Marine hull training seminar for marine underwriters

As part of a series of events to celebrate the 10th anniversary of PVIRe’s establishment 2011-2021, PVIRe has held a training seminar/webinar about basic knowledge of hull technicality for underwriters on Tuesday 20th April 2021. 23 insurance companies with more than 150 underwriters have participated in the workshop through 28 online conference bridges.

During his opening speech at the seminar, Mr.Nguyen Hong Long, Deputy General Director of PVIRe, has shared : “The hull insurance market in the world as well as in Vietnam in the past decade has continuously suffered losses. The main causes for this bad result come from the inadequate mismatch between premiums pricing and the nature of the risk or due to the lack of knowledge and ability to control hull risks of underwriters. With the desire to contribute to the proper development of the market, PVIRe has invited leading marine experts to coordinate with our insurance experts to share basic technical knowledge of ships and hull underwriting management.”

The seminar has brought to the participants valuable and practical knowledge on: Overall about marine vessels, ship registry, ship engine system and common types of engine failure, hull valuation and marine safety regulations.

Additionally, PVIRe’ specialist has presented on current outstanding problems with regards to hull underwriting, especially the underwriting of river-ocean going vessels in recent years. The rapid development of river-ocean going vessels has yet to stop, but the large losses and long-term effects on the marine insurance market in Vietnam has already become an alarming matter.

The seminar was implemented successfully and generously appreciated by PVIRe’s distinguished partners. At the end of the seminar, PVIRe gratefully received many thank-you letters and feedbacks as well as requests on other training programs in the near future.