Marine Underwriters News

Yemen's Iran-aligned Houthis claimed responsibility for an attack on a UK-owned cargo ship and a drone assault on an American destroyer on Thursday, and they targeted Israel's port and resort city of Eilat with ballistic missiles and drones.The statement by a Houthi representative on social media site X came shortly after the group's leader said it was ramping up attacks on ships in the Red Sea and other waters - including with new "submarine weapons" -to mirror Israel's military operations in the Gaza Strip.Houthi militants have launched repeated drone and missile strikes in the Red Sea…

Pat Stoik will join insurer Ascot Group as Executive Vice President, Head of Marine, Ascot U.S., effective October 24. He will be based in New York and will report directly to Matt Kramer, Chief Executive Officer, Ascot U.S.An experienced executive in the marine industry, Stoik brings more than 35 years of senior management, underwriting, and broker experience to Ascot. Most recently, he served as Chief Risk Officer for Overhaul Group, Inc., a global leader in in-transit supply chain risk management…

Opening this week’s International Union of Marine Insurance (IUMI) annual conference in Edinburgh, Scotland, President Frédéric Denèfle explained the conference theme of “strength and stability in turbulent seas” saying it is essentially “business as usual” for marine underwriters.“As marine underwriters, we are used to managing an array of casualties and losses onboard a variety of vessels and in ports and other shoreside facilities. Dealing with the fall-out from natural catastrophes such as earthquakes and weather events are also workaday issues.

Allianz just released its 12th Risk Barometer, an annual corporate risk survey incorporating the views of 2,712 risk management experts in 94 countries and territories, including CEOs, risk managers, brokers and insurance experts. The overall global results reveal Cyber incidents and Business interruption as the biggest company concerns for the second year in succession. Macroeconomic developments such as inflation, financial market volatility and a looming recession rose to the third spot followed by the impact of the Energy crisis…

Engineering and design consultancy BMT announced Shahrom Bin Ali has joined BMT Singapore as Marine Engineer Surveyor, expanding the company's capabilities and survey offering in the Asia-Pacific region.Shahrom brings over 20 years of industry experience in P&I and H&M investigations, salvage and vessel operations to his new role.After obtaining his diploma in Maritime Engineering at the Singapore Polytechnic, Shahrom started his seagoing career at A.P. Moller, serving as a marine engineer on a wide range of different vessels…

Why insurers cannot afford to be left behindAccording to Maersk, “everything that can be digitized will be digitized”, and there is no doubt that the world of shipping is currently undergoing a digital revolution. From vessel movement data to port statistics and engine diagnostics and data, the latest technology empowers insurers to segment and optimize their existing portfolio, identify new opportunities and offer truly connected policies.However, risk measurement and ratings remain an issue.

When it comes to insuring your assets, changing markets and risk variables demand better understanding of the underwriting process, as well as a long-term, stable relationship with an insurer who – like you – is in for the long run.U.S. inventor Thomas Edison once said, “There is no substitute for hard work.” Nobody knows this better than the men and women who operate diverse and industrious workboat fleets.Ferrying commuters, towing dry and liquid bulk, and assisting larger ocean…

A busy market, fraught with risk, needs specialized protection. The marine construction business is booming in the United States for many reasons. Nationwide, ports are expanding, deepening their channels to accommodate the bigger, so-called post-Panamax vessels. And, that means more than just deepening the channel. Docks, piers, cranes and other shoreside infrastructure need to be bolstered in order to stand up to heavier vessel impacts. Other infrastructure and bridges also need updating to be brought into the 21st century.

Automated now; autonomous looms large in the center porthole. The word ‘autonomous’ is probably the maritime industry’s most frequently used term in the past year. The word, however, has a far different meaning than the similarly sounding “automated” – which means that certain processes are handled by machines, rather than by humans. Throughout 2017, industry thought leaders have been mulling over the new digital paradigms that are emerging including the ‘Internet of Things’ and/or the linkage of processes and machines – the ‘Fourth Industrial Revolution’ – where devices talk to each other…

ABS Chairman, President and CEO calls upon insurance industry and class to work closer together in addressing the next-generation safety system. Christopher J. Wiernicki, Chairman, President and CEO of ABS, addressed the American Institute of Marine Underwriters (AIMU) today, describing the future of maritime safety and risk mitigation as it relates to cyber safety as well as outlining how the classification and insurance industries can strengthen their collaboration as the progression of cyber and autonomy propel maritime safety into new waters. “Building on our safety and risk control focus, class and insurance are in a unique position to lead in several areas – specifically…

Though water covers more than 70 percent of the Earth’s surface, businesses engaged in marine shipping operations and logistics, and other businesses that manufacture and ship product still have a lot of ground to cover getting their various goods to their final destinations. The ocean marine insurance market, the oldest insurance market in the world, was initially developed to protect these goods while crossing the ocean’s open waters, later to morph into a product to protect all international transportation regardless of mode.

Rising energy claims against a reducing premium base; and the increased cargo accumulation risk onboard vessels and in port continue to challenge marine insurers. Statistics released at the International Union of Marine Insurance (IUMI) Annual Spring meeting in Hamburg last week raise a series of issues that will continue to challenge marine underwriters for the foreseeable future. The frequency of major vessel casualties rose again in 2016 for the second consecutive year. They had enjoyed a year-on-year decline until 2015 when they recorded a sharp upturn which was continued in 2016. Conversely, the trend in total vessel losses (from 2000 onwards) continued its downward trajectory through to 2016 notwithstanding a minor uptick in 2015.

