Bifa addresses cargo insurance
Steve Parker (on the right), the director general of the British International Freight Association (Bifa), joined Marcus Baker, of Marsh (on the left), to open the ‘Cargo Insurance London’ conference (as advertised in the ITJ Daily on 27 February), with a focus on uninsured and underinsured cargo. Together, they addressed the shortfall in cargo insurance coverage and asked whether the insurance sector is missing a significant opportunity.
Parker noted that Bifa regularly hears from member companies—mainly SMEs— after unforeseen incidents occur. These companies often cite complex processes and low returns as reasons for not including insurance in freight rates. With most of Bifa’s 1,800 members employing fewer than 10 people, Parker stressed the need for a simpler system.
Bifa advocates for cargo insurance to become a default part of freight offerings, with customers opting out rather than in. Both speakers agreed that broader use of insurance would benefit everybody who is involved in the sector. (js)