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Insurance Industry

Moore Stephens Says Insurers Must Make Greater Use of Risk Analysis

Leading accountant and consultant Moore Stephens has urged insurance underwriters and brokers to make greater use of financial and actuarial consultancy to assess risk. John Harbor, head of the Moore Stephens Insurance Industry Group, writing in the Group's newsletter, insured interest, says, "The events of September 11 in the United States have shaken the international insurance industry to its foundations. Now is not a time for being wise after the event. But the terrorist attacks should have scotched once and for all the notion that insurance can de designed and sold on price alone. "The best insurance is a combination of commercial acuity, actuarial perception, technical awareness, intuition and luck. Many underwriters and brokers make use of financial and actuarial consultancy to assess risk. Many don't. Today, those services are more valuable than at any time in history and the good news is that software tools today facilitate the ability to analyze data in ways that were simply not feasible in the past. "Underwriting in ignorance of the true nature of risk and of potential and aggregate liabilities can no longer be considered a viable option. The buyers of insurance will have to accept that there may be a higher price to pay for this in terms of risk analysis. "


Sumitomo And Mitsui Finalize Merger Conditions

Sumitomo Marine & Fire Insurance Co. and Mitsui Marine & Fire Insurance Co. on Tuesday announced terms under which they will merge next October, creating Japan's largest non-life insurer with assets of 5.7 trillion yen ($51.6 billion). In a joint statement, the companies said 1.09 Mitsui Marine shares will be allocated for one Sumitomo Marine share. The merged entity will be named Mitsui Sumitomo Insurance Co. with Mitsui Marine president Takeo Iguchi and Sumitomo Marine president


JHC Launches International Hull Clauses

The Joint Hull Committee's (JHC) project to produce a new set of hull insurance clauses which is intended to reflect the needs and requirements of today's shipowners and insurers has been completed on time. The new clauses, which have been drafted following extensive consultation with shipowners and other interested parties, will be available for use from November 1 and will be known as the International Hull Clauses.


IMUA Names Award-winning Marine Underwriter

Gina Domitrovich, AMIM, Senior Marine Underwriter, AIG Global Marine & Energy, is the first recipient of the new American Marine Claims Award, by Inland Marine Underwriters AssociationÂ’s (IMUA). The award presentation was made closing ceremonies during IMUA"s 83rd Annual Meeting held in Buckhead, Atlanta, GA. As the winner of the American Marine Claims Award, Ms. Domitrovich will receive a $2,000 cash award and a stipend towards attendance at the International Marine Claims


Knowledge Gap Contributing to Increased Cat Fine Claims

Paul Hill

With individual claims arising from excessive main engine wear caused by cat fines in the fuel oil likely to exceed $1m, and no sign of the problem being remedied at source, operators will have to take on the responsibility for reducing the incidence of these claims, suggested Braemar SA’s Chief Surveyor for Western Europe, Paul Hill, speaking at this week’s International Union of Marine Insurance (IUMI) London Conference.


Seacurus: Seafarers Should be Protected Against Risk of Unpaid Wages

seacurus.jpg

Specialist marine insurance intermediary Seacurus says that reported doubts about the insurance industry’s ability to insure the liability for unpaid wages of abandoned seafarers under the Maritime Labor Convention 2006 are inaccurate and ill-founded. It is already an agreed principle under MLC 2006, which came into force in August 2013, that liability for the unpaid wages of seafarers currently falls to the recruitment and placement services which help seafarers find employment at sea


Insurance Issues Facing Tanker Industry

The session, entitled Marine Insurance – the impact of September 11, was chaired by Luke Readman from the UK P&I Club. The team of speakers comprised John Fawcett-Ellis, INTERTANKO, together with Hedley French and John Garthwaite from Jardine Lloyd Thompson Risk Solutions. John Fawcett-Ellis began the session with a presentation on the insurance related activities of INTERTANKO and in particular post September 11. An overview was given of the work of the Insurance Committee


Cummings Hears Testimony on Oil Company Liability

Congressman Elijah E. Cummings (MD-07) took part in a hearing held by the House Transportation and Infrastructure Committee, called to examine the liability requirements for oil spills that are imposed by the Oil Pollution Act of 1990 (OPA) and related statutes on offshore facilities and vessels operating in U.S. waters. The Committee also considered the potential impact on the offshore industry of the liability claims arising from the loss of the Deepwater Horizon in the Gulf of Mexico and


Crisis Communications Network for Shipping

Navigate Response launched at London’s Baltic Exchange.   The company’s round-the-clock services are tailored specifically for the global shipping industry and focus on managing clients’ messages across a range of communications channels including mainstream and social media. The new company is chaired by internationally renowned maritime expert, Richard Sayer, and led by Mark Clark


British Security Initiative Targets Marine Theft

(L) Howard Pridding, Chief Executive, British Marine Federation and (R) Kevin Howells, Managing Director of Datatag (Photo courtesy: British Marine Federation)

The British Marine Federation has partnered with security experts Datatag to help owners avoid theft of marine outboards. At the CWM FX London Boat Show today, the two organizations announced a new security initiative called COMPASS; the Combined Official Marine Property and Security System as a technological answer to the issue of theft addressing one of the key weak areas the marine market has which criminals are exploiting – identity.


