London P&I clubs Widen Middle East Threat Zone
London's marine insurance market has extended the list of waters deemed high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday, in a move that could push up premiums.The London insurance market's Joint War Committee said in a statement that the additions cover areas of perceived enhanced risk for marine insurers and reflected enhanced regional risk."The situation will be kept under close review," said the Joint War Committee…
INSIGHTS: Transportation Industry Outlook 2019
The driver shortage will once again shape the trucking industry in the coming year. For ocean shipping, that’s a real problem. Any transport mode is only as good as the one that immediately follows or precedes it in the intermodal supply chain.For trucking, the outlook hasn’t changed much in the last two years: Too much freight and not enough drivers to haul it. It’s both the best and worst of times all at once. True, this means the U.S. economy is still very healthy. But, it also means that carriers struggle to recruit and retain quality drivers – and that can be frustrating.
Interview: Jeong-kie Lee, Chairman, Korean Register & IACS
This month we caught up with Jeong-kie Lee, Chairman and CEO of the Korean Register and also the Chairman of the International Association of Classification Societies (IACS), for his insights on the dominant trends moving the maritime industry into the future.The maritime industry has been challenged, to say the least. Today, where do you see challenge? Where do you see opportunity?The maritime industry is in a state of extreme upheaval, with private and public organizations having to deal with a wide range of ever changing…
Markel Appoints Senior Professional and Financial Risks Underwriter
Markel International, a specialist insurer, has appointed Gordon Lam as a senior professional and financial risks underwriter. He will be based in Singapore initially and is expected to relocate to the Hong Kong office in due course. He will join the team early next year and will work closely with Simon Moi, head of PFR, to manage and underwrite financial lines and casualty business in the Asian region.With over 30 years’ experience in the insurance industry, Gordon joins Markel from Beazley, where he was an underwriting manager.
World's First Marine Insurance Blockchain Platform Launched
EY, Guardtime, A.P. Møller-Maersk, Microsoft and insurance industry leaders Willis Towers Watson, XL Catlin, MS Amlin and ACORD announce members of the marine industry are using Insurwave, a blockchain platform to support marine hull insurance. In an increasingly complex and ever evolving risk landscape, global businesses will use the platform to transform how they manage risk across their organization, and how they work with brokers and (re)insurers. Insurwave, built by a joint venture between EY and Guardtime…
Concirrus, EY to Drive Change in Marine Insurance Underwriting
Insurtech Concirrus and EY announced a new agreement to accelerate the adoption of behavioral-based underwriting and risk management in marine insurance. Concirrus has created market leading artificial intelligence (AI) powered marine insurance software, and is collaborating with EY, a global leader in specialty insurance consulting, to support the evolution of one of the oldest and most traditional insurance industries. Working together will help marine insurers move from older demographic based underwriting models…
“Blockchain” and the World of Marine Insurance
If you’ve been working in the marine insurance industry lately, you will have heard about “blockchain” at some point; it is the electronic, distributed ledger, notoriously known for enabling the use of cryptocurrencies such as Bitcoin and Ether. But the blockchain technology’s utility goes beyond cryptocurrencies, potentially offering creative ways to solve other real-world problems. Within blockchain ledgers, the use of ‘smart’ contracts essentially converts contractual obligations into lines of computer protocols, which facilitate, verify, or enforce its performance.
XL Catlin Names McAdams Chief Underwriting Officer, Global Marine
XL Catlin has announced the promotion of Rob McAdams to the position of Chief Underwriting Officer for Global Marine with immediate effect. Previously, McAdams held the role of UK/ Ireland Marine Leader. McAdams has 20 years’ experience in the insurance industry. Prior to joining legacy XL he held positions at Reliance National in New York. He is an Associate of the Chartered Insurance Institute, and a Chartered Property & Casualty Underwriter.
The Perfect Storm of Digitalization and Commoditization
Frank Coles, Transas CEO, delivered the keynote speech at the Transas Global Conference in Malta. We are faced with the perfect storm in the next few years. Many will conclude it is all the fault of President Trump, but in fact it is actually nothing to do with him. If anything he is going to enable the industry to think smarter because he is also bringing change. The perfect storm is the one confronting the maritime industry. It is one which will disrupt all elements of the shipping industry – is technology-driven and in some cases is also self-inflicted.
New Asian Hub for IUMI
The International Union of Marine Insurance (IUMI) has announced the opening of a new overseas hub in Asia – this is the first time in the organization’s 142 year history that it has established a permanent presence outside of Europe. Making the announcement at the 4th Asia Marine Insurance Conference, IUMI President, Dieter Berg said, “The Asian marine insurance market accounts for almost 30% of global premium income and global trade in this region continues to grow. The opening of our new Asian hub, based in Hong Kong, recognises this significant contribution.
Braemar Adjusting Promotes Lim
Braemar Adjusting has announced the promotion of Randy Lim from Senior Adjuster to Director, effective immediately. Lim has been with Braemar Adjusting since 2013, prior to which he amassed more than 25 years of experience in the insurance industry in progressive roles including claims handling, claim management, relationship management and business development with various underwriters and vendors as well as claims advocacy and account management with a large international brokerage.
