Beazley launches marine cyber cover ahead of IMO guidelines

Beazley launches marine cyber cover ahead of IMO guidelines

Beazley launches marine cyber cover ahead of IMO guidelines

London-based international insurer Beazley has launched a new cyber policy and risk management service for shipowners and operators, as they prepare to meet new International Maritime Organization (IMO) cyber risk measures. Beazley said its Cyber Defence policy is aimed at vessel owners and operators, to cover physical damage and loss of hire caused by a cyberattack. Buyers in the maritime…

Understanding choke points

Understanding choke points

Understanding choke points

Kristof De Bremme, global head of marine, AIG and Dr Robin Niblett, director, Chatham House explain how the growth of intra-regional trade is introducing new exposures and choke points as a result of increased volumes and changing geopolitics. Global trade has never been static but is now witnessing more change than ever, driven by a multitude of factors from the…

IUMI concerned by erosion of global premium base and attritional losses

IUMI concerned by erosion of global premium base and attritional losses

IUMI concerned by erosion of global premium base and attritional losses

The International Union of Marine Insurance (IUMI) has warned that while, in general, major losses remain stable, “the continued erosion of the global premium base means that attritional losses are becoming much more significant”. It added that the increased risk of large, more complex and costly claims has the potential to impact all marine underwriting sectors in 2019. According to…

Marine piracy drops by 25% in Asia

Marine piracy drops by 25% in Asia

Marine piracy drops by 25% in Asia

Latest figures produced by the Regional Cooperation Agreement on Combating Piracy and Armed Robbery Information Sharing Centre (ReCAAP ISC), an anti-piracy consortium of Asian states, have revealed a 25% decrease in marine piracy activity in Asia. The data, presented by ReCAAP ISC executive director Masafumi Kuroki at its annual Piracy and Sea Robbery Conference in Singapore, showed that there were…

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh executives have sought to allay risk manager concerns that the JLT acquisition will lead to a lack of focus, loss of talent and seriously harm competition in the sector. Speaking the day after the deal completed, they said the combined company will redouble efforts to put clients at the centre of its thinking and decision-makers close to the front line of risk…

Willis taps Marsh for key appointments

Willis taps Marsh for key appointments

Willis taps Marsh for key appointments

Willis Towers Watson has tapped Marsh for its new head of marine broking, and power and utilities CEEMA region leader. Willis Towers Watson has appointed David Ripton as head of broking, global marine in its corporate risk and broking unit. Mr Ripton joins Willis’s global marine team from Marsh, where he worked as CEO for UK marine business. In his…

UK P&I Club issues maritime burn risk guide

UK P&I Club issues maritime burn risk guide

UK P&I Club issues maritime burn risk guide

UK P&I Club has warned of burn risks to personnel at sea and issued a prevention guide for shipowners. UK P&I Club said a “worrying number” of crew suffer pain, disfigurement, amputations and loss of life as a result of burns, with ships often far away from immediate medical treatment. Captain David Nichol, senior loss prevention executive at UK P&I…

Aon launches insurtech consultancy for marine risks

Aon launches insurtech consultancy for marine risks

Aon launches insurtech consultancy for marine risks

Aon has launched a new marine consultancy service with software firm Skytek that uses real-time satellite data to track insureds’ ships and cargo, reducing accumulation risk and potentially offering better insurance cover and pricing. Aon said mega-ports and the increasing size of container ships put insurers and reinsurers at risk of accumulation, particularly during a catastrophe. The insurtech initiative uses…

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