Posts tagged: premiums
New hull syndicates in London signal good news for Assureds
4 November 2010
Posted in Blog
Tagged: capacity, Hull and Machinery, Lloyd's, marine insurance, premiums, rates
There has been considerable activity of late in the Lloyd’s Marine Hull Market. A series of underwriting groups are preparing to launch new Hull operations for the 2011 year of account. To date, we have heard confirmation of the following new entrants into the Marine Hull sector : 1) Barbican 2) Canopius 3) Liberty [...]
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 »Asian capacity allows shipowners to fight London rises
1 February 2010
Posted in Blog
Tagged: Asia, capacity, London, premiums, shipowner
The recent renewal season highlighted how international insurance markets and shipowners were handling the changing economic conditions, with the London market seeking rises, whilst shipowners pressed for lower premiums, providing opportunities for other markets, such as Asia. The global downturn’s effect on trade has meant shipowners are facing further pressures to reduce costs, including reducing [...]
Read more »Gard announces no general increase for 2010
30 October 2009
Posted in Blog
Tagged: P&I, premiums, shipping
The Board of Gard has decided that no general premium increase will be required for mutual and fixed premium P&I entries for the 2010 year. This is not to say that Gard will not be seeking increases, simply that those increases will be dependant upon each individual member’s exposure and loss record. In addition, any [...]
Read more »P&I Clubs report heavy losses from investments
11 September 2009
Posted in Blog
Tagged: P&I, premiums, underwriting
Back in April we wrote that shipowners should consider their P&I club’s investment portfolio carefully; the recession has resulted in falling equity markets and therefore lower investment incomes for P&I Clubs who invested heavily in the markets. The result of this meant we were likely to see a more technical approach to underwriting and rising premiums [...]
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 »Confusion remains over marine kidnap and ransom insurance
1 August 2009
Posted in Articles
Tagged: claims, General Average, Gulf of Aden, Hull and Machinery, kidnap & ransom, piracy, premiums, risk, shipowner, specialist, war
First published in the August 2009 edition of Ships and Shipping The maritime news continues to be filled with articles about pirate attacks in the Gulf of Aden, while piracy also continues less reported in several other key areas such as Nigeria, the Philippines and Brazil. There has been some discussion, and perhaps confusion, about [...]
Read more »World marine insurance markets remaining soft despite recession
1 June 2009
Posted in Blog
Tagged: IUMI, premiums, recession, soft market
In February, we wrote in this blog about the stark forecasts coming out of IUMI (International Union of Marine Insurance) regarding the global recession and the effects it was likely to have on pricing levels. The report was bleak, with slower demand and falling freight rates forcing shipowners to find efficiencies across the board, and [...]
Read more »Lay Ups in Singapore – no sign of increasing premiums
28 May 2009
Posted in Blog
Tagged: P&I, ports and terminals, premiums, shipowner
Earlier this year, the American P&I Club issued a members alert regarding lay ups in Singapore. It refers to a general indication that Singapore’s port has become congested with laid up vessels and that members should be aware of an increased risk of collision. It appears that most claims have resulted from mis-calculating the strength [...]
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 »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 »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