35th Annual Hull Committee Meeting Held in Chengdu

The 35th Annual Hull Committee Meeting of the Association’s Board convened in Chengdu, Sichuan Province on 11 and 12 April 2019. Mr. Zhang Baoliang, Chairman of the Hull Committee and the Managing Director of the Associated Maritime Company (Hong Kong) Ltd. attended and presided the meeting.

During the first half of the session, the Managers of the Association briefed the Committee an annual report on the overall performance of the Association’s marine hull business for the 2018 policy year and the outcome of the 2019 Renewals, and finally, presented a study report on various issues pertaining to global sanctions.

In the course of the deliberations, the Committee applauded the efforts made by the Managers in resuming and maintaining the Association’s stable marine hull business after severe impacts in the 2017 policy year and the underwriting results achieved, particularly acknowledged the principle of underwriting quality control and the steady increase in business scale despite the extreme competition faced in H&M insurance from both the domestic and abroad hull market. The committee also emphasized the importance to maintain the Association’s Hull business scale increase in a consistence pace with underwriting quality control and the building up of effective loss prevention mechanisms in the future.

In the second half of the session, the Committee members discussed on issues of common concern and those that had perplexed the shipping industry for years. Some of them shared practicable experiences from their respective companies when dealing with issues that may involve activity likely to trigger sanctions. The committee encouraged the Managers to continuously follow the developments of sanctions and create an exceptional specialized loss prevention service. The committee also confirmed the Hull Team’s specialty and requested the Managers to fully utilize the distinctive advantages of mutual insurance and one-stop services, and ultimately make the Association’s marine hull business a unique marine hull insurance provider.

The Association’s Hull Committee members, delegates from members and the Managing Director Dr. Song Chunfeng attended the meeting.