North P&I Club declares 10% general increase in P&I rates

North P&I Club declares 10% general increase in P&I rates

North P&I Club declares 10% general increase in P&I rates

North P&I Club will seek a 10% general increase in P&I rates for the 2021/2022 policy year, to deliver what it described as a necessary “rating correction”. It said “rapid escalation” in pool claims managed by the International Group of P&I Clubs and “unsustainable premium rates” have driven its general increase. In a pre-renewal report, North P&I Club said claims…

Gallagher urges P&I clubs to limit premium increases at renewal to around 5%

Gallagher urges P&I clubs to limit premium increases at renewal to around 5%

Gallagher urges P&I clubs to limit premium increases at renewal to around 5%

The drive from P&I clubs to push through double-figure premium increases at upcoming renewals should be tempered by the financial dire straits of many shipowners hit by Covid-19, according to Gallagher. In a review of the P&I market ahead of February 2021 renewals, Gallagher said mutual clubs looking for premium increases of between 5% and 12.5% cannot make up for…

IUMI sees early signs of recovery in marine insurance

IUMI sees early signs of recovery in marine insurance

IUMI sees early signs of recovery in marine insurance

The marine insurance market is showing early signs of recovery from the impact of Covid-19 on trade and shipping, but the pandemic continues to cause huge uncertainty, according to the International Union of Marine Insurance (IUMI). “The impact of Covid-19 on world trade and shipping in general has ruled out a simple extrapolation of past experience,” IUMI said. “The outlook…

Hiscox says rates at five-year high as it reserves $75m for Q3 cat losses

Hiscox says rates at five-year high as it reserves $75m for Q3 cat losses

Hiscox says rates at five-year high as it reserves $75m for Q3 cat losses

Hiscox CEO Bronek Masojada said in a trading statement ahead of full Q3 results that the first nine months of 2020 saw “the strongest pricing” the firm has seen in the London market and reinsurance for more than five years. The group said rates were up 18% across Hiscox’s London market business. They rose in almost every line, with US…

North P&I Club adds route risk tool

North P&I Club adds route risk tool

North P&I Club adds route risk tool

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 makes appointments to new regional units

AXA XL makes appointments to new regional units

AXA XL makes appointments to new regional units

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,…

Covid-19 reshapes future risk landscape, says AGCS report

Covid-19 reshapes future risk landscape, says AGCS report

Covid-19 reshapes future risk landscape, says AGCS report

Covid-19 has radically altered long-term risk trends, with new exposures emerging from the pandemic, according to a report published by Allianz Global Corporate & Specialty (AGCS). New ways of working, changes in travel habits and altered supply chain networks have impacted established risk trends, with new exposures in some areas and lower claims trends in other lines of business, the…

HDI Global Specialty appoints Barenthein as MD for Scandinavia

HDI Global Specialty appoints Barenthein as MD for Scandinavia

HDI Global Specialty appoints Barenthein as MD for Scandinavia

HDI Global Specialty has appointed Thomas Barenthein as managing director of its Scandinavian branch. He also joins the executive board and replaces Mats Westerborn, who will become general manager of aviation at HDI’s Scandinavian branch. Mr Barenthein joins HDI from Inter Hannover, where he was managing director for Sweden and chief branch officer. HDI’s Scandinavian branch in Stockholm is its…

Prepare early for tough renewals, Narim members told

Prepare early for tough renewals, Narim members told

Prepare early for tough renewals, Narim members told

Herman Kerremans, CEO at Howden Belgium, has advised Dutch risk managers to focus on supplying the best and most transparent risk information possible, while preparing fellow management for cost increases as tough renewals loom. Commercial Risk Europe interviewed Mr Kerremans about what risk managers in the Netherlands and wider Benelux region can expect during coming renewals, as members of the Dutch risk management…

Covid-19 has pushed insurers forward ‘by a generation’, says IUMI

Covid-19 has pushed insurers forward ‘by a generation’, says IUMI

Covid-19 has pushed insurers forward ‘by a generation’, says IUMI

The Covid-19 pandemic has forced the insurance industry to digitalise “in a few short months” and moved the sector forward “by at least a generation”, said the International Union of Marine Insurance’s (IUMI) Philip Graham, speaking as the body published annual figures for the marine industry. He said the “extremely positive” moves towards digitalisation gained momentum when the pandemic forced…

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