On 9^th September 2016, Vietnam National Reinsurance Corporation (VINARE) has cooperated with West of England P&I Club to organize Protection and Indemnity Seminar in Da Nang city. Attending the seminar, in addition to representatives of ship owners and insurers, there are representatives from management agencies such as Vietnam Register Office, Insurance Supervisory Authority, Association of Ship Owners, and Association of Vietnamese Insurers.

On behalf of Vietnam National Reinsurance Corporation, Mr. Mai Xuan Dung, Deputy Chief Executive Officer has reported on general situations of Vietnamese fleet entering international P&I over the last 6 years. According to the report, in nearly 1500 marine vessels operating on sea routes of Vietnamese ship owners, there are currently 426 marine vessels entering international P&I with 3.58 million GT registered and average age of nearly 14 years old, 90% of them are marine vessels with registered dead weight below 20,000 GT. Oil and chemical tanker accounts for 40% of GT registered, 50% are general cargo ships and 5% are container ships.

Each year there are hundreds of claims on cargo that have been handled by parties. Number of collision, grounding, and sinking events is not much but insurers had to make claim payments of tens of millions USD per year, particularly the fines of local authorities and expenses for discarding scrap vessels have been increasing.

The seminar also discussed on practical issues and shared international legal regulations that have recently been effective in maritime transportation area such as sanction, pirates, and claims arise when ships aground on coral reefs, impact of international conventions, etc. The discussions were considered very beneficial.   

On this occasion, WOE Club has cooperated with VINARE to organize the ceremony of 40^th anniversary of cooperation with Vietnamese insurance market. Being the first P&I Club that provided international P&I insurance product for Vietnamese ship owners, WOE Club has been the leading club in the market so far with more than 70% of market share. In his speech at the ceremony, Mr. Richard Macnamara – Managing Director of WOE Hong Kong shared his emotions and sincerely thanked the ship owners and insurers who have been on the journey together with WOE Club and committed to continue to cooperate closely with the Vietnamese insurers in the coming years.