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.
Cargo and marine hull face turning tide in hard market
Optimism as cargo and hull rates set to continue rising as sector grapples with increasing claims costs and economic slowdown
Viewpoint: Data sharing will help to propel the digitalisation of marine insurance
In a digital marketplace, participants will be rewarded for sharing data and not hoarding it
Viewpoint: Reduced premiums highlight need for rate adequacy across marine market
Most carriers recognise the need for rates to rise, but holding the line at renewal is a very different challenge
P&I clubs resist cyber exclusions despite rise in attacks
The market has no plans to introduce cyber exclusion clauses, but there could be problems for those clubs which reinsure their primary risk retention in the commercial market
Viewpoint: The rising tide of cyber risk is a challenge for marine underwriters
The insurance market needs to revise the nature of its coverage to shipowners and operators, so that it addresses all marine risks, including pricing for cyber attacks as a contributory peril
Covid-19 accelerates P&I market's digital transformation
Like the commercial specialty lines market, the pandemic has had a transformational effect on the digitalisation of marine mutuals’ processes, but there are important differences
International Group will resist Covid exclusions by reinsurance market
The coronavirus pandemic has dictated the agenda of the International Group of P&I Clubs for much of this year, but that does not mean other challenges faced by the sector have become any less pressing, according to the group’s chairman and chief executive
Viewpoint: Discipline and data are critical to building a sustainable marine cargo market
The volume of information and data needed to maintain a sustainable cargo portfolio is brought into sharp focus when there is major market-shifting event
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