Posts tagged: insurers
Insurers withdrawing from Hull and Machinery market
6 December 2012
Posted in Blog
Tagged: capacity, Hull and Machinery, hull market, insurers, underwriters
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. Whilst technically it has been operating at an overall loss for sixteen years, the H&M market has still seen recent new entrants such as WR Berkley, Argo and Barbican [...]
Read more »Shipowners’ P&I Club announce 5% GI in premium for 2013
16 October 2012
Posted in Blog
Tagged: general increase, insurers, P&I
For the first time in the last three years, the Shipowners’ P&I Club have found it necessary to impose a 5% General Increase on premiums at 2013 renewals, to address the increase in the number and cost of claims observed since 2011. The increase is inclusive of any additional reinsurance costs. Full details are available [...]
Read more »Standard P&I Club calls for 7.5% GI for 2013
16 October 2012
Posted in Blog
Tagged: general increase, insurers, P&I
Further to the Board meeting in Seoul last week, the Standard Club have now advised that their general increase for 2013 renewal will be 7.5% on P&I entries and 15% on FD&D entries. An increase in the cost of reinsurance the IG Group reinsurance programme is expected, and will be passed on to Members as [...]
Read more »Radioactive ships and cargo – the insurance industry should provide cover
5 May 2011
Posted in Blog
Tagged: Cargo, clauses, Hull and Machinery, insurers, nuclear radiation, shipowner, specialist, underwriting
In light of the Japanese earthquake and subsequent radiation leak, the insurance industry has been very quick to point out that radioactive exclusion clauses are paramount and apply to ship and cargo owners. However, we believe that there is a commercial and humanitarian case for providing an insurance solution for some nuclear incidents. The relevant [...]
Read more »Underwriting, underwriting, underwriting – An Asian broker’s perspective
8 September 2010
Posted in Articles
Tagged: Asia, capacity, claims, economy, insurers, IUMI, premiums, recession, trade, underwriting
First published in the September 2010 issue of the Asia Insurance Review On the face of it, the global economic slump created conditions that should have left marine insurance clients bearing the brunt of a hardening market and spiralling premiums. But according to Mr Philip Bilney, Group Executive Director, FP Marine Risks, not only did [...]
Read more »Sanctions against Iran
9 August 2010
Posted in Blog
Tagged: insurers, Iran, sanctions
Earlier this year, the President of the United States signed legislation known as the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (CISADA). The sanctions prohibit the trade of petroleum products to Iran and seek to limit the provision of “goods, services, technology, information or support that could directly and significantly facilitate the maintenance [...]
Read more »Underwriters buoyant despite recession
26 April 2010
Posted in Blog
Tagged: insurers, losses, recession, soft market, underwriting
Despite some dire predictions from certain quarters of the market over the last year or so, marine insurers have yet again celebrated a good year with reports of healthy profits coming in from many underwriters. Whilst the harsh realities of the global economic downturn have struck the shipping and trading industries, the predicted knock-on effects [...]
Read more »Cargo accumulation hazard, precipitating large losses
29 March 2010
Posted in Blog
Tagged: accumulation, Cargo, freight forwarders, insurers, losses, reinsurance, storage
Significant accumulation of cargo is exposing cargo owners, freight forwarders and marine underwriters to the possibility of catastrophic losses. Freight stations and warehouses can each contain hundreds of millions of dollars worth of goods that are at risk of becoming total losses from perils such as fire, flood and wind. Earlier this year, a serious [...]
Read more »Falling ship values highlights importance of value adjustment rates
3 August 2009
Posted in Blog
Tagged: insurers, premiums, risk, shipowner, shipping, value adjustment rate
As shipowners will know all too well, ship values have continued to fall; at FP Marine Risks we have seen some reductions of up to 50% in recent months. However, the consequent reduction in premium varies widely among insurers and it is important that shipowners are aware of the basis of that variation in premium [...]
Read more »More shipowners enjoying benefits of Asian placement in these difficult times
30 June 2009
Posted in Blog
Tagged: Asia, capacity, insurers, shipowner, shipping, underwriting
Shipowners with smaller fleets, smaller vessels or lower values can still benefit from an Asian insurance placement as world markets become more competitive. Some believe that Asian-based underwriters are dedicated to the Asian-based shipowning market (putting aside Japan and Korea’s involvement in the large fleets) to the exclusion of non-Asian tonnage. Whilst this may have [...]
Read more »No time for risk taking
15 January 2009
Posted in Articles
Tagged: Advanced Loss of Profits, Cargo, claims, Delay in Start Up, freight forwarders, FSL, Hurricane Katrina, Hurricane Rita, insurers, losses, premiums, recession, reinsurance, risk, soft market, specialist, underwriting
First published in the January / February 2009 edition of Heavy Lift Magazine The global economic gloom is casting its shadow over insurance like everything else, with sharp rises in premiums likely across the board in the near future. We asked logistics-industry insurance expert Philip Bilney* why reducing cover is not a good idea. Can [...]
Read more »Charterers Piracy Trade Disruption Insurance
11 January 2009
Posted in Articles
Tagged: charterer, insurers, kidnap & ransom, piracy, risk, specialist, trade, trade disruption
In response to the dramatic increase in piracy, Charterers’ are able to purchase insurance that covers any payments they are still liable for in the event of a vessel being captured. Minimising the Risks for Charterers Avoiding the area entirely will limit a vessel’s exposure to the risk of piracy although, as in the high [...]
Read more »Insurance as a risk management tool in supply chain management
1 July 2007
Posted in Articles
Tagged: Asia, business interruption, Emma Maersk, Hyundai Fortune, insurers, liabilities, Lloyd's, losses, MSC Napoli, piracy, ports and terminals, premiums, regulation, risk, supply chain, trade, vessel
This article appears in the Standard Chartered Bank World of Supply Chain Management 2007/2008 With growing trade volumes, vessel sizes and government legislation, supply chain managers face increasing risks and liabilities in their industry. Insurance is an important risk management tool, but one that has yet to be fully utilised in Asia. For an effective [...]
Read more »Zooming In
26 July 2006
Posted in Articles
Tagged: Asia, Cargo, insurers, risk, specialist, trade, trade credit, underwriting
Originally published by Trade Finance Magazine, July/August 2006 The challenge for credit and political risk insurers is considering the numerous factors that affect the markets in which they operate. Global trends affect the demand for business and local issues determine how they structure cover for their clients. Oliver O’Connell looks at a snapshot of the [...]
Read more »Feeling undervalued?
12 April 2006
Posted in Articles
Tagged: claims, General Average, insurers, losses, salvage, ship valuation, shipowner, underinsured
This article was published in Asia Pacific Shipping, April 2006. Andrew Brooker, Associate Director of FP Marine Risks, a leading marine insurance broker based in Hong Kong, explains: “The S&P market can have a huge impact on the ability of shipowners to receive full reimbursement from their insurers in the event of certain types of [...]
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
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%.
28 November 2012
Whilst the Club’s retained claims exposure has developed in line with projections over the past two years, the Club is concerned about the continuing increase in the pooling costs.
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