The International Union of Marine Insurance (IUMI) has called for greater law enforcement and business action to mitigate the growing risk of cargo theft, which it warns has reached “alarming proportions”. In a position paper published to coincide with its annual conference in Toronto, IUMI proposed dedicated cargo theft taskforces to coordinate law enforcement across borders and develop effective networks…
The Swedish Professional and Indemnity Club has warned that South African authorities have banned the landing of stowaways at South African ports. The tougher stance was announced in late August. According to Mike Heads of P&I Associates (Pty) Ltd, the South African Immigration Authority has radically changed its policy when it comes to the landing of stowaways in South African…
The maritime community has called for urgent action to tackle piracy risk in the Gulf of Guinea, which now appears a daily threat to ships and crew operating in the region. At a symposium on maritime security in the Gulf of Guinea held at the International Maritime Organisation’s (IMO) headquarters, industry members and experts noted that the number of attacks…
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 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…
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…
Marsh has finalised more executive appointments ahead of its JLT acquisition, with the latest round of announcements covering regional, specialty and placement teams…
The global cargo insurance market remains highly competitive, with an abundance of capacity, but there has been a “firming” of market conditions…
In a straw-poll of marine insurers, some 54% said they would provide cyber cover for autonomous vessels, but only in the case that safety could be guaranteed. In the same poll, conducted among delegates at the recent International Union of Marine Insurance annual conference in Cape Town, 10% of underwriters said they would provide cover, regardless of concerns about safety.…
Marine insurers have been urged to manage their sanctions exposure as the US reimposes its sanctions against Iran. Speaking at the International Union of Marine Insurance’s annual conference in Cape Town, Nooshin Namazi, partner at Nicoletti Hornig & Sweeney, said insurers must take proactive steps to manage their sanctions risks. “With almost 90% of global trade carried by sea, it…