Groundbreaking insurance blockchain solution goes live with Maersk

Groundbreaking insurance blockchain solution goes live with Maersk

Groundbreaking insurance blockchain solution goes live with Maersk

The world’s first marine insurance blockchain facility has been launched with shipping company AP Møller-Maersk, and its developers are looking to expand the platform to other lines of business, sectors and insurers. As reported in CRE, EY was working with Maersk last year to create several blockchain solutions, including a platform for insurance contracts. After a year in development, the…

AXA works with Rolls-Royce on unmanned shipping risks

AXA works with Rolls-Royce on unmanned shipping risks

AXA works with Rolls-Royce on unmanned shipping risks

AXA Corporate Solutions has announced that it is working with Rolls-Royce to develop risk management products for unmanned ships. Using Rolls-Royce Ship Intelligence systems and products, which include onboard sensors and data streaming, and AXA Corporate Solution’s risk analytics, the new partnership will look at ways to support the marine industry with future technological changes. For now, Rolls-Royce data will…

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

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…

UK P&I Club tackles maritime risk with new technology

UK P&I Club tackles maritime risk with new technology

UK P&I Club tackles maritime risk with new technology

UK P&I Club is set to provide cutting-edge, data-driven technology for maritime and port threats that it says will help members monitor risks in real time and put the club one step ahead of competitors. Through a new working partnership with Geollect, which uses geospatial data and algorithms to provide real-time information on ports and locations worldwide, UK P&I Club…

High-value ship risk belies figures: IUMI

High-value ship risk belies figures: IUMI

High-value ship risk belies figures: IUMI

Larger loss exposure to high-value ships has created significant volatility for global marine insurers, according to the International Union of Marine Insurance (IUMI). In an update on the marine market at its spring conference in Hamburg, IUMI predicted that record claims for a single hull loss may be on the cards. Mark Edmondson, chair of IUMI’s Ocean Hull Committee, said:…

Fire prevention on container ships will be focus at IUMI as Maersk Homan loss likely to break records

Fire prevention on container ships will be focus at IUMI as Maersk Homan loss likely to break records

Fire prevention on container ships will be focus at IUMI as Maersk Homan loss likely to break records

Fire prevention on container ships is likely to dominate proceedings at the International Union of Marine Insurers (IUMI) spring meeting in Hamburg, Germany this week after Danish shipping giant Maersk suffered a second fire onboard one of its mega container vessels in the space of two weeks. The latest fire occurred below deck on the containership Maersk Kensington as it…

Shipowners dodge P&I price increases and reductions expected

Shipowners dodge P&I price increases and reductions expected

Shipowners dodge P&I price increases and reductions expected

Shipowners have experienced little change in the cost of protection and indemnity (P&I) insurance at the recent renewal, but pressure to reduce rates is increasing. According to brokers and initial reports from P&I clubs, most shipowners appear to have avoided general rate increases at the annual renewal season that ended on 21 February. However, the underwriting discipline of P&I clubs…

Charles Taylor Adjusting appoints new marine director

Charles Taylor Adjusting appoints new marine director

Charles Taylor Adjusting appoints new marine director

Charles Taylor Adjusting (CTA) has appointed Oliver Hutchings as managing director of marine in Europe and Singapore following the retirement of Paul Silver. Mr Hutchings joins CTA from Charles Taylor’s Management Services business, where he was a divisional head and gained ten years’ experience managing specialty marine liability claims. Mr Silver, who has worked in marine adjusting for 40 years…

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

The spill from the stricken oil tanker Sanchi has created an oil slick that has trebled in size since the ship went down in the East China Sea in a ball of flames more than a week ago, and is threatening to make it the costliest marine disaster in recent memory. China’s State Oceanic Administration reported on Sunday that it…

Blockchain set to take pain out of global programmes

Blockchain set to take pain out of global programmes

Blockchain set to take pain out of global programmes

Blockchain technology, which has been shown to significantly reduce the administrative burden for risk managers designing multinational programmes and enhance service from insurers, is set to revolutionise this famously complicated area of insurance. A number of insurers have been testing blockchain technology, including its application for multinational insurance programmes. AIG’s development of blockchain technology in the multinational insurance space is…

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