Zurich rolls out marine cargo platform

Zurich rolls out marine cargo platform

Zurich rolls out marine cargo platform

Zurich Insurance Group will roll out its new marine insurance platform for small and medium cargo, after a successful introduction last year in markets including Spain, Germany, Singapore and Mexico. The platform will now to be extended to North America, the Nordics and further countries in Latin America later this year. The Zurich Swift Insurance Platform offers web-based access to…

P&I clubs face challenging year ahead, says Gallagher

P&I clubs face challenging year ahead, says Gallagher

P&I clubs face challenging year ahead, says Gallagher

A challenging year awaits the protection and indemnity (P&I) market, with uncertain and testing times ahead, according to Gallagher’s Marine P&I – 2020 Post-Renewal Market Update. The update states that an uneasy outlook prevails: “The geopolitical environment remains volatile and recent events have brought yet further challenging variables into an already unsteady political landscape and global economy.” It notes that…

‘Creeping’ non-physical damage cover might offer maritime sector some Covid-19 protection

‘Creeping’ non-physical damage cover might offer maritime sector some Covid-19 protection

‘Creeping’ non-physical damage cover might offer maritime sector some Covid-19 protection

While marine companies are likely to have limited insurance protection from Covid-19, non-physical loss cover has crept into policy wordings during the soft market and could offer some protection. Writing in the International Union of Marine Insurance’s latest newsletter, Matthew Pearson, an associate at Clyde & Co, said marine policies are typically triggered by physical damage. When it comes to…

Maritime industry faces multibillion-dollar bill for coronavirus with insurance cover limited, warns DWF

Maritime industry faces multibillion-dollar bill for coronavirus with insurance cover limited, warns DWF

Maritime industry faces multibillion-dollar bill for coronavirus with insurance cover limited, warns DWF

With insurance cover limited, many companies in the maritime industry will be forced to take a financial hit from the coronavirus outbreak, law firm DWF has warned, adding that the bill is likely to run into “billions of dollars”. In a comment on the impact of the virus outbreak on maritime and trade, Jonathan Moss, head of marine and trade…

P&I clubs pushing up prices

P&I clubs pushing up prices

P&I clubs pushing up prices

After three years of stable pricing, a large majority of P&I clubs have announced general increases for the 2020 renewal, according AM Best. The change in approach comes after most of them reported poor results for the year ending February 2019, it said. AM Best commented that the level of general increases, between 2.5% and 7.5%, “is fairly modest given…

IUMI proposes stronger fire safety regulations to IMO

IUMI proposes stronger fire safety regulations to IMO

IUMI proposes stronger fire safety regulations to IMO

The International Union of Marine Insurance (IUMI) has submitted its promised paper to the International Maritime Organisation (IMO), calling for changes to current safety regulations to enhance rules governing containership fires. IUMI said mandatory measures are needed to address the rising risk of fires on large containerships. Current regulations under the International Convention for the Safety of Life at Sea…

French risk managers warned to prepare for further hardening and start renewals early

French risk managers warned to prepare for further hardening and start renewals early

French risk managers warned to prepare for further hardening and start renewals early

French risk managers need to prepare their coming renewals well in advance and be ready to share more information with insurers than perhaps they have in the past because the insurance market will toughen further as the year progresses, advised François-Xavier d’Huart, country manager for France at Berkshire Hathaway Specialty Insurance (BHSI). As AMRAE gathered for its annual conference this week, Mr…

AGCS appoints CUO for speciality business

AGCS appoints CUO for speciality business

AGCS appoints CUO for speciality business

Allianz Global Corporate & Specialty (AGCS) has appointed Henning Haagen as chief underwriting officer of specialty. Mr Haagen, who is currently regional head of specialty and northeast zone executive for AGCS North America, will take on the role from March 2020. AGCS said it will announce his replacement at a later date. Mr Haagen will relocate from New York to…

Iran conflict fears ease but foreign firms advised to prepare for the worst

Iran conflict fears ease but foreign firms advised to prepare for the worst

Iran conflict fears ease but foreign firms advised to prepare for the worst

Foreign companies are being advised to prepare for ongoing volatility in the Middle East, but the risk of a wider conflict involving Iran appears to have receded for now, according to political risk experts. However, insurance premiums will rise exponentially in marine and other lines for companies operating in the region, according to law firm DWF Recent weeks have seen dramatic…

UK P&I Club appoints senior loss prevention exec in Greece

UK P&I Club appoints senior loss prevention exec in Greece

UK P&I Club appoints senior loss prevention exec in Greece

The UK P&I Club has appointed Captain Kostas Karavasilis as senior loss prevention executive in its Greek office. Based at the firm’s Piraeus office in Greece, Captain Karavasilis joins the UK P&I Club from a local hull insurer, where he spent ten years as claims manager. Captain Karavasilis will report to Stuart Edmonston, loss prevention director at the P&I club,…

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