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 marine premiums climb to $40bn
Global marine premiums rose slightly in 2024, as steady results in the hull and cargo markets offset an 8% drop in offshore energy, according to the International Union of Marine Insurance
Shipowners’ Club weighs in with rate hike
Small craft specialist seeks general increase, with big increase in deductibles at next renewals
P&I clubs accused of taking ‘Pontius Pilate approach’ to pool scheme
Claims reporting sometimes delayed to flatter financial statements, broker claims
IGI names Barnes head of specialty treaty
Former MS Amlin executive will focus on building carrier's specialty treaty portfolio in marine, energy and political violence lines
Big rate increase and no cashback at Steamship Mutual
P&I club imposes general increase of 8% across all classes with no capital distribution
Beazley hires Axa XL’s Khera as head of marine
Underwriter jumps ship between two big names in H&M
Danish state marine war risk plan backed
Government to provide guarantee worth almost $1bn
London Club opens Shanghai office
International Group affiliate sets up shop in free trade zone as clubs battle it out for China market share
P&I cover void if owners waive dangerous goods rights, International Group rules
Hague and Hague-Visby stipulations ‘long-established and fair’, marine mutuals say, with changes set to come in at next P&I renewals
Tysers names Upton marine and aviation director
Lloyd's broker hires Castel executive to lead development of London market facultative solutions
Underwriting performance is P&I clubs’ biggest headache, Marsh survey finds
Crew availability and free reserves rank as other main concerns, but overall mood is ‘cautious but generally confident’
Munich Re Specialty launches US inland marine product
Product provides $50m of cover for builders’ risk, contractors’ equipment, motor truck cargo and property floaters
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