Shipping sector braced for ‘perfect storm’, warns AGCS report

Shipping sector braced for ‘perfect storm’, warns AGCS report

Shipping sector braced for ‘perfect storm’, warns AGCS report

Despite the number of large ships reporting total losses reaching an all-time low last year, Allianz Global Corporate & Specialty’s (AGCS) Safety & Shipping Review 2017 warns that the shipping industry is facing a “perfect storm”. According to AGCS’s latest shipping review, just 85 large ships reported total losses in 2016, down 16% on 2015 and half the average of…

Global maritime industry facing new risks, but insurance market remains soft, says Marsh

Global maritime industry facing new risks, but insurance market remains soft, says Marsh

Global maritime industry facing new risks, but insurance market remains soft, says Marsh

The global marine insurance sector remains soft and a single marine catastrophe would not now be enough to see significant increase rates, according to Marsh. This is largely due to overcapacity and, in particular, new non-traditional marine hull and cargo markets. In its report, The Changing Tide of Risk: Expert Perspectives on the Marine Industry, Marsh notes that since the…

Piracy attacks increase in first quarter: IMB

Piracy attacks increase in first quarter: IMB

Piracy attacks increase in first quarter: IMB

Piracy increased during the first quarter of 2017 as hotspots continued off Nigeria and around the southern Philippines, according to statistics from the ICC International Maritime Bureau (IMB). Piracy and armed robberies targeted a total of 43 ships in the first quarter of 2017, up from 37 incidents in the same period last year. A total of 33 vessels worldwide…

Generali in for the long run

Generali in for the long run

Generali in for the long run

The international corporate insurance market is becoming increasingly difficult as carriers struggle to balance stubbornly competitive underwriting conditions and low investment returns. There are few signs of this changing, so the recent process of consolidation should continue. This will leave risk managers with a smaller number of carriers willing and able to lead their primary programmes and deliver service on…

No end in sight for soft market: Greenberg

No end in sight for soft market: Greenberg

No end in sight for soft market: Greenberg

Evan Greenberg believes there is no end in sight to the current soft global P&C insurance market conditions, but noted that pricing is unsustainable with the insurance industry storing up future problems. Mr Greenberg told Chubb’s shareholders to expect the soft market to persist for a while yet.  “We have a soft and softening market producing headwinds that will likely…

Lloyd’s continues expansion but must watch combined ratios and reserves

Lloyd’s continues expansion but must watch combined ratios and reserves

Lloyd’s continues expansion but must watch combined ratios and reserves

If the Lloyd’s insurance market is a decent yardstick for the state of the international commercial and specialty insurance and reinsurance market, then its recently published annual results suggest that risk and insurance managers worldwide need to brace themselves for tougher renewals in future. The market revealed numbers last week that showed a big jump in gross premiums written, up…

Neon launches marine and offshore construction consortium at Lloyd’s

Neon launches marine and offshore construction consortium at Lloyd’s

Neon launches marine and offshore construction consortium at Lloyd’s

Lloyd’s insurer Neon, which is part of The Great American Insurance Group, launched a new marine and offshore construction consortium. The consortium went live in February and aims to provide bespoke insurance coverage to shipyard clients. The consortium is underwritten by Mireille Dolonen and offers $70m capacity for shipyard construction and $55m for rig construction. Neon leads the consortium and…

Cost of P&I insurance to fall as competition mounts say rating agencies

Cost of P&I insurance to fall as competition mounts say rating agencies

Cost of P&I insurance to fall as competition mounts say rating agencies

Rating agencies predict that the cost of protection and indemnity (P&I) cover will come down as clubs face pressure from hard-up ship owners and react to benign losses. In recent weeks, several P&I clubs announced the results of P&I renewals in February. They were marked by flat rates and risk selection. However, AM Best and Standard & Poor’s (S&P) have…

London market’s electronic systems begin accepting claims and marine covers

London market’s electronic systems begin accepting claims and marine covers

London market’s electronic systems begin accepting claims and marine covers

The London Market Group’s (LMG) online XIS Bureau is now accepting claims from brokers, and its electronic placing platform PPL has been extended to cover marine insurance. The XIS Bureau opened to premiums last year and the LMG said the focus is now on ensuring London market players adopt the new system. Shirine Khoury-Haq, sponsor of the London market’s Target…

1 2 3 13