Marine Insurance
Marine insurance is experiencing a period of rapid change, with a prolonged struggle to deliver underwriting profit forcing companies to reevaluate their proposition and the need to modernise. The class of business on which Lloyd’s was founded, the marine market is now navigating through a transitional period as it embraces technological reform and looks to rebuild its profit margin against a challenging operational backdrop.
Prolonged Iran conflict ‘could expose reinsurers to economic turmoil’
AM Best warns on regional and global impacts of a prolonged war in the Middle East
How a prolonged Gulf conflict could squeeze P&I clubs
Exposure limited for now, as Standard & Poor’s flags possible risk to investment returns
Chubb to lead US reinsurance facility for Gulf shipping
Other American insurance companies have been identified to provide additional reinsurance capacity, Development Finance Corporation says
Gulf war risk premiums top double-digit millions of dollars per trip
Quotes for high-risk vessels could already be at 10% of hull value, but safer ‘plain vanilla’ propositions priced far lower
Three vessels struck in Middle East Gulf
Two bulkers and a containership were damaged in this morning’s attacks
US launches $20bn reinsurance facility for Gulf shipping
Development Finance Corporation to offer US state-backed coverage in hopes of restarting shipping through Strait of Hormuz, but details remain unclear
Military escort through the Strait of Hormuz unrealistic: Herminius
The vessels that would realistically be used to escort commercial vessels are currently being used to defend the US’s carrier fleet
Britannia sees growth in entered tonnage
Percentage increase in line with world fleet but combined ratio may still be higher than ideal
P&I clubs make Middle East war risk buyback deadline, but pricing not cheap
Smaller vessels face paying more per week than they previously did in a year
Cargo capacity to remain strong despite Middle East escalation
London market specialists say surplus capacity remains despite rising geopolitical risk following US-Israel strikes on Iran, though rates may shift as the situation develops
Iumi explains ‘notice of cancellation’ amid Middle East conflict
As with all shipping interests, the safety of seafarers will be a priority for shipowners, International Union of Marine Insurance says
Re/insurers well capitalised to weather Iran conflict
But S&P Global warns of ‘sizeable insured losses’
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