Parkinson Retires from Sunderland Marine

Geoff Parkinson, former CEO of Sunderland Marine

  Geoff Parkinson, chief executive officer of North P&I Club’s subsidiary Sunderland Marine, retired on 30 June 2015 following a period of ill health. Tom Rutter, head of the company’s aquaculture business, will continue as interim chief executive officer until a permanent


Allianz, Zurich See Tanjin-Related Claims

The Chinese units of European insurers Allianz and Zurich Insurance Group said on Friday they received claims for unspecified damages from customer companies in the northeast city of Tianjin after two huge explosions in the port. The pair said they are now assessing potential losses.


SUNY Maritime to Host e-Navigation Conference

SUNY Maritime College will host the 2015 e-Navigation Underway North America Conference September 28-30 in New York   It is likely that regions like the Baltic, the North Sea, the Strait of Malacca, Torres Strait and other areas will implement e-Navigation services that modern ships


MN 100: Gencorp Insurance Group

Gencorp.jpg

The Company: Gencorp Insurance Group provides the Insurance and Surety needs of Marine Contractors, Vessel Operators and Shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds


Mega Ships, Mega Challenges

CSCL Globe (Photo: China Shipping Container Lines)

 The mega container ships raising concerns among vessel operators, insurers and regulators about the potential for catastrophic accidents.  Shipping lines have sought to stay competitive by running larger, more fuel-efficient container ships in major shipping lanes


Avoiding Pitfalls on the Water

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When a land-based contractor decides to work on water, risk can arise from unexpected places. It doesn’t have to be that way. In the past, companies involved in the marine industry, whether they were vessel operators, riggers, longshoremen, ship builders, repairers


Top Five Most Costly Insurance Claims

Image courtesy of TT Club

The TT Club has alerted the supply chain industry to a persistence of claims in a handful of loss types. The international transport, freight and logistics insurance provider said it has found that 66% of its claims by number and 62% by value over a five year period can be categorized into just


Marine Claims Insurance Reminder by Danish Authority

Need to take insurance to cover maritime claims

  If you own a ship with a gross tonnage (GT) of or above 300, you must inform the Danish Maritime Authority about your insurance for maritime claims by 31 March 2015. The requirement does not apply to foreign ships. It is about time to check your insurance for maritime claims.


How to Approach Maritime Cyber Security

Luke Ritter

Be the Hammer, not the Nail when it comes to  Maritime Cyber Security Maritime security professionals understand the value of a layered approach to risk management. Cyber security posture continues to develop as a critical component of a maritime security strategy


RT to Frame Guidelines against Cyber Attacks

  The Round Table of international shipping associations (RT) comprising BIMCO, ICS, Intercargo and INTERTANKO announced today that they are developing standards and guidelines to address the major cyber security issues faced by the shipping industry.


Challenges Ahead for Marine Insurance

Dieter Berg, president of the International Union of Marine Insurance. Photo by IUMI

 The marine insurance sector is undergoing a rapid period of change and it is critical that insurers understand the risks the industry is facing and offer products that match these new trends, Dieter Berg, president of the International Union of Marine Insurance (IUMI) said.  


NY Maritime Law Firm Cited as a Top Practice

Daniel G. McDermott

The Maritime Litigation Practice Group in the New York City office of Marshall Dennehey Warner Coleman & Goggin, has been recognized among the top national maritime practices by Chambers USA: America's Leading Lawyers for Business.  


ARDENT: The New Name (& Familiar Face) in Maritime Salvage

Peter Pietka

Last month Svitzer and Titan Salvage announced plans to merge their salvage operations. Peter Pietka, former chief executive of Svitzer Salvage, takes the helm of the new combined company – to be dubbed Ardent and headquartered in Houston – on May 1


Master Port Risk Program Launched by Fidelis Group

H. Elder Brown, Jr., President and Chief Executive Officer of FGH

Fidelis Group Holdings, LLC Launches Master Port Risk Program For The Maritime Industry.   Fidelis Group Holdings, LLC (FGH) with its subsidiary company Continental Underwriters, Ltd. (CUL), a National Marine Insurance coverage and service leader


UK Defense Club Reports Strengthened Financial Position

The UK Defence Club, the provider of FD&D (legal costs) insurance to the maritime industry, announced its financial results for the year ending February 20, 2015.   According to the club, highlights include 3,700 ships covered, total assets of £56






 
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