Pandemic-Related Risks Top the List for 2021, says 10th Allianz Risk Barometer
Business interruption, pandemic outbreak and cyber incidents -- three separate but 'strongly interlinked' matters -- lead the pack as the top threats to maritime in 2021, according to the 10th Allianz survey on risk in the maritime sector.The maritime industry, on its best day, is fraught with risk, as people, machinery and the bulk of world trade regularly traverses some of the most perilous conditions on the planet. According to the 10th Allianz Risk Barometer 2021 for the sector…
Top Maritime Trends of 2020: Captain Andrew Kinsey, Allianz, Examines Logistics Challenges
Captain Andrew Kinsey, Senior Marine Risk Consultant, Allianz Global Corporate & Specialty, recently discussed some of the trends that will shape 2021 for the maritime, ports and logistics world.MR TV: As we come to the end of 2020, talk now turns not simply to COVID-19 and a potential vaccine, but to the supply chain logistics and challenges that come with distributing those vaccines. How does the picture look from where you sit?Andrew Kinsey: The picture looks complicated. It's a global demand. It's a global logistics problem.
Top Maritime Trends of 2020: Tackling the Scourge of Containership Fires
The proliferation of serious fires onboard container ships in recent years has shocked the shipping industry. Here we examine the causes and impact of such fires and the urgent efforts being made by a wide variety of stakeholders to solve this seemingly intractable problem.Over the last decade there has been a 70% fall in ship total losses. This has been widely credited to long term improvements in ship safety management and loss prevention programs. Counter to this trend, there has been a substantial increase in the number of fires in containers carried onboard container and RoRo ships.
New Medical Advisory Service for Ships
A new medical advisory service has been launched to deliver health care services to seafarers, passengers and onsite guests in the maritime industry.OCL Oceanic Catering Ltd, Marine Medical Solutions GmbH and Tritan Software Corporation, in collaboration with Allianz Care, have teamed up to offer SeaMed24, a comprehensive medical advisory service for all types of vessels, from merchant to offshore, leisure and niche expedition cruises.“SeaMed24 has been developed to provide a…
Arctic Shipping Creates Insurance Headaches as Routes Open
When Captain Will Whatley guides a ship through Arctic waters, he is starkly aware of what can go wrong.Double the manpower is needed to navigate. Lookout shifts are kept to just one hour, so sailors don't lose concentration and miss a mass of floating ice. Big icebergs show up on radar, but smaller, truck-sized "bergy bits"—even more dangerous—can be missed, the captain says.The cold can freeze equipment and the earth's magnetic field disrupts compasses. If anything goes wrong…
Tech to Fight Container Fires
Fire safety has become a major concern in the container shipping industry, in particular, with vessels of 20,000-TEU and more entering the market. A fire in just one container can have catastrophic implications for the whole of the cargo. The very nature of container shipping means that the cargoes are in general finished goods of high value. Insurer Allianz gives the example of a March 2018 fire onboard the Maersk Honam southeast of Oman. At the time the ship was carrying 7,860 containers, corresponding to 12,416 TEU.
Insurer GCube Strengthens Offshore Wind Team
GCube, an insurer for renewable energy projects, hired three new underwriters for its offshore wind team, including Joshua Cantwell, formerly of Talbot Underwriting, and Zoe Massie, formerly of Allianz Global.The appointments come alongside a number of new hires in the U.S. as GCube builds its global presence in the renewable energy insurance sector.Prior to joining GCube, Cantwell held the position of Class Underwriter and subsequently Interim Head of Energy for Talbot Underwriting.He…
Project Cargo and Heavy Lifts in the COVID-19 Environment
The year 2020 has presented a litany of challenges to the safe movement of global project cargo. While heavy lifts and engineered cargo movements always present challenges from a rigging and execution standpoint, we have also faced exceptional challenges on other fronts. These have included cancelled vessel bookings, port facilities as well as prefabrication/modulization yard closures, lack of vessel and facility access as well as travel restrictions. At Allianz Global Corporate & Specialty (AGCS)…
Total Shipping Losses Are Declining, But Challenges Persist -Report
The record low 41 large shipping losses worldwide in 2019 represents a 20% improvement year-on-year and almost 70% over a decade, but the coronavirus crisis could endanger the long-term safety improvements in the shipping industry for 2020 and beyond, as difficult operating conditions and a sharp economic downturn present a unique set of challenges, according to recent report from marine insurer Allianz Global Corporate & Specialty (AGCS).Consequences of coronavirus and a sustained…
Crew Training for a Future that Includes Autonomous Vessels
As we continue to contemplate a future with ships transitioning to automated and autonomous operations, the need for new and innovated crew training will only increase. Our current and future ship crews will need to straddle both new and existing vessel operation technology. This will present challenges, but ones that the industry can address in a proactive manner.Traditionally, maritime skills have changed slowly and new technology was assimilated on the fly in many cases. The Merchant Marine was a place where you learned on the job.
Coronavirus: Cargo Loss Prevention Measures
The pandemic has brought about sudden changes for cargo transportation, impacting shippers and transport companies around the world and potentially increasing the risk environment, particularly for high-value and temperature-sensitive goods. In a new risk bulletin AGCS highlights steps for cargo owners to consider when developing contingency plans.While in most cases initial government directives have established cargo transportation as an essential activity, permitted during any quarantine period…
Cyber Hack: Fortifying Maritime, Port Security
The United States Coast Guard Marine Safety Alert 06-19 (USCG MSA 06-19) outlines a February 2019 incident aboard a deep draft commercial vessel that called on the Port of New York / New Jersey after experiencing a significant cyber incident that impacted their shipboard network. The Safety Alert stated in part:“An interagency team of cyber experts, led by the Coast Guard, responded and conducted an analysis of the vessel’s network and essential control systems. The team concluded that although the malware significantly degraded the functionality of the onboard computer system…
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.