Anchored vessels during pandemic create new risks for maritime sector, warns AGCS

Anchored vessels during pandemic create new risks for maritime sector, warns AGCS

Anchored vessels during pandemic create new risks for maritime sector, warns AGCS

Ships left idle during the Covid-19 pandemic have created a new set of risks for maritime companies, warns Allianz Global Corporate & Specialty (AGCS) in a new report. While familiar risks linked to at-sea operations have diminished, AGCS says other challenges have risen. The report on maritime assets during the pandemic says vessels in layup need regular maintenance for when…

Zurich creates new lead underwriting roles

Zurich creates new lead underwriting roles

Zurich creates new lead underwriting roles

Zurich Insurance Group has created two underwriting roles with the appointment of Ralph Brand as global head of casualty, financial lines and cyber, and Chris Waterman as global head of property, marine and technical lines. Zurich said the new roles will simplify its underwriting by aligning shorter-tail first-party coverages and longer-tail third-party liability coverages. Mr Brand rejoined Zurich last year…

Willis Towers Watson launches new cyber cover to plug gaps for shipowners

Willis Towers Watson launches new cyber cover to plug gaps for shipowners

Willis Towers Watson launches new cyber cover to plug gaps for shipowners

Willis Towers Watson (WTW) has launched a new cyber cover specifically designed for shipowners that offers risk managers in the industry an alternative to what the broker said are often pre-existing generic cyber products that are simply tweaked to fit their needs. The broker said that as the financial impact of cyber incidents continues to rise and silent cyber cover…

Beazley estimates $170m Covid-19 loss as rates rise 8% in Q1

Beazley estimates $170m Covid-19 loss as rates rise 8% in Q1

Beazley estimates $170m Covid-19 loss as rates rise 8% in Q1

Beazley has estimated Covid-19 losses of $170m net of reinsurance as it saw average rate increases of 8% in Q1 and gross written premiums (GWP) rise by 13%. The insurer posted an investment loss of $55m in the first quarter and said it has reviewed all classes of business in light of the global pandemic and expected subsequent recession. Announcing…

AGCS warns marine transport risk managers to focus on cargo storage and transit risks

AGCS warns marine transport risk managers to focus on cargo storage and transit risks

AGCS warns marine transport risk managers to focus on cargo storage and transit risks

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…

Zurich rolls out marine cargo platform

Zurich rolls out marine cargo platform

Zurich rolls out marine cargo platform

Zurich Insurance Group will roll out its new marine insurance platform for small and medium cargo, after a successful introduction last year in markets including Spain, Germany, Singapore and Mexico. The platform will now to be extended to North America, the Nordics and further countries in Latin America later this year. The Zurich Swift Insurance Platform offers web-based access to…

P&I clubs face challenging year ahead, says Gallagher

P&I clubs face challenging year ahead, says Gallagher

P&I clubs face challenging year ahead, says Gallagher

A challenging year awaits the protection and indemnity (P&I) market, with uncertain and testing times ahead, according to Gallagher’s Marine P&I – 2020 Post-Renewal Market Update. The update states that an uneasy outlook prevails: “The geopolitical environment remains volatile and recent events have brought yet further challenging variables into an already unsteady political landscape and global economy.” It notes that…

‘Creeping’ non-physical damage cover might offer maritime sector some Covid-19 protection

‘Creeping’ non-physical damage cover might offer maritime sector some Covid-19 protection

‘Creeping’ non-physical damage cover might offer maritime sector some Covid-19 protection

While marine companies are likely to have limited insurance protection from Covid-19, non-physical loss cover has crept into policy wordings during the soft market and could offer some protection. Writing in the International Union of Marine Insurance’s latest newsletter, Matthew Pearson, an associate at Clyde & Co, said marine policies are typically triggered by physical damage. When it comes to…

Maritime industry faces multibillion-dollar bill for coronavirus with insurance cover limited, warns DWF

Maritime industry faces multibillion-dollar bill for coronavirus with insurance cover limited, warns DWF

Maritime industry faces multibillion-dollar bill for coronavirus with insurance cover limited, warns DWF

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…

P&I clubs pushing up prices

P&I clubs pushing up prices

P&I clubs pushing up prices

After three years of stable pricing, a large majority of P&I clubs have announced general increases for the 2020 renewal, according AM Best. The change in approach comes after most of them reported poor results for the year ending February 2019, it said. AM Best commented that the level of general increases, between 2.5% and 7.5%, “is fairly modest given…

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