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.
Global hull market books 9.4% premium growth to $10.5bn
Higher vessel values, fleet growth and currency movements are masking weaker underlying market conditions, according to IUMI
Strait of Hormuz: what a return of confidence will look like
Risk managers need to know whether a cargo can be fixed, insured, crewed and delivered on a schedule a buyer will accept
Offshore energy insurance ‘under profitability pressure’
Global offshore energy premiums have risen by just 0.1% year on year, International Union of Marine Insurance conference hears
‘Struggle’ to secure Black Sea breach cover in London right now, says Markel
Comments came after Joint War Committee widened areas of the Black Sea deemed high risk.
Arch expands London marine team with senior hire
Carrier appoints Danielle Whitlock senior marine hull and war underwriter
‘Astronomical’ war risk pricing propping up cargo insurance
Surfeit of capital putting pressure on premiums, as five years of rate adequacy ending, IUMI conference told
Marine insurance premiums hit all-time high
But strip out currency effects and market still look soft, statistician tells IUMI conference
Black Sea war risk zone widened as attacks on shipping intensify
The Lloyd’s market has expanded Black Sea war risk reporting requirements to cover the entire basin as attacks on merchant shipping, ports and energy infrastructure intensify
Spanish mariners look for alternatives to Lloyd’s war cover
Marine insurers in Spain are grappling with the high cost of war re/insurance in the London market
Miller names Yarwood senior marine director
Andrew Yarwood will support broker’s direct marine business across London and international markets
The converging shocks to global trade
From conflict around the Strait of Hormuz to European wildfires, the convergence of risks from multiple unrelated events is creating significant pressure for global trade
The Indian state goes to sea
Arguably the most visible regional intervention in the marine insurance market has come from India
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