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.
Underwriters fear aggregation loss on Israeli ships
Local owners not generating sufficient premium revenue to cover scale of potential payouts, with hijacked Galaxy Leader worth up to $60m if declared a constructive total loss
London cargo market in best shape for more than a decade: Gallagher
Big surge in capacity in recent years, but profits still healthy, broker says
Israeli shipowners set to pay more for Red Sea war risk cover after attacks
Premiums already up 200% after Galaxy Leader hijack and likely to get firmer this week
Falvey names Ascot's Nasso as chief underwriter
US marine insurer hires Ascot senior executive Tom Nasso to oversee underwriting
Pen Underwriting to write marine from box at Lloyd's
Gallagher-owned MGA plans to diversify box into 'complementary products' and other lines of international business that have Lloyd’s distribution
Skuld and Japan Club announce 2024 pricing
With 11 International Group affiliates now declared and only Swedish Club still to come, this renewal round will see the lowest percentage price increases in four years
Israeli owners may face war risk rate hike after car carrier capture
Red Sea transits unavoidable for Suez Canal users and even a rise of a fraction of a percentage point could add hundreds of thousands of dollars to cost of a trip
UK Club confirms general increase for members
Price hike at upper end of going rate driven by expected inflation impact
Marsh scheme could cut Ukraine war risk rates by as much as two-thirds
War risk cover for vessels trading with Ukraine since the Russian invasion in February 2022 have been volatile, with additional premiums thought to have touched an unprecedented 10% or more of hull value
Chaucer names Schnorr head of marine and energy
Schnorr joins specialist re/insurer from McGill and Partners where he was most recently partner in the reinsurance team
Why P&I clubs are giving away tens of millions of dollars
Three of the five International Group affiliates to have announced strategies for the 2024 renewal have included sweeteners totalling more than $80m. But are the payouts as generous as they look?
QBE adds German marine offering
Australian insurance giant continues European marine expansion
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