For the inland marine market, business is good…and emerging technology, new educational opportunities and growth in the construction market all point to a strong year ahead. In this AAIS Advisory Report, AAIS President and CEO Ed Kelly speaks with Kevin O’Brien, President & CEO of IMUA, as well as Rich Soja, the Global Head of Inland Marine at Allianz Global Corporate & Specialty, about the current state of the market and what they see in the future.

According to Mr. O’Brien, the inland marine segment remains profitable despite natural disasters causing rising property rates. A healthy economy, anchored by strong performances from transportation and construction, all directly impact the success of the inland marine market. Mr. Soja agreed that transportation and construction are bellwethers of inland marine’s profitability, but noted the 2019 freight trucking slowdown and skilled labor shortage as areas to watch in 2020. He expects the construction segment to grow this year, particularly in the area of frame construction.

Mr. Soja and Mr. O’Brien both believe new technology and professional education are key to keeping inland marine insurers current. Mr. Soja cited the challenges of updating legacy systems to accept emerging datasets as big data becomes more prevalent. Developing new e-learning courses for both millennials and seasoned professionals, said Mr. O’Brien, helps to keep inland marine professionals up to date on emerging risks and trends. Mr. O’Brien also reviews the topics being discussed at the IMUA’s annual meeting, including the economy’s impact on insurance, the growth of cyber and flood insurance, the impact of climate change, and more…all subjects of great importance for AAIS, as well.

Special thanks to AAIS for their contribution.

 

 

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