Reinsurance News
Marine reinsurance
Demanding and persisting underwriting for marine insurance industry: WTW
27th June 2022
Underwriting discipline persists for marine cargo insurance while underwriting for hull and liability remains demanding, according to the latest market update by WTW. A hard market continues for cargo insurance; however, renewed competition and enhanced growth targets in the marketplace have moderated upward rate movement in 2022. While rate increases are to ... Read the full article
Premiums up twofold for Ukraine-exposed specialty business: reports
31st May 2022
Insurance premiums are being hiked to double or more than their pre-conflict levels for some aviation and marine businesses with exposure to the war in Ukraine, industry sources have reported. Reports from the Financial Express of India suggest that aviation war cover premiums have doubled globally, despite coverage already having been ... Read the full article
Ukraine conflict industry loss could exceed $20bn: PCS
18th April 2022
The insurance and reinsurance industry loss from the conflict in Ukraine could exceed US $20 billion, according to Verisk-owned specialist claims and loss data unit PCS. Property Claim Services (PCS) has analysed data from its three most relevant product offerings, the PCS Global Aviation, PCS Global Marine and Energy, and PCS ... Read the full article
Marine liability market unlikely to be impacted by Ukraine: Miller
13th April 2022
Specialist re/insurance broker Miller had previously explained that differentiation had become more achievable which remained the case through the 20th February P&I reinsurance renewals, particularly for accounts that have shown better performance and long-term profitability for the market. Since the beginning of 2021, the increases sought by leaders in the general ... Read the full article
Fidelis joins Poseidon Principles for Marine Insurance
3rd March 2022
Specialty insurer and reinsurer Fidelis has become the latest company to join the Poseidon Principles for Marine Insurance, which sets a framework for responsible insurance practices in the maritime sector. As part of the shipping ecosystem, Fidelis believes that marine insurers have a part to play in promoting responsible environmental stewardship, ... Read the full article
Burning car carrier Felicity Ace could be $500m cargo loss, says Skytek
18th February 2022
The fire that emerged on the Felicity Ace cargo ship, which was loaded with luxury cars as it departed Germany for the U.S. on February 9th, could result in a loss for the marine re/insurance market of as much as $500 million, reports Skytek. A fire broke out in one of ... Read the full article
Markel Intl. makes two leadership changes
18th January 2022
Markel International, a subsidiary of the Markel Corporation, has appointed Louise Foley as head of marine and energy liability, and Holley Higgins as head of transport and logistics, both reporting to Andrew Carter, head of liability at Markel International. Foley will hold responsibility for all marine liability and energy liability writings, ... Read the full article
Howden to utilise hull & cargo solutions from Concirrus
3rd December 2021
International insurance broker Howden is planning to utilise the Quest Marine Hull and Quest Cargo solutions by insurtech Concirrus as part of a digital transformation program. Howden will be the first company in the broker market to utilise Quest Cargo to inform the development of xTrade Cargo, its new digital platform ... Read the full article
Skuld achieves 5.5% growth in 2021 P&I renewals
24th February 2021
Marine insurer Skuld has announced that its mutual P&I gross tonnage (G) increased by 5.5% to 101 million following its renewals for the 2021 period. The company also increased its market share across all other lines of business, including hull and energy and all aspects of its commercial P&I operations. "We are ... Read the full article
The Standard Club forecasts underwriting deficit for 2021
23rd February 2021
Specialist marine and energy insurer The Standard Club has completed its renewal negotiations for 2021, renewing 95% of its expiring portfolio. But while the Club expects the 2020/21 policy year to perform better than the previous one, it still anticipates that it will result in an underwriting deficit. This is mainly due ... Read the full article
Optio enters specialty marine market with senior hire
12th February 2021
Specialty MGA Optio Group has appointed Angus Bailey to lead its expansion into the marine specialty market. With an initial focus on Marine War and Kidnap and Ransom risks (K&R), Bailey will be responsible for developing Optio’s new marine specialty proposition. He previously led Seacurus, a trading name of Castel Underwriting Agencies ... Read the full article
Concirrus automates digital portfolio management for marine
8th December 2020
Insurtech firm Concirrus has announced that it will automate its digital portfolio management for marine insurance business with a new algorithmically driven underwriting application. The application will focus on high-volume, transactional business, thereby freeing up time for conventional underwriters to focus on more complex risk. “Innovation is solving complex problems within Marine ... Read the full article
Victor names Richard Turner as International Head of Marine
4th December 2020
Managing general underwriter Victor Insurance has announced the appointment of Richard Turner as International Head of Marine, effective immediately. In this newly created role, Turner will be responsible for driving Victor’s international marine business with a specific focus on data and analytics driven insurance products and solutions. He currently serves as President ... Read the full article
Marine market sees modest recovery but future uncertain: IUMI
18th September 2020
The International Union of Marine Insurance (IUMI) has noted a modest recovery in the marine re/insurance market during the 2019 underwriting year, but warns that the future of the market remains uncertain due to the COVID-19 pandemic. IUMI estimates that marine underwriting premiums totalled $28.7 billion in 2019, representing a 0.9% ... Read the full article
PCS: Market sees hurricane Laura offshore energy loss at up to $250m
8th September 2020
Hurricane Laura's impacts to the offshore energy insurance and reinsurance market may be lower than anticipated, as Property Claim Services (PCS) explained to us that that the market sees the offshore loss from the hurricane at up to $250 million. Catastrophe risk modeller RMS said last week that it expects ... Read the full article
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