Reinsurance News
marine insurance
Baltimore bridge an opportunity for us to show the value of insurance: Lloyd’s CEO
28th March 2024
John Neal, Chief Executive Officer (CEO) of the specialist Lloyd's insurance and reinsurance marketplace, said this afternoon that the Baltimore bridge event provides an opportunity for the industry to show the value of insurance. "I've been saying in different conversations this morning that actually the good news there is we are ... Read the full article
Baltimore bridge insured losses could total as much as $4bn, says Morningstar DBRS
28th March 2024
Depending just how long the Port of Baltimore is blocked for after the collapse of the Francis Scott Key Bridge, and the nature of the Port's business interruption coverage, insured losses could land between $2 billion and $4 billion, according to analysts at Morningstar DBRS. Even at the low-end of the ... Read the full article
Baltimore bridge may be largest example of port blockage seen by insurers in years: Horn, McGill and Partners
27th March 2024
Exactly how long the Port of Baltimore is closed to ships after yesterday's collision and the subsequent collapse of the Francis Scott Key Bridge is unclear, but according to Julien Horn, Partner - Ports & Terminals and Logistics at broker McGill and Partners, "this may be the largest example of ... Read the full article
Reinsurers to bear the bulk of insured cost of Baltimore bridge collapse, says AM Best
27th March 2024
The collapse of the Francis Scott Key Bridge near the Port of Baltimore, Maryland yesterday is expected to drive billions of dollars in insured losses, with reinsurers set to bear the bulk of the claim amid concerns it could become the largest ever marine loss. Around 1:30am local time, container ship ... Read the full article
Concirrus launches advanced market model for marine insurance data
7th March 2024
Concirrus, an AI insurtech company, has recently announced the launch of an updated market model that is expected to bring together the world’s largest pool of marine hull claims data. To ensure alignment with market best practices, Concirrus collaborated closely with top actuaries and marine firms during the development of the ... Read the full article
Marine insurance sector urged to collaborate with shipowners for maritime sustainability
23rd February 2024
In a joint effort to address the pressing issue of maritime sustainability, marine insurance experts are calling for closer collaboration with shipowners to develop decarbonisation strategies. A white paper, co-authored by underwriting firm Atrium and Bayes Business School (formerly Cass), City, University of London, emphasises the critical role insurers can play ... Read the full article
Marine insurance pricing instability a growing concern following Red Sea attacks: UIB
9th February 2024
The hijacking of the Galaxy Leader cargo vessel by the Houthi group and other attacks in the Red Sea has resulted in the diversion of ships towards a longer route, this alongside the cancellation of war cover for these vessels has led to higher marine insurance premiums, a challenge insurance ... Read the full article
Red Sea attacks heighten risks for marine insurers, war risk premiums surge: Moody’s
6th February 2024
In recent developments, ongoing attacks on Red Sea shipping lanes have prompted a surge in war risk premiums, posing challenges for marine insurers worldwide, according to a Moody's report. The disruptions to shipping routes have raised concerns about potential losses, prompting shipping companies to reassess their coverage in the face of ... Read the full article
Falvey Insurance Group appoints Tom Nasso as Chief Underwriting Officer
28th November 2023
Maritime risks insurer, Falvey Insurance Group has appointed Tom Nasso to its executive team as its new Chief Underwriting Officer. Nasso had accepted the position in May but was on gardening leave until his start date with Falvey this week. Mike Falvey, President & Chief Executive Officer of Falvey Insurance Group, commented ... Read the full article
IUMI Stats Report shows positive growth for marine insurers
20th November 2023
The International Union of Marine Insurance (IUMI) has unveiled its annual analysis of the global marine insurance market in the 2023 IUMI Stats Report. The report offers insights into the state of the marine insurance sector within the broader context of the global economy, trade, and shipping. Global marine insurance premiums in ... Read the full article
QBE expands marine offer in Europe seizing growth opportunity
13th November 2023
Australian insurer QBE has expanded its marine offer in Europe, with products now available in Germany as well as France and the Nordics. While growth in the marine insurance market in Asia appears to be slowing, it has seen a strong performance in Europe, according to the latest statistics from the ... Read the full article
RELA unveils claims adjustment proposition for marine market
7th November 2023
Renewable Energy Loss Adjusters (RELA), has launched a new claims adjustment proposition dedicated to the marine market. According to RELA, the new proposition will provide independent average adjusting services by a qualified average adjuster, which will be supported by a global network of surveyors and adjusters. At the same time, RELA Marine ... Read the full article
Aston Lark acquires insurance broker Curtis Marine
30th August 2023
Aston Lark, a Howden company, has announced the acquisition of Curtis Marine, a Plymouth-based marine insurance broker. Trading under the Haven Knox-Johnston name, Curtis Marine will become part of Howden’s rapidly expanding marine practice. The business will join Euromarine, A-Plan Marine and Howden Fastnet to collectively form part of Haven Knox-Johnston, which ... Read the full article
Concirrus partners with Insurity to develop data models for marine insurers
28th July 2023
Insurtech Concirrus has partnered with Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs to develop and deliver predictive data models for enhanced cargo risk management and pricing insights. London-based Concirrus helps commercial insurers to accelerate digital strategies using artificial intelligence (AI). Its global base of customers includes underwriters, ... Read the full article
Marine loss from Russia-Ukraine conflict insignificant compared with aviation loss: Miller
18th July 2023
At around $400m, marine loss from the Russia-Ukraine war seems insignificant compared with the aviation loss, where more than 400 aircraft worth almost $10bn, have been stuck in Russia after lessees did not return the jets, according to Miller’s marine insurance market report. The marine insurance market expects to be impacted ... Read the full article
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