The International Union of Marine Insurance (IUMI) has opened an Asia hub in Hong Kong, marking the organisation’s first base outside Europe in its 142-year history.

President Dieter Berg says the Asian marine insurance market continues to grow, and accounts for almost 30% of global premium income.

“The opening of our new Asian hub… recognises this significant contribution,” he said.

“Through this initiative, we hope to align IUMI more closely with the activities and aspirations of our colleagues in Asia and ensure that IUMI remains relevant and of service to this very important region.”

Chairman of the Hong Kong Federation of Insurers Ronnie Ng has welcomed the hub, saying it will act as a “super-connector” between IUMI and neighbouring markets.