VÍS Ltd, provider of insurance products and services in Iceland has recently begun charting a course into the international maritime insurance business.
Leading the expansion is the company’s recently appointed CEO, Gudmundur Gunnarsson, a 24-year veteran in the business with far-reaching experience in the marine sector.
“The decision to strengthen the maritime division at VÍS was an important factor in my being brought in,” says Mr Gunnarsson. “We’ve put together a good team with a strong focus on increasing our involvement in maritime insurance at home and abroad, particularly in Europe.” Iceland’s entry into international maritime insurance is virtually seamless due to membership in the European Economic Area (EEA), which established a free-trade zone with the EU and EFTA in 1994.
VÍS began participating in international marine insurance contracts in 2007, in France, Italy and Sweden. An important factor in the company’s decision to expand its services are growing environmental concerns worldwide.
Today’s super-large vessels, and increasingly frequent sailing schedules, have elevated the risk of environmental accidents and spills. This prompted the EU to issue a recent directive requiring shippers to carry broader coverage, particularly concerning potential environmental claims. This has opened the door to many opportunities for the Iceland-based company, since location is not an issue in maritime insurance.
Part of the challenge in developing a new business sector is demonstrating the ability to fulfil commitments. VÍS’s strong financial position and expertise, coupled with knowledge gained from developing international projects, has put the company on a solid footing for expansion.
