In response to market concerns, FOIL and London FOIL have launched two new sector focus teams (SFTs) to address some of the global issues plaguing the marine and environmental sectors.
Whilst each sector has unique challenges, there are a number of shared concerns that the two SFTs will seek to place a spotlight on, including the large number of marine vessels that are decommissioned and recycled in ways contrary to international law and the damage this causes to the environment.
On top of this, London FOIL’s Marine SFT has an active agenda and will be looking into some of the sector’s challenges from underlining where liability lies for mis-declared cargo, to the increasing size of cargo ships and liability for breaches of the Emissions Regulations 2020.
FOIL’s Environmental SFT will focus on global issues impacting the sector by asking a difficult question: how prepared is the insurance industry to combat climate change? And has it decided what role it has to play in the battle ahead? The SFT will also focus on the rising trend of green energy investment, and the associated risk and liability issues that come with that.
As with all FOIL SFTs, these two new teams will facilitate training and events, spearhead campaigns, act as thought leaders and demonstrate expertise to non-members and potential clients. FOIL created its SFT structure several years ago to align itself more closely with the operational movements of the insurance industry. This structure has allowed the organisation to be flexible and expand out of its personal injury origins to become a significant voice across all traches of the insurance sector.
FOIL Chief Executive Laurence Besemer said: “There is no escaping the onslaught of climate change and the public pressure being placed on the global insurance market to do the right thing – this brings about unprecedented challenges. By bringing together the sector’s leading experts under one umbrella, FOIL is well-placed to support the insurance industry and tackle some of the biggest challenges facing the sector.
“The London Marine Insurance market is one of the oldest and largest in the world and we are proud to be launching a new team to support this market as it navigates a post-Covid world.
“Whilst insurers and their legal advisers will of course want to differentiate themselves from one another in their approach, there is an understanding that when it comes to the biggest issues facing business, the most important thing is consensus. We must all work together to overcome future hurdles – and this is precisely what these new teams are set up to offer.”