Ilias Tsakiris raises awareness of new shipping risks at 1st CSN marine insurance conference

Ilias Tsakiris, the Chief Executive Officer of Hellenic Hull Management (HMA), General Manager of American Club Europe and Chair of the Ocean Hull Committee of the International Union of Marine Insurance (IUMI) was among keynote speakers at the 1st Cyprus Shipping News conference, held on Thursday, May 11th in Cyprus and on Tuesday, May 16th in Greece.

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In a panel discussion on “Navigating through pandemic, war, sanctions and regulation, Mr Tsakiris called for greater collaboration, transparency and accountability in order to mitigate a new series of risks arising from new regulations being imposed on shipping.

As Chair of IUMI’s Ocean Hull Committee, he updated the audience on the organization’s mission and policy agenda. Mr Tsakiris focused on major challenges facing marine underwriters, including arctic sailings, alternative fuels, ESG issues, as well as specific risks to container and RoRo vessels. During his presentation, he underlined that the shipping and marine insurance communities should attach great importance to crewing issues, taking into account that 80% of accidents can be linked to human responsibility.

Against a backdrop of increased inflation, today’s marine underwriters are facing a similar number of claims but claims have become more expensive compared with those prior to the pandemic. As far as the war in Ukraine is concerned, he mentioned that the market was preparing itself long before the commencement of the war. Worth mentioning is that on the 21st of April 2021, the Lloyd’s market was raising awareness on Ukraine, highlighting that the situation might escalate and the industry should be prepared for such an escalation.

Although the key priority of marine underwriters was the ships being blocked in the area, stranded vessels are not a new risk for us. As an industry we experienced similar cases during the Suez crisis in 1956, and during the Iran-Iraq war in 1984 that cost more than $1 billion in claims, Mr Tsakiris told the audience.

However, sanctions were an additional element in the equation of new risks and were extremely burdensome for underwriters. Mr Tsakiris questioned the ultimate effect of sanctions, saying that rogue states and the so-called ‘dark fleet’ appeared to be among the beneficiaries.

Insurers are becoming risk management partners for clients, partly due to the proliferation of new regulations and risks. To address these risks we should co-operate better, be transparent and accountable, concluded Mr Tsakiris.

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CEO Ilias Tsakiris was recognized in The Investor Greece 2019 for his leadership in business and social responsibility. Throughout the year, Hellenic Hull made an impact at key industry events like the Capital Link Cyprus Forum, Insurance Conference, Delphi Economic Forum, and Maritime Cyprus 2019, advancing discussions on marine insurance and sustainability. The association also strengthened stakeholder engagement through presentations in Piraeus, London, and at P&I conferences. A standout moment was Tsakiris’ presentation at the World Maritime University, affirming Hellenic Hull’s dedication to training and education.

By 2001, the tides had shifted in favor of Hellenic Hull Mutual. At its 7th AGM, Hellenic Hull reported an impressive leap in its portfolio. The number of insured vessels had nearly doubled to 222, with a combined entered value exceeding $350 million.

HMA’s Chair Mr. Dounis shared an ambitious vision: the establishment of a marine campus in Greece, dedicated to promoting marine protection and ocean sustainability.

In April, Hellenic Hull made a notable contribution to the Merchant Marine Academy in Hydra, donating a GPS electronic device to enhance the students’ educational experience.

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