Shipping Losses Lowest This Century as New Dangers Emerge
The Allianz Global Corporate & Specialty AGCS) Safety & Shipping Review 2019 provides a unique and in-depth look at the emerging risks facing international shipping stakeholders.Large shipping losses are now at their lowest level this century having declined by over 50% year-on-year, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2019. The annual study analyzes reported shipping losses over 100 gross tons (GT). AGCS provides global marine and shipping insurance for all types of marine risk…
Kadow tapped to head AGCS Marine
Allianz Global Corporate & Specialty SE (AGCS) said that, effective July 1, 2019, Ulrich Kadow will be appointed as AGCS Global Head of Marine. Currently Chief Agent of AGCS Canada, Kadow will take over from current Global Head of Marine and Energy Simon Buxton, who is leaving Allianz. Until a successor in Canada is confirmed, Kadow will maintain a dual leadership role for both the country and Marine Line of Business responsibilities.Kadow has led AGCS’ Canadian business since May 2015, after originally joining AGCS in 2006.
Cyber Risk Management: What Maritime Professionals Need to Know Now
The IMO January 2021 deadline for shipping interests to incorporate cyber risk management into their existing Safety Management Systems is fast approaching. It is critical that stakeholders understand their vulnerabilities. The IMO has issued MSC-FAL.1/Circ.3 guidelines on maritime cyber risk management that does a good job of outlining the many vulnerable systems within marine operations, including:1.Bridge systems;2. Cargo handling and management systems;3.Propulsion and machinery management and power control systems;4.
Hamburg’s Traffic on the Rise in Q1
Germany’s largest universal port is again on a growth path, achieving a distinct advance in the first quarter of 2019 with seaborne cargo throughput ahead by 6.0 percent at 34.6 million tons.Both general cargo throughput at 23.9 million tons - up 5.4 percent- and bulk cargo throughput at 10.7 million tons - up 7.5 percent – rose substantially in the first three months.The gratifying 6.4 percent increase in container handling to 2.3 million TEU is primarily attributable to four liner services new to Hamburg and linking the Hanseatic City with ports in the USA…
Ossena to Drive AGCS N. America Growth
Allianz Global Corporate & Specialty (AGCS) said that Baptiste Ossena, Global Product Leader of Hull and Marine Liabilities (HML), will assume additional responsibility as the North American Regional Head of HML, effective April 1, 2019.Relocating to New York from Paris, Ossena will work closely with direct report John Kiernan, the current Head of HML in North America, who will take on the key responsibility for large account management and portfolio steering across the business.Ossena has held his current global role since 2017.
AIMU Elects New Officers
The American Institute of Marine Underwriters (AIMU) elected the following slate of officers at its annual Board of Directors meeting on November 15:•Michael McKenna of Navigators – Chairman•Michael Csorba of Great American – Vice Chairman•Tony Cowie of Swiss Re – Director of FinancesThe following three individuals were named to the Management Committee for a three-year term:•Gordon Lewis – Crum & Forster•Ryan O’Connor – Allianz Global Corporate & Specialty•Robert Ryan – NavigatorsLes Bogdan of Berkley Offshore Underwriting Managers…
Imperial Logistics Encourages Digital Collaboration
Imperial Logistics is joining a new industrial initiative as one of its founding members. The consortium is called +D (plusdecentral) and aims to build a cross-company transaction protocol bringing automation and new business models to the Supply Chain.With this new decentralised infrastructure, it will be possible to digitize and automatically manage tasks such as transport contracts, insurance policies, tracking consignments, editing documents, settling damage claims and payment…
Drones Will Take Off for Shipping, Says Allianz
Unmanned systems are finding a growing number of applications in the maritime sector, and have the potential to make a significant contribution to safety and risk management, says the Allianz Global Corporate & Specialty's (AGCS) Safety and Shipping Review 2018.These include assessing environmental pollution, monitoring cargo loading and pirate activity along coastlines and carrying out cargo tank inspections. Drones could enable faster, more informed decisionmaking on board, reducing the impact of any incident.
