Recession | FP Marine Risks

Posts tagged: recession

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 that [...]

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 on [...]

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 insurers [...]

Currency fluctuations creating inadequate marine insured values

9 March 2009

Posted in Blog

Tagged: currency exchange rates, exporters, importers, recession, shipowners

The world economic crisis is playing havoc with currency exchange rates. The implications of significant fluctuations can be serious, particularly for shipowners, importers and exporters because their marine insurance may no longer cover them for the full amount in the case of loss or damage. A recent Australian marine insurance claim involved the total [...]

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 [...]

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 margins [...]

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 [...]