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.
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
Iran warns insurers against servicing Hormuz black list vessels
Iran has expanded its Strait of Hormuz blacklist to 76 vessels and warned insurers, P&I clubs and classification societies against servicing them
Markel makes senior marine transportation appointments
Dean Johnson named head of transport and logistic and Rhys O’Neill appointed head of marine liability.
Black Sea war pricing has yet to find its level
The rise in attritional attacks across the Black Sea, Red Sea and Middle East are forcing underwriters to look beyond listed areas when assessing marine war exposure, according to Clearwater Underwriting CUO Richard Young
Global marine market forecast to reach $48bn by 2031
Specialist cover, rising trade volumes and regional expansion are to support the sector, even as soft pricing persists in traditional marine classes
80/20 rule kicks in as marine insurers assess Hormuz fallout
Iranian targeting becoming more sophisticated, underwriter warns, as latest Houthi advances cause concern
Baltimore bridge deterioration ‘unlikely to impact renewals’
While the deterioration was a surprise, senior market figures said the $2.8bn loss was not a market-moving event for marine reinsurance renewals
Marine insurance claims costs ease off from peak
Payouts down from 2024/25 but still ‘elevated’, Cefor statistics reveal
IUMI warns cargo insurers over wood packaging exposure
Failure to meet ISPM 15 requirements can trigger detention, fumigation, repacking, re-export and other costs, even when the insured cargo itself is undamaged
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