Articles from February 2009:

World insurance markets not yet hardening in response to the global recession

19 February 2009

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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 [...]

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Claims expected to rise as recession deepens

19 February 2009

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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 [...]

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Negotiations arise when changing technical management

13 February 2009

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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 [...]

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New shipping regulations in the US

9 February 2009

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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 [...]

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