The shipping industry needs a comprehensive awareness on claims handling and must understand the importance of claims prevention

A healthy market requires that all marine industry sectors practice due diligence in their ordinary course of work. Many long standing medium and some small-sized enterprises in the UAE have successfully conducted their business for years without having to worry about professional insurance or affording the protection of national and international associations. Yet standards still need to be raised in line with the rapid increase of volumes that are entering the region.

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Current aggressive behaviour between insurance companies in the industry has driven insurance rates to an all time low, thus companies are struggling to break even

Sea freight volumes have heavily increased in the region, primarily due to containerisation, a tremendous improvement in logistics and transport and now the great demand for fuel and project cargo to facilitate Dubai’s construction boom. In the first quarter of 2007 alone, 8,431 vessels called into Dubai ports and a total of 34,052 by the end of the year, with a value of AED679 million (US$185 million) worth of cargo movement in foreign trade including free zone and custom warehouse trade.

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