Underwriters from the hull insurance market
in London will hold a seminar in Greece later
this year to debate issues of current interest to shipowners and insurers.
In recent years, Lloyd's Underwriters Association
has hosted a reception at the Piraeus Yacht Club during
the week of the Posidonia exhibition and congress. This year, however, Lloyd's Market Association
and the International Underwriting Association of London
(IUA), under the auspices of the London Joint Hull Committee
, have instead combined to host the seminar, which will take place either in October or November.
This departure from custom reflects a feeling by London hull underwriters that a dedicated seminar is a more effective and worthwhile deployment of resources at what is a very difficult time for the international marine industries. It also underlines the strong spirit of co-operation and unity which exists between the Lloyd's and company hull underwriting markets in London.
There will still be a strong London insurance market presence
in Athens and Piraeus during Posidonia week. The IUA has a stand in the exhibition hall in the Maritime London pavilion
, and a number of London underwriters will also be attending the biennial event.
Simon Beale, chairman of the Joint Hull Committee in London
, explains, "The decision to forgo the traditional LUA reception this year was not taken lightly. The London market is committed to the Greek shipping industry, but in these difficult times for both underwriters and their clients it is felt inappropriate to hold a social function during the week of Posidonia.
However, holding a seminar for the Greek shipping community later in the year reflects a desire to underline that commitment in what is considered to be a more appropriate and effective way."