Shipping Losses Continue to Fall
Large shipping losses have declined by 38 percent overall in the past decade, according to the Safety & Shipping Review 2018 by Allianz Global Corporate & Specialty (AGCS).Further, the number of total losses declined by 4 percent to 94 last year, the second lowest number in a decade.“Insurance claims have been relatively benign, reflecting improved ship design and the positive effects of risk management policy and safety regulation over time,” says Baptiste Ossena, Global Product Leader Hull & Marine Liabilities…
Allianz Expands, Improves Project Cargo Coverage
With an increased demand for large-scale production facility and infrastructure projects worldwide, the transport of high-value, critical equipment to these project sites has become more intricate and complex. To meet this growing need, Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) has announced an expanded Project Cargo offering formed by a direct partnership with its Engineering division. Specifically, this new collaborative approach allows AGCS to provide continuous end-to-end coverage for companies managing unique and complicated risks…
Torqeedo Names Glück Marketing VP
Electric and hybrid drives manufacturer Torqeedo has appointed Oliver Glück as its new vice president marketing.Prior to joining Torqeedo, Glück was head of marketing communication and brand strategy for Hyundai Motor Europe. His experience includes in-house positions at automotive companies and consulting for several automotive brands. He worked for Fiat Auto, BBDO Worldwide, Millhaus, and Allianz Global Automotive, among others. He holds a degree in marketing, innovation management and advertising psychology from Ludwig-Maximilians-University in Munich.
Natural Catastrophes Dominate 2018 Marine Risk Landscape
Business interruption (BI) and cyber incidents interlink as the major threat for companies globally in 2018, according to the insight of 1,911 risk experts from 80 countries in the Allianz Risk Barometer 2018. However, for marine and shipping companies, natural catastrophes (34 percent), including storm, floods and earthquakes, takes the top spot – up from number four in 2017. BI tied with cyber incidents (31 percent), for the second spot followed by theft/fraud/corruption (27 percent) and fire/explosion (25 percent) to round out the top five business risks in the maritime sector for 2018.
AGCS Makes Leadership Changes in North America
Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) announced today that effective December 31, Henning Haagen will take over as North American Regional Head of Specialty Lines, and Rich Soja will become the North American Regional Head of Marine. These appointments follow the retirement of John Barnwell after more than 20 years with the company. While taking on these new responsibilities, both Haagen and Soja will continue in their current roles as Northeast Zone Executive in the U.S. and Global Head of Inland Marine, respectively.
XL Catlin Adds Ocean Marine Insurance Expertise in US
XL Catlin expands its marine insurance team with the addition of Stephen Clark as Vice President, National Hull & Liabilities Practice Leader in Chicago and Alison J. Rizzi as Senior Ocean Marine Underwriter in New York. In his new role with XL Catlin, Clark will address marine businesses’ hull and liability insurance needs. Most recently, he served as vice president of Ocean Marine business at CNA. He joins XL Catlin with more than 25 years of ocean marine underwriting experience.
Global Shipping Feels Fallout from Maersk Cyber Attack
Global shipping is still feeling the effects of a cyber attack that hit A.P. Moller-Maersk two days ago, showing the scale of the damage a computer virus can unleash on the technology dependent and inter-connected industry. About 90 percent of world trade is transported by sea, with ships and ports acting as the arteries of the global economy. Ports increasingly rely on communications systems to keep operations running smoothly, and any IT glitches can create major disruptions for complex logistic supply chains. The cyber attack was among the biggest-ever disruptions to hit global shipping.
European Cooperation Essential in Strengthening Inland Navigation
European cooperation is necessary in order to integrate inland waterway transport better into the multimodal logistic chains. the annual capital conference of KEO - Chamber Union Elbe/Oder. EMMA enhances freight mobility and logistics by strengthening inland waterway and river-sea transport and promoting new international shipping services. “Now it is time to deliver results and to contribute to discussions on future European transport policy developments. More than 50 organisations are supporting EMMA to bring the project to success”…
Cyber Security: Wake Up Call
Before any vessel gets ready to head out to sea, shore-based personnel and onboard crew run down a lengthy list of safety, compliance and regulatory checks, all part of a standard risk management exercise. What’s often not on that list is an invisible, but looming risk that if ignored, could leave ships off course, off schedule or even dead in the water, thanks to infected computer systems, phony or corrupted charts and blocked communications signals. Cyber crime has come of age in the maritime sector.
