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 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
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.
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
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
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
Frank J. Iarossi, Chairman and Chief Executive Officer of ABS has sharply rebutted the widespread impression that the safety record of the international shipping industry is poor and that even greater regulation is required to address this. "Whether we are measuring marine safety in terms of vessels lost at sea, or maritime fatalities or oil spilled from ships; whether we are using data from governmental agencies, the insurance industry or the shipping
The Board of Braemar Shipping Services announced the acquisition of Steege Kingston Partnership Limited. Steege Kingston provides specialist loss adjusting and other expert services to the energy (oil and gas), marine, power and other related industrial sectors. It is one of the leading international players in the energy adjusting market, with a particularly strong reputation and presence in the offshore/upstream sector
Allianz Global Corporate & Specialty (AGCS), an insurer of ships and cargo, has released a study suggesting its clients adapt their approach to marine insurance as the threat of piracy off the Horn of Africa continues to grow. In addition, the study points out that crews entering dangerous waters must be prepared to handle an attack, and it calls for a more coordinated solution to the current wave of piracy.
Tactical Insurance Group has opened a new corporate office to facilitate the expansion of the company into its targeted industry sector – Logistics Insurance. One of the South Central region's leading insurance brokers, Tactical Insurance Group, has moved into a newly expanded corporate office facility in Dallas as part of its strategy to grow its Logistics Insurance practice throughout Texas and surrounding states.
Maritime fraud, international intrigue and an indefatigable investigator – all add up to a fascinating account of the extraordinary people bent on fooling the system with mind boggling schemes. Author Don Oliver is a specialist maritime insurance surveyor who has visited countless ports
Specialist marine insurance intermediary Seacurus has welcomed the decision of Lloyd’s to amend its risk codes to include a new class of insurance covering seafarer abandonment (SA). Lloyd’s provides guidance to underwriters on the classification of business into
U.K. Shipping minister says he is committed to putting the £31.7-billion shipping industry center-stage. Stephen Hammond, Parliamentary Under-Secretary of State for Transport, speaking at a Maritime London/Shipping Professional Network London event underlined the government’s
Specialist liability insurer for the international transport and logistics industry TT Club said it had another good performance for the year ended December 31, 2012, with further increased gross written premiums, and the club now maintains its A- (Excellent) rating for the past eight years.
Hong Kong headquartered FP Marine Risks provides insurance program to INTTRA network members via INTTRA's e-commerce platform. Leveraging the buying power of the INTTRA network, INTTRA members can elect to purchase cargo insurance at competitive rates during the shipping process through Alto
LOC Group is pleased to announce the acquisition of SCUA Middle East Consultancy with effect from April 1, 2013. This acquisition combines LOC Middle East and SCUA Middle East to form a team of nearly 30 staff, including marine engineers, master mariners
The United Kingdom Mutual War Risks Association Limited (U.K. War Risks Club) is pleased to announce that it has been awarded an A- "excellent" financial strength rating with a "stable" outlook from AM Best, the insurance rating and information source.
Specialist marine insurance intermediary Seacurus launched a new insurance policy to indemnify seafarers in the event of the financial default of their employers which, for the first time, offers recompense in respect of unpaid crew wages.
Business is cyclical, and nowhere is there more evidence of its cyclical nature than in the insurance market, characterized by ups and downs in insurance premiums, coverages and profitability. By most accounts, the current insurance market has been one of the most competitive in recent memory
John Moy has joined the team at Water Quality Insurance Syndicate as Vice President of Underwriting. John will lead the WQIS underwriting department. John came to WQIS from Crum & Forster where he served as the Vice President of United States Fire Insurance Company for the past five years
Jones Act and LHWCA employers must protect Medicare’s interest or pay the price. It may be boring, but it is important. Read and heed. Attention maritime entities that employ Jones Act Seamen covered by liability insurance, including self-insurance
Falvey Insurance Group has formed a new division, Safe Harbor Pollution Insurance. Offering some of the broadest terms available in the commercial market, Safe Harbor's Global Vessel Pollution Policy provides comprehensive protection for any vessel, owner or operator
Seacurus has launched a new insurance policy to indemnify seafarers in the event of the financial default of their employers. CrewSEACURE is a new insurance product now available to all employers of seafarers required to satisfy new regulatory obligations under the Maritime Labour Convention 2006
Crewsure appointed G2 Crew Services, the recently formed partnership between Griffin Global Group Limited and Gulf Agency Company Limited, to act as its global correspondent. Crewsure provides medical and personal accident insurance directly to crew and is underwritten by the Munich Group
A delegation from Xiamen, China accompanied by the CEO of COSCO UK visit the London offices of Thomas Miller. The purpose of the visit by the delegation was to understand more of the shipping/insurance sectors in London and to foster good relations.