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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.

Marine

Marine hull insurers 'will struggle to increase rates in 2023'

Competition for the best risks will help keep rates flat despite inflationary pressures, brokers say, as insurers warn of a challenging year ahead 

International Specialty

Marine underwriters unfazed by Russia oil cap

But numerous concerns remain, ranging from exodus of business to non-western markets to fear of inadvertently breaching sanctions and limited net line capacity for war risk

International Regulation

Marine insurance claims picture ‘extraordinarily’ benign: Iumi

Global marine insurance premiums rose 6.4% to $33bn in 2021 on the back of increased trade volumes, a stronger US dollar and greater offshore activity, with insurers in Europe and Asia in particular seeing growth

International Marine

Miller expands Asia marine team

Specialist re/insurance broker appoints Choo in a production and broking role

Asia Pacific Broker

Ukraine war risk reinsurance premiums set to increase

Exclusions mean underwriters will be writing net lines on Ukraine risks, a leading marine broker says

International Europe

North and Japan Club set out rate hike plans

Both marine mutuals to seek double-digit boost to premium income at next renewal round

United Kingdom Japan

Marine war risks insurers worry about further ship detainments in Ukraine

The unpredictability of Russia has created a sizeable aggregate exposure risk if it decides to start detaining ships in the Black Sea, Gallagher warns

International Ukraine War

Standard joins ranks of P&I clubs seeking double-digit price hike

Combined ratio below 100%, but major claims expected in northern hemisphere winter

United Kingdom Marine

More P&I clubs look for double-digit rate hikes

West of England, Skuld, American Club and London reveal premium strategies for coming renewal round

International Marine

Fires the most expensive cause of marine losses: AGCS

Peril accounted for 18% of the value of marine claims in the last five years, valued at an estimate $1.65bn

International Allianz

Ukraine war risk rates steady despite missile strike in Poland

Moscow’s claim that vessels calling at Russian ports face extortionate insurance costs rejected by market

Ukraine Europe

International Group GLX premiums 'not yet decided'

Excess of loss reinsurance programme is the world’s largest reinsurance contract, allowing affiliate P&I clubs to extend cover beyond the $100m they collectively provide by a further $2bn

International Reinsurance
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