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.
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 Associations (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
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.
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
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
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.
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
Russian companies face billions of dollars in extra insurance costs as Western sanctions prompt foreign insurance firms to start pulling out, worried that any business they undertake is at risk from future measures and an increasingly sick economy.
BMT Asia Pacific, a subsidiary of BMT Group has appointed Joanne Tse as Head of Risk Management based in Hong Kong. The new appointment will help support the regional growth of risk consultancy services - principally in the transportation and construction sectors.
The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry, according to yacht insurance expert Eva Maria Karlsson of Superyacht Insurance Group (SYIG).
P&I Insurance Seminar for Owners and Charterers held in Mumbai DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I Facility, has advised Indian shipowners to consider the benefits of fixed premium P&I cover.
XL Group strengthened its Insurance Marine team with the appointment of Mike Davies as Chief Underwriting Officer, Marine, Asia Pacific and Ian Picton as Senior Upstream Underwriter. Understanding the local industry and what is impacting it, is a key recruitment driver for XL Group
As a maritime business owner, your day-to-day focus is on managing and growing your business. Understandably, thinking about and understanding the nuances of your insurance coverage is not likely to be among your top priorities. However, what if the unthinkable happens and your docks and piers are
16 Main Street East Greenwich, RI 02818 Telephone: 401 336 2182 E-mail: firstname.lastname@example.org Website: www.gencorp-ins.com CEO/President: Robert G. Padula Number of Employees: 70 The Company: Gencorp Insurance Group provides the insurance and surety needs of marine contractors
XL Group informs that its leading marine underwriters will join the annual International Union of Marine Insurance (IUMI) conference, the first time to be held in Hong Kong in the organisation’s 140-year history. IUMI is being held in HK from 21-24 September 2014 with the theme 'Building
More than 600 attendees are expected at the 52nd annual New York Harbor Supply & Distribution Fall Reception/Buffet for the energy and energy related industries at the NY Hilton Hotel Trianon Ballroom, New York on Thursday, October 16, 2014.
First U.S. Homeland Security Secretary Tom Ridge Partners with Five Lloyd’s Syndicates to Offer ‘Intelligent’ Cyber Insurance. Ridge Insurance Solutions Company to close dangerous cyber insurance gap by providing informed-assessment capabilities and insurance.
To help yacht owners navigate increasingly risky waters, XL Group is adding a Kidnap, Ransom & Extortion (KRE) Crisis endorsement to ShipShape, and ShipShape Plus, its recreational marine insurance coverages. "Crisis events like kidnapping
Once, the stars were all that mariners needed to navigate the seas. Today, maritime companies rely on hi-tech systems to operate and navigate equally hi-tech vessels. All of that comes with new and significant risks. On one side, automation has its benefits
China has issued further guidance to support and modernize its shipping industry, saying it would encourage mergers and private investment as well as develop its cruise industry. The world's biggest trading nation is focusing on the shipping industry as it grows more assertive over territorial
Scorpio Bulkers, Inc. received a commitment from ABN AMRO Bank N.V. for a loan facility of up to $39.6 million to finance up to 60% of the market value upon delivery of two Kamsarmax vessels currently under construction at Tsuneishi Zhoushan Shipyard, China for delivery in Q3 2015 and Q1 2016.
Recruiting hires reflect demand for talent in the oil and gas and maritime sectors, across the U.S. and globe Faststream, an oil and gas and maritime recruiting and staffing services company, hired eight recruiters in its Houston and Fort Lauderdale offices to focus solely on placing talent