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.
Rebranded London P&I unveils surplus despite second straight underwriting deficit
International Group affiliate books operating surplus of $21.2m for the policy year, but combined ration slides to 108%
Tiernan ‘chewed out’ by Washington over Strait of Hormuz
The Lloyd’s market was accused by the US of ‘not stepping up to the plate’ over war risk cover, chief executive reveals
50% jump in bunker claims since Hormuz crisis, Gard confirms
Contaminated fuel damages engines and is disabling vessels, as claims surge amid Middle East crisis, reports marine insurance giant
Middle East war will mean spike in machinery damage claims, Allianz warns
Seafarer abandonment up for sixth year in succession, as more fires, higher general average claims and ageing world fleet add to litany of headaches, analysis finds
Middle East cargo war premiums ‘halve’ in recent days
Further falls expected if peace holds, but rates may move up over next year, according to DP World
QBE appoints O’Brien head of P&I for Asia
O’Brien will be responsible for the performance and development of QBE-owned British Marine’s P&I portfolio across Asia
Chubb to lead Lloyd’s Hormuz marine war risk consortium
The consortium will provide up to $200m of capacity separately for hull and P&I risks
Some underwriters set to slash Hormuz war risk pricing in bid to grab market share
Brokers suggest some war risk carriers may take advantage of the slightly improved risk situation
Trump war risk scheme ‘ready when needed’
Chubb-led $40bn war risk scheme can be launched, when necessary, government official confirms
Hormuz fallout will change marine insurance permanently, argues Willis
Distinction between war risk and core coverage no longer valid, head of hull at heavyweight broker contends
Marine insurers face snap judgements over ‘fragile stabilisation’ in Strait of Hormuz
Normalisation hinges on return to historic transit volumes, say underwriters
Hormuz war risk rates yo-yo as underwriters watch politics unfold
Reports of double-digit quotes, but most seem to be going a lot lower
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