Passenger liability limits in the protection and indemnity (P&I) market are inadequate for today’s booming cruise industry, according to a new report on the sector by Marsh JLT. Mark Cracknell, head of P&I at Marsh JLT, said P&I clubs insuring cruise liners are having to cover more than the $2bn sublimit for passenger liability set by the International Group, in…
The Lloyd’s Market Association (LMA) has published model cyber clauses for property, marine and energy policies written in the London market, to help insurers deal with non-affirmative cover. The LMA, which represents Lloyd’s managing agents and syndicates, has produced the model clauses to help members provide clarity about cyber coverage under first-party property damage policies. The model clauses will also…
Pioneer Underwriters will close its Lloyd’s syndicate 1980 for the 2020 year of account, because the cost of capital is “no longer economically efficient”. The managing general agent (MGA) said Lloyd’s had approved its 2020 business plan that included a small increase in capacity, but since then it had concluded that the costs were simply too high. The syndicate closes…
Insurance buyers with US risks face the “biggest upward price shift” for years during 2020, with increases across more lines than in “recent memory”, according to Willis Towers Watson (WTW). Property, excess liability and D&O cover will be hardest hit, according to the broker. It notes that several other lines of business are looking at increases “topping out at well…
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…
The marine insurance market is undergoing a correction following years of soft conditions, as the maritime industry faces a number of emerging risks, including large containership fires, digitalisation and a slowdown in world trade, according to the International Union of Marine Insurance (IUMI). The marine insurance sector faces a “painful” period of adjustment, following a sustained period of unprofitability, said…
A single cyberattack on major ports across Asia-Pacific could cost $110bn, which is roughly equivalent to half of all losses from natural catastrophes globally in 2018, according to new research released by Lloyd’s. Under the extreme scenario, a huge 60% of the losses would be from business interruption and contingent business interruption (CBI) claims and 57% would be silent cyber…
Swiss Re Corporate Solutions (SRCS) will make the majority of its cutbacks in badly performing business during 2020, with gross written premiums likely to increase a touch this year, according to the firm’s CFO John Dacey. At the end of July, SRCS announced it is pulling back from several underperforming classes that will see gross written premium reduce by about…
Insured losses from last month’s Typhoon Hagibis in Japan will be between $7bn and $11bn, according to estimates from cat risk modelling firm RMS. This compares to an earlier estimate between $8bn and $16bn by rival modelling firm AIR. The storm was one of the biggest to hit Japan and struck many of the same areas recovering from Typhoon Faxai…
Marsh JLT Specialty has named Gard’s Louise Nevill as CEO of its UK marine and cargo business. She is expected to join from the Norwegian insurer early next year. Ms Nevill led Gard’s marine underwriting team as vice-president and has previously worked for both WRB and Talbot Underwriting. She will report to Paul Moody, UK CEO of Marsh JLT Specialty,…