Marine Insurance
Marine insurance is experiencing a period of rapid change, with a prolonged struggle to deliver underwriting profit forcing companies to reevaluate their proposition and the need to modernise. The class of business on which Lloyd’s was founded, the marine market is now navigating through a transitional period as it embraces technological reform and looks to rebuild its profit margin against a challenging operational backdrop.
'Insurers face claims surge as transport sector recovers in China'
As mega-ports and inland transportation routes speed up to meet global demand, the ongoing imposition of Covid-19 restrictions is a major factor driving up the volume and cost of claims
P&I insurers feel impact of pool pressure
Elevated combined ratios look like being the norm across the International Group for some time yet, as payouts and expenses continue to breach premium income
London marine market nears high-water mark as new capacity enters
After three years of hardening rates in hull and cargo, capacity inflows are starting to dampen price hikes, but underwriters warn the segment’s risk profile has not fundamentally changed
Covid, cyber, piracy, and sanctions test the appetite of the maritime risk market
The sector must grapple with a challenging mix of threats
'Insurers must not underestimate risk of transition to low-sulphur shipping'
Bunkering of fuels remains a complex issue, and poor fuels and poor handling of fuels constitute a significant risk for vessels and their insurers
Maritime pollution risk environment demands structured claims management
Insurers’ ability to respond to maritime pollution incidents efficiently has never been more important in terms of reducing fines and legal fees by keeping claims out of the court system
GA is as relevant as ever to cargo claims management
There have been calls for a better solution than general average to allocate the cost of cargo sacrifice, but technology can do a lot to improve the process
P&I pricing could rise 50% by 2024
Next renewal round will be the second year of a hard market, with no early end in sight, according to Gallagher
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