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.
Insurwave hires Piiq co-founder Costin
Blockchain platform swoops on industry veteran Mark Costin as it looks to expand aviation sector business
Sompo hires Axa XL's Huber to drive European specialty growth
Bermuda-based re/insurer appoints René Huber as head of marine and specialty insurance for continental Europe
Steamship chief executive warns on inflation effect
Pool claims volatility and the rising cost of salaries and payouts could feed through to next year’s pricing, senior sector figure warns
Miller hires Marsh's Lockyer for senior marine role
Broker strengthens marine hull capabilities with appointment of Marsh managing director Nick Lockyer as chairman of its direct marine practice
Western insurers cover two-thirds of Russia’s Baltic and Black Sea oil exports
Greek shipowners and insurers have limited presence on Russia’s eastern seaboard, where oil is selling above the Western price cap, driving trade bifurcation and rise of ‘dark fleet’ of anonymously owned, vintage tankers
Steamship Mutual returns to underwriting surplus
Marine mutual becomes latest International Group affiliate to bring combined ratio below 100%
NorthStandard plans specialty lines push
Doubling lines such as offshore energy, strike and delay, hull and machinery, coastal and inland and fishing and aquaculture will provide diversification away from pure P&I book, joint managing directors argue
Shipping losses fall to lowest level in 12 years: AGCS
Ukraine conflict fallout will challenge shipping in year ahead, with threat of collateral damage on civilian shipping in or around war risk area remaining high, insurer warns
Terms of defence cover vary between P&I clubs, study finds
Defence makes up only a limited proportion of overall club premium income, but members value the service, Marsh study finds
Court of Appeal finding in Quadra v XL strengthens hand of insureds
Decision has market-wide implications for ‘insurable interest’ provisions in cargo insurance policies
Association of Average Adjusters names Fischer chair
Burkhard Fischer, director of Albatross Adjusters, has served as vice-chair of the association for the past seven years
Shipowners’ Club hails ‘breakout year’
Small craft P&I specialist confirms combined ratio below breakeven point for second year in succession
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