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International Union of Marine Insurance (IUMI)

Website: http://www.iumi.com/

Category: Business

Year of Foundation: 1874

Location of Foundation: Berlin, Germany

Location of Headquarters: Z├╝rich, Switzerland

Brief Description: IUMI aims to 'represent, safeguard and develop insurers' interests in marine and transport insurance' (source: www.iumi.com; accessed 13 May 2010).

Founding Rationales:

The initial objective of IUMI was to provide a forum 'where the members could discuss business matters of common interest with the purpose of agreeing upon principles concerning the management of marine insurance business.'

According to Peter Koch, 'On its foundation IUMI's purpose was very generally formulated as being to represent, to defend and to promote the interests of marine insurance. In particular the objective of IUMI was intended to be to improve the technical aspects, i.e. to ensure the promulgation and implementation of appropriate rates, insurance conditions and loss adjustment rules, to cultivate good relations among the member companies and between their managers, and to exert influence in order to eliminate any mischief arising from undue competition between members. Specific mention was made of the fact that IUMI did not wish to acquire and exercise any overbearing position of power but had simply sought to provide professional services on a joint basis.'

Sources: www.iumi.com (accessed 13 May 2010); Peter Koch, '125 years of the International Union of Marine Insurance: from an alliance of insurance companies in continental Europe to a worldwide organization of national associations' (Karlsruhe: Verlag Versicherungswirtschaft, 1999), p. 12.

Evolution of Membership (Associations):

International Union of Marine Insurance Membership Chart

Sources: YIO; EAIO; Koch, '125 Years...', p. 78.