Articles from February 2009:
World insurance markets not yet hardening in response to the global recession
19 February 2009
Posted in Blog
Tagged: charterer, claims, hard market, IUMI, recession, shipowner
In January, IUMI (International Union of Marine Insurance), warned of bleak times ahead as the industry prepared to face the impact of a global slowdown. Slowing demand and lower freight rates are forcing shipowners and charterers to cut costs and find efficiencies. Inevitably, marine insurers will feel the effects through increasing claims, and pressure on [...]
Read more »Claims expected to rise as recession deepens
19 February 2009
Posted in Blog
Tagged: Cargo, claims, commodity prices, recession, shippers
We have not witnessed any significant increase in the number of claims since the first signs of a recession last year. However, it is commonly the case that claims do rise in slowing economies and we expect to see that trend returning this year. Lowering worldwide consumer demand has already heavily impacted commodity prices. Profit [...]
Read more »Negotiations arise when changing technical management
13 February 2009
Posted in Blog
Tagged: shipowner, shipping, technical management
As some insurers become more conservative in their approach to risks, what might have been a simple request to agree to a change of technical management is fast becoming a more difficult negotiation. One of the aspects an underwriter will consider when rating or accepting a risk is the identity of the technical manager and [...]
Read more »New shipping regulations in the US
9 February 2009
Posted in Blog
Tagged: Cargo, Homeland Security, importers, regulation
The Department of Homeland Security (DHS) has recently implemented new regulations for cargo security that will affect companies involved in the importation of products into the US. These regulations have been designed to help identify high-risk shipments as early as possible. Known as the Importer Security Filing and Additional Carrier Requirements Regulation, it requires marine [...]
Read more »Recent articles
3 September 2012
Have recessionary risks hindered the opportunities available to Asian marine insurers? And is the future a profitable one?
20 July 2011
What has changed in the marine insurance markets over the last year? And can Assureds expect to see these soft markets continue?
Blog
6 December 2012
In recent months, three insurers have pulled out of the Hull and Machinery market as competitive pressures and a year of substantial claims take their toll.
28 November 2012
At the recent Meeting of the Association’s board of Directors, the general increase to be applied to the advance call rates for the 2013 policy year was set at 5%.
Press releases
16 April 2013
INTTRA, the world’s largest multi-carrier shipping network for ocean freight, has launched a new member service that enables shippers to purchase cargo insurance from marine insurance specialist, FP Marine Risks.
4 February 2013
Hyperion Insurance Group Limited, the international insurance intermediary group, and FP Group Limited (FP), the Hong Kong-headquartered specialist marine broking group, are pleased to announce their partnership today, with Hyperion taking a 55% stake in FP Group Limited.
Opinions
26 March 2009
26 November 2008