Insurance Segments News

The IMO January 2021 deadline for shipping interests to incorporate cyber risk management into their existing Safety Management Systems is fast approaching. It is critical that stakeholders understand their vulnerabilities. The IMO has issued MSC-FAL.1/Circ.3 guidelines on maritime cyber risk management that does a good job of outlining the many vulnerable systems within marine operations, including:1.Bridge systems;2. Cargo handling and management systems;3.Propulsion and machinery management and power control systems;4.

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. 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.