The International Union of Marine Insurance says it's time to take action to address an alarming number of containership fires occurring in 2019. So far this year, the containership industry has seen a number of fires, including incidents involving Yantian Express, APL Vancouver, Grande America, E.R. Kobe and KMTC Hong Kong. Specifically, IUMI is calling for urgent … [Read more...]
Marine Insurance Premiums See Modest Increase Amid Market Uncertainty -IUMI
Marine underwriting premiums rose by just one percent last year, but future market development remains uncertain as the marine insurance sector faces significant challenges, the International Union of Marine Insurance said Monday. IUMI this week presented its analysis of the latest marine insurance market trends, revealing that marine underwriting premiums for 2018 were … [Read more...]
Rivals Ride Rising Rates as Lloyd’s Abandons Some Ship Insurance
By Carolyn Cohn, Jonathan Saul and Suzanne Barlyn LONDON/NEW YORK, June 24 (Reuters) - Rivals to Lloyd's of London are riding a rising tide of marine insurance rates, leaving the 330-year-old market behind after it jettisoned sections of its oldest line of business last year. Premiums for marine insurance, which until 2018 had fallen for years due to rising competition … [Read more...]
Concerns Remain for Global Marine Underwriting, Says IUMI
The number of total losses among vessels over 500GT hit at a 20-year low in 2018 despite growth in the global fleet, according to the International Union of Marine Insurance. Even so, the increased risk of large, more complex and costly claims has the potential to impact all marine underwriting sectors in 2019. The insights were revealed by the IUMI at its Spring … [Read more...]
Lloyd’s of London Plots New Course as Storm Clouds Gather
By Carolyn Cohn and Jonathan Saul LONDON, April 26 (Reuters) - Lloyd's of London, the world's oldest insurer of seafaring vessels, is facing its own perfect storm. Old-fashioned business practices, exposure to natural disasters, competition from rival centers and Brexit are all threatening Lloyd's reputation as the place to insure anything from ships to sculptures to soccer … [Read more...]