Moore Stephens Says Insurers Must Make Greater Use of Risk Analysis

Tuesday, November 27, 2001
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. "

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

PALFINGER Finalizes Harding Acquisition

The PALFINGER Group closed the acquisition of 100 percent of the shares in Herkules Harding Holding AS, i.e. the globally operating Harding Group, supplier of lifesaving

ClassNK Amends IGC Code Rules and Guidance

Classification society ClassNK has amended its Rules and Guidance for the Survey and Construction of Steel Ships in response to the latest industry developments,

Demand, Bunker Pricing Spurs Asia Dry Bulk-Capesize Rates

Owners asking $1 per tonne more on Australia-China rates; Panamax rates climb to two-month high, but remain under pressure. Freight rates for large capesize

Marine Propulsion

Hybrid RoPax Ferry Delivered to Royal TESO

Hybrid RoPax ferry Texelstroom has been delivered to Koninklijke N.V. Texels Eigen Stoomboot Onderneming (Royal TESO).   This latest generation symmetrical ferry is powered by efficient,

Northern Lights Opens Branch Office in Louisiana

Marine power generation and climate control products manufacturer Northern Lights has opened its fifth branch office, in Kenner, La, to enhance service to Gulf

First MAN D2676 Workboat Engine Ready for Launch

Last December, MAN Engines introduced its latest generation in-line six-cylinder engines for workboats. Now the first MAN D2676 LE443 engine off the production

 
 
Maritime Security Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0945 sec (11 req/sec)