- Al Malek: Over the years, P&I Clubs in the UAE have played a major role in the well-being of our industry and the continuity of business operations by reducing liabilities and providing increased financial security
- Form : Our findings show that insurance premiums represent more than 30% of a shipowner’s expenses, showing the importance of P&I clubs in their operations.
Dubai, UAE: The UAE Ministry of Energy and Infrastructure (MoEI), together with leading UAE law firm, Fichte & Co., organized the first-ever P&I Roundtable titled “Towards the strengthening a competitive P&I for the UAE maritime sector”. Hosted at IMO headquarters in London, the roundtable was attended by over 20 representatives from P&I clubs, law firms and the ministry. Industry experts discussed various aspects related to the UAE maritime industry, the need for P&I Clubs to establish their offices in the Emirates and how this will elevate the nation’s position in the global seascape.
Speaking at the round table, HE Eng. Hessa Al Malek, Advisor to the Minister of Maritime Transport, MOEI said, “Over the years, the UAE P&I Clubs have played a major role in the well-being of our industry and the continuity of business operations by reducing liabilities and providing increased financial security. Our shipping companies and our seafarers are at the heart of our sector and are generally the ones who take the maximum risk to ensure the fluidity of trade. For us, the safety of our seafarers and the financial security of companies operating in the sector are top priorities. This is why P&I clubs are so essential, as they provide compensation in the form of insurance covers to seafarers and support shipping companies in the event of loss of property or financial penalties.
“The UAE is one of the most important maritime hubs in the world, accounting for over AED 90 billion of the national GDP. Given this and the emirate’s strategic location at the center of world trade, we believe this is the ideal location for P&I clubs to set up their offices to be more accessible to some of the major shipping companies. worldwide. This will not only strengthen the UAE’s position in the global maritime landscape, but also enable P&I Clubs to effectively expand their services to both sides of the globe. » HE Eng. Al Malek added.
Guaranteeing the interests of shipowners and seafarers
Jasmin Fichte, Managing Partner, Fichte & Co. said, “As a law firm working for the betterment of the masses, especially the marine industry, we understand the critical role insurers play in reaching a fair and amicable settlement in disputes. Our findings show that insurance premiums represent more than 30% of a shipowner’s expenses, showing the importance of P&I clubs in their operations. P&I Clubs also provide defense underwriting, making them not only the driving force behind any major incident, but also a key player in most maritime legal proceedings.
“We are very proud of the kind of progress the UAE maritime industry has made over the years. Along with being ranked 5th in the world as a key competitive maritime hub, the nation is home to 20 leading ports and over 27,000 shipping companies. While these numbers are simply commendable, we aim to become a global shipping hub. This is where we believe the P&I Clubs will play a huge role as they will strengthen the country’s maritime infrastructure by securing the interests of shipping companies operating in the country and protecting the 1,083 seafarers serving the UAE’s maritime sector,” Form added.