Insurance Markets News

Aerospace solutions provider Airbus Defense and Space has upgraded its digital maritime service to detect and track vessels around the globe.First launched in 2018, OceanFinder leverages Airbus’ advanced constellation of optical and radar satellites, combined with real-time global Automatic Identification System (AIS) data, and the latest in automated analytics, to support a broad range of critical applications across defense and security, shipping, oil and gas, and insurance markets.OceanFinder’s latest updates introduce a number of innovative features – extending the service’s capabilities in several key areas.From today, users will benefit from enhanced imagery and AIS data correlation to identify the precise location of a non-responding vessel in near real-time.

Iran's armed forces will protect Iranian oil tankers against any threats, an Iranian military official said on Monday after the United States called the ships a "floating liability" and warned ports operators not to allow them to dock.The United States resumed sanctions on Iran's oil, shipping and banking industries last Monday after U.S. President Donald Trump pulled out of a 2015 international agreement curbing Iran's nuclear programme in May."Iran's armed forces...are prepared…

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.

Drewry says that recovering demand recovery in the North America-East Coast South America box trades provides encouragement, but local political conditions bear watching. Elsewhere, reports that Maersk and MSC are reviewing their Iran operations underpins broader political uncertainties that could get in the way. North America-East Coast South America box tradesMaritime Research Consultancy Drewry is reporting that the headhaul East Coast South America to North America trade fell by 1% in the first quarter 2018 to 137,000 teu. Brazil owns as much 85% of that market where the slowdown was mostly a function of waning US demand for major commodities. Nevertheless, wood shipments improved sharply to offset lower volumes for other cargoes.

Against the backdrop of encouraging global economic growth and an improved outlook for the shipping industry, the International Union of Marine Insurance (IUMI) gives expert opinion on the current state of the hull, cargo and offshore energy insurance markets at its Spring Conference in Hamburg. The past three years has seen the frequency of total losses within the global fleet stabilise at 0.13% by number (0.05% by tonnage). This is largely attributable to an improved safety climate, improvements in naval architecture and marine engineering; and more effective regulation. Total losses involving vessels younger than 15 years were significantly less during the 2013-17 period than the years 2008-2012.

The International Union of Marine Insurance – unveiling its annual statistical report on the marine insurance market at today’s conference in Genova, announced global underwriting premiums for 2015 of USD 29.9bn. This is a 10.5% reduction on the 2014 figure. Vice-Chairman of IUMI’s Facts & Figures Committee, Astrid Seltmann explains, “Part of the reduction can be attributed to the strong US dollar as compared with other currencies but this is not the whole picture, particularly for hull and offshore energy where much of the original business is written in USD. Technical insurance results for the 2014 underwriting year deteriorated strongly for cargo, hull and energy sectors compared with last year’s reported data for the same period.

Marine and engineering consultancy LOC Group and marine survey experts Studio Navale Canepa (SNC) have entered a collaboration agreement whereby the two organizations will combine expertise and global networks to offer casualty services to the Italian market. SNC specializes in providing hull and machinery related casualty surveying services to the Italian insurance and shipping sectors through its in-house team, supported by a network of trusted associates. Joining forces with the LOC world-wide network extends SNC’s reach allowing it to deliver more cost-effective, global services to the Italian community. Meanwhile, LOC will benefit from working alongside a company that is established in the Italian shipping and insurance markets.

Leading international marine and engineering consultancy LOC Group has announced a collaboration agreement with marine survey experts Studio Navale Canepa (SNC) of Italy. Together the two organisations are combining expertise and their global networks to offer unrivalled casualty services to the Italian market. SNC specialises in providing Hull & Machinery related casualty surveying services to the Italian insurance and shipping sectors through its in-house team, supported by a network of trusted associates. Joining forces with the LOC world-wide network significantly extends SNC’s reach allowing it to deliver more cost-effective, global services to the Italian community.

Global premiums for 2014 amount to USD 32.6bn. Although a 3.2% reduction on the 2013 figure, converting local currencies to a single US dollar figure was impacting on the true result. In the cargo sector, a number of local markets experienced positive growth but that growth was largely hidden by the strong US dollar. It is generally assumed that a loss ratio of 70% or less represents a “technical profit” for the sector. While the 2014 underwriting year seems to have produce a technical profit (based on figures as of December 2014) it is likely that the Tianjin explosion – as potentially the largest single cargo loss ever recorded - will impact significantly on 2014 and 2015 results. The outlook for the cargo market is hard to predict in light of the current changing economic environment.

Global marine engineering consultancy LOC Group (London Offshore Consultants) announced appointments in two new positions; John Quarrington has joined the company in London as Group Marine Warranty Surveying Manager and Mark McGurran has been appointed to the Singapore office in the role of Asia Regional Hull & Machinery Coordinator. John Quarrington is based in London where he will be supporting the Group Energy Services Director (Alex Harrison) with the continued development of LOC’s global marine warranty surveying activities across its 33 offices. A master mariner by background, John has worked for large engineering consultancies and oil companies around the world taking the lead on a range of oil and gas projects.

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.

Braemar Adjusting continues its global expansion with the addition of one director in London, two directors in Houston and an energy adjuster in Singapore. Ian McInroy re-joins Braemar’s London office as a Director in October 2013 from a leading international insurance broking and consultancy group, where his primary responsibilities were to design risk transfer programs for offshore energy construction projects and advise clients on the terms and conditions of their energy contracts.

