possible we’ll seenew supply chains evolving with an emphasis onreshoring or near-shoring in countries and regionsseeking to reduce their exposure. Although 2025 is coming to an end, the lastquarter has been very busy for IUMI. Our annual conference in Singapore was a truesuccess and included high profile speechesand presentations relating to the impact of AI onour business; new green technologies drivingthe shipping investment community; and theever-concerning evolution of geopolitics which isso important for marine insurers who rely on thefreedom of services and trade to support globalcommerce. Despite all this uncertainty and concern, I’mconfident that we, as marine insurers, will retainour steadying influence and commitment to facethis myriad of issues head-on and continue to playour part in facilitating global trade and commerce. You won’t have failed to take note of the latestIMO Marine Environment Protection Committee(MEPC) meeting held in October where themajority of the participating states chose todelay the launch of the net-zero framework. Thismeant that IMO regulation to support greenershipping was put on hold for a year. Nevertheless,investment in greener shipping through newtechnologies, particularly those based on dualfuel to reduce GHG emissions, continues to growaccording to the new building order book. Thistrend looks set to continue and become the newnormal for modern design vessels – particularlycontainerships – despite clear, internationalregulation from IMO being postponed. For its own part, IUMI will work hard to understandthe evolving operating environments anddeveloping risks and share that knowledge acrossour community offering advice, education andleadership as appropriate. May I wish you all a prosperous andpeaceful 2026. Aside from this, marine insurers continue tograpple with a range of global issues, not least thedeep uncertainty we face from tariffs and similarlimitations on international trade and maritimetransport. This places a huge question mark overglobal supply chains and all related stakeholders –including us as insurers. IUMI seeks Policy Officer As part of our growth and development strategywe are seeking to hire a Policy Officer to play akey role in developing IUMI policy and to lobbyour position to the wider maritime and insuranceindustry. Working closely with other membersof the IUMI Secretariat as well as our ExecutiveCommittee, Policy Forum and other committees,you will engage directly with our members,industry stakeholders, the International MaritimeOrganization in London and the EuropeanCommission in Brussels. We see this role as suitable for someone whois five to ten years into their career and wi