Cargo insurance market remains highly competitive but there is ‘firming’
The global cargo insurance market remains highly competitive, with an abundance of capacity, but there has been a “firming” of market conditions…
Insurers will cover autonomous vessel risks but want safety guaranteed
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 urged to manage sanctions risk
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…
Marine premium income not meeting claim costs
Maritime insurers should be grateful there have been no major claims in the past year, as they continue to offer premiums that fail to meet the cost of claims and expenses…
IUMI president warns of accumulation of losses around emerging risks
Insurers need to be aware of the risk of accumulation of losses around emerging risks, warns Dieter Berg, president of the International Union of Marine Insurance (IUMI). Speaking at the IUMI annual conference being held in Cape Town this week, Mr Berg said there are five main areas of risk to watch: technical, political, economic, social and environmental. The technical…
IUMI launches Africa focus
The International Union of Marine Insurance (IUMI) has launched a focus on Africa as it holds its annual conference in Cape Town. It is the first time the 144-year-old organisation has held a conference on the African continent and the event has attracted some 544 delegates from 38 countries worldwide, including eight from Africa. IUMI president Dieter Berg told delegates…
IUMI plans collection of major claims data
A project to collect hull and cargo claims data and then analyse major losses in terms of loss severity, frequency, location and cause is to be rolled out on a wider basis after a successful pilot. Donald Harrell, chair of IUMI’s Facts & Figures Committee, reported the IUMI’s large loss database pilot project has been a success. “For the past…
Marine insurance market preparing for Cape Town event
Marine insurers, together with the South African insurance industry, are preparing for the first International Union of Marine Insurers event in Africa. The conference is due to take place on 16-19 September in Cape Town. One of the local organisers, speaking at the African Insurance Exchange in Sun City yesterday, said registration numbers were looking good for the market’s first…
Last year second safest for shipping in decade as long-term losses fall by third
Last year saw the second-fewest large ships lost at sea in the past decade, which contributed to overall losses falling by a third during the same period as safety improves, according to Allianz Global Corporate & Specialty (AGCS)…
African port security must be improved to boost trade and reduce risks
A 25% improvement in port performance can drive a 2% growth in GDP, according to a new report released as the International Maritime Organisation (IMO) reveals several moves to boost security at African marine hubs. The IMO said: “Ports provide the critical interface between the ship and the shore. For maritime trade to flow effectively, this vital infrastructure needs to be…