Optimism as cargo and hull rates set to continue rising as sector grapples with increasing claims costs and economic slowdown
In a digital marketplace, participants will be rewarded for sharing data and not hoarding it
Most carriers recognise the need for rates to rise, but holding the line at renewal is a very different challenge
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
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
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
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
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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