As vessel fires have become more prevalent in the car/ro-ro passenger segment, the International Union of Marine Insurance (IUMI) examines these occurrences as the group voices its concerns and puts forward recommendations to mitigate the risks. The deadly fires aboard the ferries Norman Atlantic just before New Year 2014 and the Sorrento in April 2015 prompted an international response from the UN International Maritime Organization (IMO) in May 2015. The number of fire incidents…

Rising average temperatures are melting ice; the call goes out for heavy fuel oil to be regulated in Arctic. The Arctic is thawing even faster than lawmakers can formulate new rules to prevent the environmental threat of heavy fuel oil pollution from ships plying an increasingly popular trade route. Average Arctic temperatures are rising twice as fast as elsewhere in the world and the polar ice cap's permanent cover is shrinking at a rate of around 10 percent per decade. By the end of this century, summers in the Arctic could be free of ice. As the ice melts, traffic of ships carrying cargoes of gas, coal and diesel through the region has increased. Russia, in particular, is keen to expand shipping through the Arctic given its rich natural resources and efforts to cut costs.

XL Catlin today announced the promotion of Anne Marie Elder to the role of Chief Underwriting Officer Marine for the Americas region. Elder in her new leadership role now reports to Lee Meyrick, XL Catlin’s Chief Underwriting Officer for Global Marine, in London. Elder, who previously held the position of Senior Vice President and Chief Underwriting Officer, Inland Marine in North America,  assumes the role formerly held by Richard DeSimone. DeSimone, who joined XL Catlin in 2011 to help build its North America Marine capabilities, retired from the company on December 31, 2015. According to Meyrick, “Under Rich’s leadership, we expanded our team in North America and created a comprehensive portfolio of Bluewater and Brownwater Hull…

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. He outlined four new risks the industry is facing that insurers must endeavour to better understand. The first was cyber threats, thanks to the industry’s growing reliance on IT within shipping companies, ports & logistics and offshore. “Underwriters need a better understanding of these risks and must tailor their products to meet client needs,” he said. The second was Ultra Large Container Vessels…

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 Expertise for a Changing World'. XL Group’s Chief Underwriting Officer, Marine, Asia Pacific, Mike Davies, has been global Vice Chairman of IUMI for 3 years and prior to that was Chairman of the Technical Cargo Committee for 6 years. Mr. Davies, who has worked in Singapore for many years, has been actively involved in shaping this year’s conference, which will focus on the opportunities and risks specific to Asian markets and the region’s fast growing maritime sector. Commenting, Mr.

Members of the International Union of Marine Insurance, in its 140th year, will gather in Hong Kong from 21-24 September at the Intercontinental Hotel, Kowloon for its annual conference themed Building Expertise for a Changing World. Over 500 attendees will hear from leading experts on how the marine environment is evolving as governments and businesses attempt to chart a secure, sustainable economic recovery. From cargo inventory, legal disputes, loss ratios and offshore drilling, the conference - with an emphasis on Asia - has the best and latest information to help the marine insurance community navigate its way through a changing world.

An interview with Rich Hobbie, the leader of the Water Quality Insurance Syndicate (WQIS), the largest underwriter of pollution liability insurance for marine vessels in the United States. Can you give our readers an overview of your business today. The Premium income and growth factors in the marine insurance industry are very stagnant right now. And competition is quite heavy in all areas. In the U.S. market and in the marine market in general, there are new players. The London market has gotten more aggressive over here.

Det Norske Veritas (DNV) began in 1864 as a small Norwegian classification society, and in the 150 years since, has grown into one of the world’s largest enterprises of its kind with the formation of DNV GL in 2013. As part of the group’s anniversary celebration, DNV GL launched a book entitled “Building Trust: the History of DNV 1864-2014,” telling the tale of the organization’s development throughout its 150-year history, drawing attention to the group’s sociological contributions through the years.

Three things: experience, experience, and … experience. It’s a very familiar scenario: And, if you are the CFO, controller, president or other financial manager of your company then you have been here before. Across your conference table sits a potential new lender. He/she is very genuine in their desire to lend you money on your boats. They sincerely want to be a valued and trusted advisor to you in all things vessel-finance related. But what may be lacking is an in depth knowledge of the commercial marine industry that can only come from time and exposure to the peculiarities of our industry. Actually, it’s easy to understand why this lender tells you they want to loan you money.

The Inland Marine Underwriters Association (IMUA) announced the 2014 dates for its Introduction to Commercial Inland Marine course. The two-day Introduction to Commercial Inland Marine course will be held at IMUA Headquarters, 14 Wall St., NYC, on September 19 & 20, 2013 from 9 a.m.-5 p.m. This two-day introductory course is designed to cover the basics of commercial inland marine insurance, with emphasis on the largest/key inland marine classes of business. “This intense two…

One of the most pressing problems for the bulk shipping industry is the safe carriage of nickel ore. The increasing demand for this commodity is fuelled by China’s thirst for nickel ore as it is the principal alloy component for stainless steel. Chinese nickel ore imports have spiraled from nearly 5m metric tons (mt) in 2006 to near 50m mt in 2011. The bulk of these imports come from Indonesia, with the Philippines now running very close behind. But this fast-expanding trade has been marred by the heavy price paid in terms of lives and vessels lost. In August, the 2012-built Trans Summer sank off Hong Kong, but all 21 crew were saved by rescue helicopters. All these vessels were carrying nickel ore from Indonesia to China.