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.
Viewpoint: Cost of crew claims spirals under Covid-19 port restrictions
Lack of a robust, mandatory testing regime for crew members is a major concern
Surge in pirate activity increases Covid-19 challenge for marine market
Insurers fear pirates in the Gulf of Guinea will attempt to board tankers used as offshore storage facilities
Viewpoint: Club correspondents on the frontline as PI sector steers way through pandemic
Correspondent networks have been essential to the ability of P&I Clubs to maintain service levels despite the significant restrictions imposed on the maritime industry as result of the pandemic
Shipowners look to force majeure as BI cover fails against Covid-19
China and India are issuing force majeure certificates for the purpose of ‘shielding’ companies in the maritime sector from legal damages resulting from the pandemic
Port accumulation levels close to limit as insurers fear trade crisis
Cargo insurers brace for profitability collapse
Marine market risks irrelevance in face of Covid-19
The issue for insurers is not that Covid-19 represents an unprecedented challenge for the marine sector, but the sense there is not much they have to offer by way of risk mitigation
Focus: Market must develop more flexible solutions to the risk of vessel detention in the Persian Gulf
Shipowners are turning to strike and delay-type coverages to help mitigate against the high cost of marine war risk insurance in the region
Viewpoint; The London market must do more about marine cyber risks
With the implementation of the IMO’s cyber guidelines less than a year away, there remains a high degree of misunderstanding in the market about the threat posed by cyber risks to the marine and shipping infrastructure
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