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: Suez Crisis will test marine market's ability to manage claims
The scope and complexity of the losses and liabilities arising from the blocking of the Suez Canal by Ever Given will affect insurance markets and insureds globally for years to come
Legal Focus: The Ever Given – lesson learnt or insurer fingers burnt?
Marine insurers can expect to suffer long-term pain from the grounding of the Ever Given
Legal Focus: Hazardous cargo threat remains an issue for the marine insurers
Despite a reduction in hazardous cargo losses last year, non-declaration remains a problem and there has been a rise in losses from ‘non-hazardous’ cargo, such as grain and biomass
Marine insurers dismayed by $1bn claim for Suez Canal block and seizure of vessel
Boxship that caused a six-day shutdown of key waterway has been arrested despite go-ahead to sail from classification society, as Suez Canal Authority seeks resolution of dispute with owner
Marine insurers brace for major Suez claims
International Group pool faces huge hit with losses already running at an all-time high
Viewpoint: P&I clubs need to factor future shocks into their pricing
With the P&I renewal season over, clubs faced some tough pricing decisions amid pressure to take into account both present and future challenges facing the market
Viewpoint: P&I clubs must think in new and constructive ways to be sustainable
The longevity of the P&I club business model is based on sustainability, but sustainability also has an economic dimension in the form of realistic risk pricing
Focus: P&I rate hikes ‘modest’ given losses
With underwriting losses likely to be only partially offset by modest investment earnings, clubs are expected to see an overall decrease in free reserves for the last fiscal year
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