The International Group of Protection & Indemnity Clubs has agreed in principle to start sharing loss data in a bid to boost safety in the maritime industry.
International Group chairman Paul Jennings revealed at a London Maritime Insurance Conference that P&I club managers had given him a remit to explore how data can be collectively used.
Incidents and casualties
The 13 International Group members collectively provide third-party liability cover for more than 90% of the world’s fleet and probably have the most comprehensive data set of maritime incidents and casualties available.
However, rather than share the data for the greater good of safety in the industry, so far the clubs have preferred to keep their records a closely guarded secret for commercial reasons.
We believe that a move towards a collective database within the International Group could make a major contribution towards safety
Paul Jennings
Jennings told TradeWinds that the clubs will now collectively look at the best way of using data.
“We are indeed at the early stages of identifying appropriate data and how we can effectively use this,” he said.
Safety contribution
“We believe that a move towards a collective database within the International Group could make a major contribution towards safety.
“Back in January, I did admit that I felt the IG [International Group] was at that stage some way from forming such an initiative. But I’m pleased to say that there has been tremendous support for this concept and I am confident we will be able to make real progress in the coming months.”
The International Group has fallen behind the International Union of Marine Insurance (IUMI) — an association of hull and cargo underwriters — in terms of developing a loss database.
Under the leadership of Donald Harrell, Aspen Insurance head of global marine, the IUMI has already developed a large hull and cargo loss database.
Such schemes should be able to identify wider loss-trend causes and, through loss-prevention work, improve the industry’s safety record.
