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.
Lloyd’s faces 'tens of billions of dollars of marine exposure' to Hormuz crisis
Worst-case scenario could see market’s losses exceed 1990s asbestos crisis
Reinsurers to reprice war risk as Hormuz stalemate continues
Limited transits through strait raise legal questions around time requirements for constructive total loss claims
Why competence mapping matters in P&I
Competence in a mutual insurer is different from capability in many other businesses
Beazley names Khera head of marine
Executive will lead the London-listed insurer’s marine, energy, aviation and space teams
Chubb CEO outlines conditions for operation of US war risk facility
Evan Greenberg says military conditions not yet in place for $40bn facility to begin assuming risk
Marine insurance will survive the Hormuz crisis — some marine insurers may not
Aggregated multi-line losses and constructive total loss claims could have a significant impact on the market and individual carriers
All-in vessel insurance costs flat in first quarter
Baltic Investor Indices data point to stability in marine market but H&M prices continue to soften
Some ships trapped in Gulf skimping on war risk cover
Benchmark war risk rates have fallen since announcement of ceasefire that expires at midnight April 22
Beazley to launch $1bn marine war consortium
Consortium will provide cover for vessels and cargoes transiting the Strait of Hormuz
Oil industry scheme may have to pay for uninsured shadow fleet spill
Claim would need authorisation from executive committee, but banking restrictions may make payments difficult
Third successive year sees $50m-plus losses for marine hull
Cost of claims now a third higher than before pandemic, says Cefor
Partial settlement of Baltimore bridge claim, but no details
Mounting signs that compromise could be on the cards
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