SAVE OUR SEAFARERS TOP ISSUE
Teekay's Dev Hildebrand warns piracy is key risk management concern but he also wants underwriters to be more innovative.
The need for underwriters to be more responsive to industry requirements and for a more effective response to piracy are the key risk management issues according to Teekay insurance chief, Dev Hildebrand.
Hildebrand wants underwriters to be more innovative in developing bespoke products to cope with the increasing sophistication of top shipowners.
"Teekay has grown a lot in last 12 years or so. We have moved from a relatively simple operation to a much more complex one with different types of ships, offshore production units and LNG shipping. As a result of that have to ensure we have ability to place these risks on a sensible way on a portfolio basis in addition to that we do projects and conversions. So we do need to look at these things in more holistic way rather than placing them in a commodity market.
"Risks have become more complex. We can no longer try to fit contracts and projects into insurance contracts, that are sometimes a historic carry over in the market. These days we really need to look at things and try to find innovative solutions in the insurance products. Those insurers that are doing this are going to have an advantage with companies like us. By and large the market is doing a pretty good job but there is a little more that needs to be done," he explained.
"Piracy is a real worry for those of us involved in shipping. It is a travesty that almost 600 people being held hostage right now. I encourage you to go to www.saveourseafarers.com if you have not done so and send a letter to your government. It is very easy to do we definitely need to keep the pressure up," added Hildebrand.
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