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.
Swedish Club books third successive underwriting surplus
Back-to-basics approach pays off for Gothenburg-based marine mutual
Insurers still writing all marine classes in Gulf, IUMI insists
Lawyers raise spectre of 12-month total loss claims for deprivation of use, with aggregate payout potentially running to billions of dollars
WTW warns on Hormuz-Bab el Mandeb simultaneous closure nightmare
Base case remains ceasefire in next few weeks, but fears growing that Houthis could resume Red Sea attacks
Gard books underwriting deficit
Attritional claims volume below expectations, but payouts higher than anticipated at marine mutual
Brit launches $80m cargo consortium
Lloyd's consortium will offer line sizes of up to $80m to support global cargo risks
Chaucer and Ceto launch marine MGA
New MGA aims to integrate real-time vessel data into underwriting to assess risk based on vessel condition
Marine MGAs face consolidation in softening market
M&A activity could reduce the amount of capacity available for managing general agents
Chubb updates on US Gulf reinsurance plan
US insurance giant will set prices and handle claims, while the federal government will determine access terms
Marine insurers ‘struggling with supply chain risk’ as Iran conflict intensifies
Marsh’s global head of marine, cargo and logistics says insurers have insufficient data to fully understand the risks in global supply chains
QBE rolls out algorithmic underwriting capability
Insurer’s British Marine yacht P&I becomes the first live product
US ease-off on Russia sanctions will make no difference to insurers
Nearly all shipowners and marine insurers will still have to stick to UK and EU rules, legal experts say
Insurers are ready for the return of shipping to the Gulf
The limits of what insurance can achieve are becoming clear as the Strait of Hormuz crisis enters its third week
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