2015 - The Safest Year in Shipping for a Decade
The shipping industry saw its safest year in a decade in 2015, according to a new report from Allianz Global Corporate & Specialty (AGCS), though 85 total losses reported worldwide last year, down from 88 in 2014 and well below the 10-year average of 123. Although the number of losses remained stable year-on-year, declining by just 3% compared with the previous year (88), 2015 was the safest year in shipping for a decade. Losses have declined by 45% since 2006, driven by an increasingly robust safety environment and self-regulation. However, disparities by region and vessel-type remain.
Cyber Threat Grows in Maritime
The shipping industry’s reliance on interconnected technology also poses risks,according to Allianz Global Corporate & Specialty SE’s (AGCS) fourth annual Safety and Shipping Review 2016, which analyzes reported shipping losses of over 100 gross tons. Cyber risk exposure is growing beyond data loss. There have already been a number of notable cyber incidents and technological advances including the “Internet of Things” (IoT) and electronic navigation means the industry may only have a few years to prepare for the risk of a vessel loss.
Mega Ships Menace for Shippers
The Global Shippers’ Forum (GSF) says that the use of mega ships and alliances remain the main problems within the shipping sector. The popular belief is that larger ships and alliances are good for competition because of the benefits they give, but the reality is that there are added costs due to the negative externalities they impose on others, says Chris Welsh, general secretary of GSF. The restriction of competition can make other approaches necessary for regulatory policy or competition to address the competition concerns raised by the mega ships and alliances, he said.
Global Insurers Plot Cautious Course to Iran
* Caution remains over U.S. SYDNEY/LONDON, Jan 24 (Reuters) - Global insurance firms are circling Iran for business opportunities following the lifting of sanctions - and the first test of their appetite could come in March when some Iranian companies seek new cover. Insurers, the reinsurers that share their risk and the brokers that forge deals are exploring ways to tap a market worth $7.4 billion in premiums after a nuclear accord between world powers and Tehran led to the removal of restrictions on financial dealings with Iran this month.
Panama Canal Expansion Poses Billion Dollar Challenge
As the Panama Canal prepares to celebrate its 100th anniversary, insurers are warning of the increased risks that will arise from its plan to double the cargo-carrying capacity of ships transiting one of the world’s most important waterways. In a new report entitled Panama Canal 100: Shipping Safety and Future Risks leading marine insurer, Allianz Global Corporate & Specialty (AGCS) identifies that the value of insured goods transiting the canal zone may increase by more than $1 billion per day following completion of the Third Set of Locks Project…
Strong U.S. Jobs Report Pushes Up Dollar
World shares dipped from a record high and the dollar and U.S. bond yields climbed on Thursday as strong jobs data added to bets that U.S. interest rates could rise within the next six months. U.S. employment growth jumped in June and the unemployment rate declined to near a six-year low of 6.1 percent, effectively dispelling fears about the economy's health and underscoring its momentum heading into the second half of 2014. The headline gain of 288,000 jobs was well above forecasts of 212…
Allianz Global Shipping Review 2014
This annual review of trends and developments in shipping losses and safety looks back at 2013 in terms of shipping losses (of over 100 gross tons) by location, type of vessel and cause and also examines future challenges and key risks. Tim Donney, Global Head of Marine Risk Consulting, told MarPro, “While the long-term downward trend in shipping losses is encouraging, there is more work to be done to improve the overall safety of these vessels as well as their cargo, crew and passengers, especially in Asian waters.
Disasters at Sea & Their Impact on Shipping Regulation
The history of marine safety is soaked in water and written in blood. “I think that most people will tell you that changes in marine safety are almost exclusively disaster-driven,” agrees Dr. Josh Smith, a professor at Kings Point and interim director of the American Merchant Marine Museum. It hasn’t always been that way. Actually, it’s been worse. Despite some efforts early on to exert some control over shipping practices, going to sea has been accepted as a risky undertaking as long as man has floated vessels.
Steve Kennedy Re-joins Allianz from Zurich North America
Allianz Group’s specialist corporate insurer, Allianz Global Corporate & Specialty (AGCS), announce the appointment of Steve Kennedy as Head of Corporate Property and Inland Marine Claims, replacing Tony Clark who retired at the end of January 2014. Kennedy will manage a team of 18 professionals managing Property, Energy, and Engineering as well as Inland Marine claims for AGCS’s multinational clients. AGCS inform that Kennedy brings over 23 years of experience handling commercial property claims and over 14 years managing and training claims professionals.