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.
BankServe warned against Nordic Plan after Galaxy Leader payout refusal
Speculation about second case of owner denied claim by Norwegian insurers, as brokers blast Danish insurer Codan’s ‘inappropriate’ stance
London Club to seek targeted increase in premium volume
International Group affiliate books double-digit percentage point gain in mutual entries
Charterparty considerations of wind-assisted propulsion
As wind-assisted propulsion is gaining traction as a means to decarbonise, various contractual issues should be addressed to avoid potential disputes between shipowners and charterers
Galaxy Leader owner in dispute with Codan over loss-of-hire cover
Danish insurer said to be refusing payout, on grounds that Houthis are not a ‘state power’ as per the Nordic Plan
NorthStandard confirms renewal rate hike after string of big hits
Succession of major casualties is function of enlarged scale, but will take combined ratio well over breakeven point, Grose admits
Ascot and Markel lead hull war risk slip on captured Galaxy Leader
Travelers on hook for seafarer kidnap and ransom, market sources say
‘Different feel’ to policy year justifies P&I rate hikes, UK Club’s Taylor argues
International Group affiliate unveils general increase and higher deductibles for coming renewal
Claims are the barometer of operational quality: Gard CUO
Bjørnar Andresen, chief underwriting officer of the world’s biggest protection and indemnity club, outlines how to manage the ups and downs of claims frequency
China P&I Club membership of International Group is not a done deal
After at least two decades of speculation, the Beijing-based marine mutual has not formally asked to join and club chiefs remain ambivalent
Sompo eyes marine growth in Europe
Japanese-owned carrier’s head of marine and specialty insurance for continental Europe describes how long-term commitment is key to client confidence
Skuld sets out 2025 renewal pricing
Hardening claims environment, inflation and rising operating costs justify rate rise, Norwegian marine mutual argues
Abundance of capacity pushes cargo rates down
Carriers have been taken by surprise by the speed at which rates have softened, Gallagher Specialty says
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