Singapore Shipping Association held its 23rd Annual General Meeting on 26 June 2019 at the Marina Mandarin Hotel, in Singapore. At the subsequent cocktail reception Edge was called to the stage and presented with a memento in recognition of the work the group had carried out since the idea of a establishing a Singapore war risks insurer was first discussed in 2012. The memento was presented by Mr. Esben Poulson the SSA’s outgoing President to Tom Midttun, Edge’s CEO.
The initiatives were considered to be strategically important for Singapore to prevent measures that might discourage trade to or from its port or through neighbouring waters.
It was becoming clear that ship owners are sensitive to developments in geo-political climate which is becoming increasingly uncertain. The new insurance conditions hence meets a demand from ship owners for clearer and easier to use conditions. Singapore is a financially strong and politically stable nation state seen by ship owners as a safe haven, and the government support showing strength of purpose in supporting SWRM is seen to of great importance.
Earlier on the same day Edge had worked with the SSA to run a seminar and workshop on the new Singapore War Risks Insurance Conditions, and also to establish a Contract Administration Committee for the new conditions. The turnout was good with every seat taken and a good mixture of shipowners and brokers present. One of the presenters at the seminar was the Information Fusion Centre (IFC) a 24/7 regional MARSEC information-sharing centre. It aims to facilitate information-sharing and collaboration between partners to ensure safety and security at sea. Through integrated team of International Liaison Officers and Republic of Singapore Navy personnel, the IFC delivers information to regional partners to cue timely operational responses. Due to other meetings of the IFC there were 18 nations visiting, so the event was not lacking in military style and appearance as the last developments in the Arabian Gulf and elsewhere were being discussed.
The panellists were, Mr. Nic Wilmot, Special Adviser (Gard), Mr. Nick Fell, Executive Vice President, Corporate Services and General Counsel, (BW Group), Mr. Rama Chandran, Head of Marine, (QBE Insurance (Singapore) Pte Ltd) and Lieutenant Commander Gary Brogan, (International Fusion Centre and British Navy). Edge’s Jens Ringefelt (Senior Broker and Director) moderated the event with good participation from the audience.
The first Contract Administration Committee (drafting committee) consists of:
Gina Lee-Wan (SSA / Chair)
Nicholas Fell (BW Group EVP, Corporate Services & General Counsel)
Irene Lim (PCL Risk Manager)
Rama Chandran (Head of Marine QBE)
Jack Marritiot Smallley (SWRM)
Jens Ringefelt (Edge)
Siti Noriani (SSA)
The Committee is responsible for the onward development of the SWRIC based on its members experience and the changing face of risk, and for suitable revisions.