Security Exchange signs up CustomWeather as the weather data provider for its online shipping risk product, 'ShipAssure'. CustomWeather provides key forecast data regarding ocean and wind conditions to support Security Exchange’s identification of opportunities for safest passage and avoidance of pirate attacks at sea. By incorporating CustomWeather’s 7-day, 3-hourly forecasts for wave height and direction, as well as wind speed and direction into ShipAssure, a web-based vessel tracking and risk system, Security Exchange is able to better assess piracy risk around the globe. Data is provided as map tile layers for use in Security Exchange’s ShipAssure product, via the Google Maps API framework.

Braemar Adjusting has underlined its commitment to the Middle Eastern onshore and offshore Energy Insurance Market by opening a dedicated loss adjusting operation, based in Dubai. With effect from 1 April 2013, Chris Eades, Regional Director for the Middle East, and Senior Adjuster Sam Foster, will start working from the Dubai World Trade Center Building offices of sister company Braemar Salvage Association, before moving into their own Braemar Adjusting offices later in the year. Welcoming the development, Grant Smith, Group Managing Director of Braemar Adjusting, said: “Within Braemar we place a huge emphasis on client service and the expertise of our personnel.

Braemar Technical Services (Incorporating The Salvage Association) announced the appointment of Graeme Temple to the role of Regional Director for its Far East region. Graeme will take responsibility for strengthening the company’s surveyor network in this important region and further developing relationships with the London and International Insurance markets as well as the local Singapore and other Far East Insurance markets. The focus in this region is on Braemar’s traditional…

Braemar Shipping Services plc's penetration of the global marine and offshore services sectors continues to develop with the bringing together of its business units under the umbrella control of the Braemar Technical Services (BTS) division. As was set in train with the results’ announcement in May 2011, BTS will bring a broader service as well as operating efficiency benefits to customers of its technical services businesses - Braemar Casbarian, Braemar Falconer, Braemar Steege, Braemar (incorporating The Salvage Association) and Braemar Wavespec/Wavespec. - Braemar (incorporating The Salvage Association) as a leading multi-disciplinary marine surveying and technical consultancy arm providing services to the world's shipping, offshore energy and insurance sectors.

BMT Marine & Offshore Surveys, which incorporates The Salvage Association and Murray Fenton, is delighted to announce that the business and assets of the company have been acquired by Braemar Shipping Services Plc, a leading international provider of shipbroking, consultancy, technical, logistics and other services to the shipping and energy industries. Nigel Clark, Managing Director of BMT Marine & Offshore Surveys, said: “We are delighted with the outcome of this sale process and we believe this is a tremendous opportunity for the future of our business.

The primary focus of last year’s annual update, which appeared in the April 2010 issue, was U.S. efforts to tighten economic sanctions against Iran. The last several months have seen these efforts come to fruition, as well as imposition of new sanctions affecting Libya, North Korea, and Somalia. Our 2011 update concentrates on these key developments, but readers should be aware that these were not the only changes to sanctions programs administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) over the past year. As always, remaining abreast of all applicable embargoes and sanctions must be a priority for international businesses. U.S. Developments. On July 1, 2010, long sought amendments to the Iran Sanctions Act (“ISA”) became law.

Braemar Shipping Services plc has launched a new subsidiary called Braemar Marine, which will provide diverse marine surveying and adjusting services to the global maritime, transportation risk and insurance markets. Braemar Marine commenced operations on August 1st, 2009 from its headquarters in Atlanta, Ga., USA, and has established offices in Los Angeles, Houston, Miami, Seattle and London to enhance existing group marine surveying and adjusting capabilities in Latin America, Australasia and the Far Fast. The operation is led by John Tirel, Executive Vice President, with the assistance of Chris Lunda, Vice President of Global Development. Both John and Chris are based in Atlanta. John Cole is Director of the London office.

A discussion paper will be presented at the Moscow Rendezvous Conference for the Russian Insurance and Reinsurance Market on March 25 2009, by George Grishin, Director of Oakeshott Insurance Consultants. Mr Grishin compares the changes between the 1982 and 2009 clauses, and also outlines the position of cargo insurance wordings in the CIS insurance markets. He considers the changes in the new 2009 Clauses and discusses their appropriateness for the situations that prevail in East and West. He welcomes the extensions of the transit clause, and the new amendments to the exclusions relating to packing. Greater clarity regarding the beneficiary under the insurance is also a helpful step for all parties.

Speaking at the Panama Maritime VI World Conference, Dan Negron, vice president at Through Transport Mutual Services (Americas), stated that port operators face significant liability risk unless they are properly advised by specialist insurers and are in possession of a bespoke port and terminals policy. The devastation caused to New York in the September 11 terrorist attacks has inevitably led to repercussions in the insurance markets. Reports from market analysts contain the sobering conclusion that reinsurance capacity will diminish significantly in the foreseeable future. Consequently, many weaker insurers will either restrict their coverages, or will consolidate with others in order to maintain their capacity.

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. It was emphasized that the committee members were actively engaged in insurance matters on a day-to-day basis. This knowledge of the insurance markets meant that they spoke the same language as those engaged in the insurance industry…

The world's marine insurers collectively lost $3 billion in 1999, Norway's Central Union of Marine Underwriters (CEFOR) said. Cefor's calculation uses the collective experience of marine insurers in Norway - one of the world's major marine insurance markets - and extrapolates the results to the global industry. Cefor's md said that not even in their previous worst case estimates did CEFOR anticipate anything like this. The principal reason for the losses is continuing reduction in insurance premium rates, said Formso. On CEFOR's current estimates, rates in 2000 have dropped to 31 per cent of their 1994 levels. Hvide Marine Inc. Hvide Marine Inc. said last Monday that chairman and CEO Jean Fitzgerald has been hospitalized with a heart condition and was to undergo surgery.