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 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…
China Re to acquire Chaucer Group for $950m
China Reinsurance is set to spend close to a billion dollars acquiring specialty insurer Chaucer from Hanover Insurance. The deal, which is still subject to shareholder and regulatory approval, is expected to close by early 2019. China Re will acquire Chaucer Insurance, Hannover Australia and Hannover Insurance International Holdings in return for $865m in cash and an $85m dividend to…
IMRF to expand search-and-rescue training across Asia on back of Malaysian success
The International Maritime Rescue Foundation (IMRF), the charity that prevents loss of life in the world’s waters, has held a two-day Inter Regional Mass Rescue Workshop for the Asia-Pacific region in Kuala Lumpur, Malaysia, alongside the seventh International Search and Rescue Conference and Exhibition. The foundation reported a healthy attendance from key Malaysian bodies, representatives of the Korean defence attaché…
Political tension in South China Sea means Asia bucks global shipping loss trend
Asia bucked the trend in shipping losses last year as incidents in the south China, Indochina, Indonesia and Philippine maritime region leapt by 25% in 2017, while on a global basis, large shipping losses continued to fall, according to latest numbers from Allianz Global Corporate & Specialty (AGCS). Territorial disputes between China, South Korea and the Philippines involving US naval…
Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’
SCOR has reorganised its growing SCOR Business Solutions (SBS) unit in a move it says will make the firm more relevant to customers, be easier for brokers to use and help deliver planned growth in the large global corporate primary market. The Paris-based group said that in line with its current strategic ‘Vision in Action’ plan, it is “enhancing the…