Popular Market Briefings brought to Singapore by Braemar (incorporating the Salvage Association)

Marine Insurance, News — By on November 28, 2012 at 10:29 AM

Graeme Temple

This autumn, Braemar (Incorporating The Salvage Association), (Braemar SA), has taken its successful formula of Lloyds market briefings to Singapore, and launched a new series of market briefings held at both Asia Square – known as ‘mini’ Lloyds – and at a number of corporate headquarters including those of RSA, QBE and First Capital. This Monday saw the most recent of those briefings, providing an overview of current cases of interest as well as a technical presentation on issues of concern to underwriters. Guests were able to benefit from Braemar SA’s wide experience of marine casualties, and more importantly, to identify and explore the lessons learned by those incidents.

“Rapid development has seen Singapore evolve into Asia’s marine insurance hub, ” said Graeme Temple, Regional Director for Braemar SA in Asia, speaking after this week’s successful event. “Consequently we have seen a large influx of international insurers, brokers and lawyers joining their already very active local counterparts. For many years we have presented a monthly market briefing at Lloyds to marine underwriters, claims handlers and brokers in the London insurance market, and I am delighted to have been able to extend this to the Far East. The success of the event earlier this week has shown that there is a place for these briefings in the Singapore calendar and we look forward to running our next market briefing in the New Year.”

During the briefings, attendees examine current cases, investigate statistical trends and undertake brief, relevant tutorials. To maintain confidentiality, estimated costs are often preliminary and subject to further inspections and or investigations; and to maintain reputations, vessels and their respective owners remain anonymous.

Reflecting on the success of the new briefings, Mr Temple commented; “Knowledge sharing has always been a key part of our client engagement process providing sustainable improvement beyond our specific projects. We actively help clients develop their knowledge and skills so they can make well-informed business decisions. This is our way of communicating with the international marine insurance market, highlighting key trends and educating the market on current topics. We see hundreds of casualties every year and each case has a lesson to be learned in some way, which can only benefit the recipients educationally and in way of loss prevention. Due to the positive feedback we have received we are currently exploring the opportunities for the briefings to become part of the local insurance industry accreditation for CPD as they currently do in the UK.”

The next briefing will take place in Asia Square early in the New Year.  If you are interested in this event please contact our Singapore office: Singapore@braemar.com.

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