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.
Insurers face up to $300m in North Sea collision losses: Morningstar DBRS
Incident is likely to trigger multiple insurance policies, including those for hull and machinery, liability, marine cargo and protection and indemnity
EU entities on hook for non-EU subsidiaries’ Russia sanctions compliance
Shipowners and insurers face lexical challenge of defining ‘strictly necessary’ and ‘best efforts’ under 16th round of regulations
Allianz and Navium lead hull insurance on North Sea collision vessels
Stena Immaculate entered with Steamship and Solong with Skuld, clubs confirm
London Club makes up tonnage lost during past five years
Stabilisation phase complete and marine mutual moving on to consolidation and rebuilding stage, new chief executive says
UK Club brings Athens director back to London
Marine mutual expects expanded market share, but predicts underwriting deficit for seventh year in succession
Optio acquires Norwegian marine MGA
Acquisition of S Insurance will complement Optio’s existing marine business
Ports and terminals sector entices new entrants
Navium, IQUW and Volt attracted to niche that is now making money, while Pen Underwriting’s BBM expands in North America
Import tariffs will mean higher cargo premiums
Correlation could substantially top one-to-one in worst cases, underwriters say
P&I clubs only got two-thirds of headline rate hikes, brokers claim
Tardiness in issuing renewal documentation ‘particularly egregious’ in some cases, Lockton PL Ferrari argues
Markel appoints Johnson as transport and logistics senior underwriter
Johnson joins from Travelers Syndicate Management where he was ports and terminals underwriter
Regulation tops worries for transport sector
Geopolitical disputes prompt concerns about business disruption, WTW survey finds
NorthStandard and Gard declare 10m-plus gross tonne gains in entries
Protection and indemnity clubs doing well, brokers contend
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