- Marine
- Marine urged to adapt as fraud, digitalization, and net-zero ambitions grow
IUMI conference tackles the shifting dynamics in the current segment
The last day of the annual International Union of Marine Insurance (IUMI) conference in Edinburgh, Scotland, much like the previous days before it, tackled the hard questions and challenges facing the segment as it stands today.
One of the featured workshops discussed fraud in the industry, citing a high-profile case that marine insurers were urged to recognise and learn from. At the Legal & Liability Workshop, IUMI chair Charles Fernandez highlighted the Brillante Virtuoso case and took the opportunity to debate several aspects that insurers would find worth considering.
The Brillante Virtuoso case
In July 2011, the Suezmax tanker Brillante Virtuoso, weighing 149,601 DWT and carrying fuel oil valued at approximately US$100 million, set sail from Ukraine to China. During its journey, the ves