Shipping insurer North P&I Club has launched a route risk management tool for members to help them identify hazards in voyages from port to destination. Route Risk Advice is an addition to the club’s MyGlobeView digital platform. MyGlobeView, which also features a Covid-19 tracking tool, gives club members access to more than 40 alert and reporting features including news, port…
AXA XL Insurance has announced new appointments for its business divisions following the recent launch of its regional operating model, which came into effect on 1 October. New appointees to AXA XL’s Asia and Europe business unit division are: –Marine Charbonnier, global programmes and captives director –Mathieu Daubin, chief underwriting officer, marine –Yannick Daucourt, chief underwriting officer, specialty –Simona Fumagalli,…
Lloyd’s has approved in principal a new ‘syndicate in a box’ to insure the storage and transportation of a Covid-19 vaccine to emerging economies, when it is developed. Syndicate 1796 has been developed by Parsyl, an insurance technology company and Lloyd’s Lab alumni, in close partnership with managing agent Ascot and in cooperation with AXA XL, McGill and Partners, and…
Large shipping losses hit a new low last year with 41 vessels lost worldwide, but total incidents were up year on year and Covid-19 endangers long-term safety improvements, according to Allianz Global Corporate & Specialty (AGCS). The insurer’s annual Safety & Shipping Review analyses reported worldwide shipping losses for vessels weighing more than 100 gross tons. The latest study reveals…
Allianz Global Corporate & Specialty (AGCS) is embarking on a major ‘New AGCS’ global transformation programme to “rebuild” profitability, which will see a regional shakeup, a new head of multinational, appointments from AIG, AXA and ARGO, and put technical underwriting before growth. The move follows news last month that S&P has revised its outlook on AGCS from stable to negative.…
Cargo shippers and transportation companies face a heightened risk environment because of serious disruption to the global supply chain caused by the Covid-19 pandemic, according to Allianz Global Corporate & Specialty (AGCS). The insurer said there is a higher threat to goods in storage and transit, especially those that are high value, perishable or temperature-sensitive. It added that the growing…
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…
Europe is losing market share of global marine business to Asia, which is proving to be strong competition for the Lloyd’s and London market, according to a new statistical report by the International Union of Marine Insurance (IUMI). In 2018, marine premiums totalled $28.9bn, up just 1%, and European underwriters accounted for the majority of business at 46%, with Asian…
The buzz around autonomous shipping could be premature, with the adoption of fully automated ships likely to take decades rather than years, according to law firm Kennedys. The legal and regulatory obstacles are too substantial for autonomy to reach its full potential any time soon, the law firm said. Regulatory standards led by the International Maritime Organisation (IMO) and the…
Allianz Global Corporate & Specialty (AGCS) will discontinue marine hull and marine liability (HML) business in Asia and North America. In July of this year, AGCS confirmed that it would cease underwriting long-tail financial risks in Australia and New Zealand from September, following a strategic review of the business. It confirmed that it would also close its operations in New…