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.
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
Re/insurers must plan now for nuclear-powered ships: Axa XL
Any future insurance for these vessels would need to be ‘bespoke, extremely high in value and likely supported by governments’, Axa XL’s Vicky Roberts-Mills and Jarek Klimczak say
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
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