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.
Princess Empress clean-up costs likely to hit IOPC Funds threshold
Claims submission office opened in Philippines working with P&I provider Shipowners’ Club
Richard Turner quits Victor for job at West of England
High-profile former Iumi president jumps ship in switch to protection and indemnity
London marine market ‘losing on competence’
While the London market has ample capacity, other markets such as Norway are seen to have a competitive advantage in terms of technical skills
Shipowners ‘forgot’ how war risk insurance works
Industry memories of Iran-Iraq conflict faded, and cancellation of standard policies and hefty additional premiums came as an unpleasant shock
P&I clubs debate advantages of scale
Size confers advantages, particularly in the ability to handle large claims and even out volatility, but mergers may not suit every entity in International Group, conference hears
Lloyd’s 2022: Marine, aviation and transport profits fall
Underwriting profit drops 28% to £280m, despite sharp rate rises following the war in Ukraine
Gard cuts combined ratio to 81%
Norway-based protection and indemnity club reports best technical performance in more than a decade
Underwriters and P&I clubs agree guidelines on marine casualties
New guidance outlines how underwriters and P&I clubs should communicate with each other and what information needs to be shared in the handling of shipping casualties
Axa XL shakes up Americas marine insurance team
Carrier appoints Brett Musser as head of marine liabilities and Ken Mueller as head of inland marine
Steamship Mutual ‘not particularly interested’ in hull market or merger
Club doing well providing traditional P&I and associated covers, outgoing chief executive says
P&I chiefs differ over merits of hull and machinery move
Scandinavian clubs have blurred the line between the International Group and the Lloyd’s market. But should British clubs follow their lead?
Bermuda orders wind-up of British Steamship P&I Association unit
Protection and indemnity provider wound up by the Supreme Court of Bermuda following 'extensive and longstanding breaches' of the Insurance Act
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