Ocean Marine Insurance Responds to Challenges

Tuesday, October 27, 2009

The U.S. Ocean Marine insurance industry has been hard hit by the economic crisis at a time when its structure, traditions and culture are facing challenges, according to a new study by Conning Research and Consulting.

"The Ocean Marine industry has deep foundations of tradition and specialization that give it unique status relative to other insurance segments. Over the past five years, the experienced specialist ocean marine writers have clearly outperformed the rest of the market," said Jerry Theodorou, analyst at Conning Research & Consulting. "But some larger companies have also outperformed by combining a specialist orientation with the resources of a larger carrier."

The Conning Research study, "Ocean Marine Insurance: Entering New Waters" analyzes the performance of the industry and presents the structural and cyclical challenges to the market. "The dramatic downturn in global trade in 2009 has jolted the Ocean Marine market at a time when it was struggling to sort out a number of challenges," said Stephan Christiansen, director of research at Conning. "Structural changes in available capacity, market consolidation, and changes in capital flows may require new approaches to sustain the business in today's marketplace. Our analysis points to the need to combine experience and specialization with greater scale and modern technical capabilities to navigate this new marketplace."

(www.conningresearch.com)

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Mediterranean Rescue Operations Strain Shipping

The Wall Street Journal ran a story yesterday describing how the increasing number of seaborne migrants making the journey from Africa to Europe has not only

Ukraine Arrests Turkish Cargo Ship Over Crimea Port Call

Ukrainian authorities have arrested a Turkish-owned cargo ship and detained its captain over a visit it made to a port in Crimea after Russian annexed the peninsula from Ukraine last year.

Lack of Ship Definition is a Threat to Investors

AKD says the lack of an unambiguous term to describe a ‘ship’ in several jurisdictions represents a potential threat to asset security for financiers, particularly

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3974 sec (3 req/sec)