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...]
UK P&I Club Gets Green Light for Dutch Brexit Hub
LONDON, March 26 (Reuters) - British ship insurer UK P&I Club has received approval from the Dutch regulator for a new subsidiary in Rotterdam to ensure continued access to trade in the European Union in case Britain loses single market access, it said on Tuesday. UK Club is the second specialist Protection and Indemnity (P&I) club to announce regulatory approval for … [Read more...]
Rolls-Royce and AXA Partner on Risk Management Products for Autonomous Shipping
Rolls-Royce and risk management firm AXA Corporate Solutions on Monday announced they have signed a Letter of Intent (LOI) to explore ways to jointly develop risk management products for autonomous shipping. Under the LOI, the company's will seek ways in which they can combine their respective products to bring a new offering to the marine market, utilising Rolls-Royce Ship … [Read more...]