Harry Diamond Celebrates 21 Yrs at WQIS
Harry Diamond, Vice President and Chief Claims Officer at WQIS, is celebrating 21 years with the company this year. Diamond is a graduate of LaSalle University with Bachelor of Arts degrees in social studies education and history; he also holds an Associate degree in Risk Management. He began his insurance career right out of college when he was hired by a brokerage firm whose main client was Keystone Shipping Company. Diamond continued with the firm for four years until he changed his career path because of “an itch that needed to be scratched” – his desire to be a teacher.
Tysers Appoints Montgomery as a Non-executive Director
Independent Lloyd’s broker Tyser & Co Ltd (Tysers), has announced the appointment of Nigel Montgomery as a non-executive Director. Montgomery is a lawyer with long experience of the insurance industry and was a partner at leading international US law firm, Sidley Austin LLP until his retirement in 2015.
IACS Recommendations for Emergency Response
Following a further round of discussions on 'Places of Refuge' at the IMO last week, prompted by a submission from the EU Member States, the European Commission, shipowners and the maritime insurance industry, IACS today published recommendations addressing the minimum support services for vessels in need of operational technical support, including vessels in need of a Port of Refuge. These recommendations will be of value to all shipowners, operators and managers when choosing…
A Guide for the Marine Insurance Maze
The Swedish Club has once again extended a hand to the insurance industry; sharing its experience with insurance professionals at the latest Marine Insurance Course, which took place at the Club’s head office in Gothenburg last week. Delegates from all areas of the marine insurance industry met to learn more about key aspects of marine insurance, looking in detail at both the practical and legal aspects of the profession. Participants were provided with knowledge and skills that could be taken back into the workplace - ranging from the legal implications of terms and conditions…
Maritime Hall of Fame Honors Marine Visionaries
The 23rd Annual International Maritime Hall of Fame reception and awards dinner took place yesterday evening in New York where five individuals were honored in front of more than 350 of their colleagues from the international maritime transportation industry. The Maritime Association of the Port of New York and New Jersey founded the Annual International Maritime Hall of Fame in 1993 to recognize maritime visionaries who, through excellence in their company, organization or services, best exemplify the qualities of futuristic thinking that guides the maritime industry.
Navigating 2016’s Marine Insurance Market
Marine insurance may have the distinction of being the oldest line of insurance in existence, but it’s not letting its venerable age hinder its growth or flexibility. Given the new, emerging and increasingly complex risks faced by the maritime industry, the insurance market must adapt to meet the evolving needs. In fact, the marine insurance market continues to grow and evolve to address maritime industries new operating and trading environment. While bad weather and rough seas may have been the big risk of days gone by…
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.
Skuld Quadruples Bottom Line
Norwegian marine insurer Skuld delivered a result of USD 20 million in the first nine months of the year, a USD 5 million increase from the same period last year. Overcapacity is still putting pressure on premium levels, says CEO. Skuld president and CEO Ståle Hansen said: "After nine months the bottom-line ended at USD 20 million, which includes provision for a mutual members' credit of USD 5 million. This is a USD 11 million improvement since the six months figures and a USD 15 million improvement compared with the same period last year.
“Safe Container – Steering Changes” – SOLAS Amendment
With the SOLAS Convention now requiring container weight verification from 1st July 2016 onwards following the amendment approved by the International Maritime Organization (IMO) last November, the Company of Master Mariners of India (CMMI) jointly with the Indian Maritime Administration conducted a Conference on “Safe Containers Steering Changes” on 10th December at The Lalit, Mumbai. The objective of the conference being to bring together various stakeholders in the container supply chain and provide an opportunity for an in-depth understanding of the different issues and their implications.
New 'Guide to Hull & Machinery'
International multidisciplinary marine surveyors and consultants Braemar (Incorporating The Salvage Association), (Braemar SA), has published the third edition of its Guide to Hull & Machinery. The publication is primarily designed to help those with a nontechnical background and who are possibly unfamiliar with some or all of the nautical and engineering technical terms used in marine survey reports. Braemar SA launched its Guide to Hull & Machinery in 2010 and then published a second edition in 2012.
IUMI's Focus on Education, Communication, Lobbying
At the highly anticipated International Union of Marine Insurance (IUMI) annual conference, IUMI President, Dieter Berg, detailed a number of key initiatives that will continue to raise the organisation’s profile and political influence on an international level. To strengthen the association’s presence in emerging markets, specifically in Asia and Latin America, by building relationships with its members in the Far East and with an Asia roadshow planned for this winter with meetings organized in Indonesia, Malaysia and Thailand. Tokyo will be the location for the 2017 annual conference.
SUNY Maritime to Host e-Navigation Conference
It is likely that regions like the Baltic, the North Sea, the Strait of Malacca, Torres Strait and other areas will implement e-Navigation services that modern ships transiting these areas will be required to subscribe to. This will have the effect of requiring such ships to implement e-Navigation even without a formal IMO carriage requirement. Ships transiting the St Lawrence Seaway are already using e-Navigation services. The U.S., too, is making plans to implement certain e-Navigation Services in its coastal and inland waters.
Parkinson Retires from Sunderland Marine
Geoff Parkinson, chief executive officer of North P&I Club’s subsidiary Sunderland Marine, retired on 30 June 2015 following a period of ill health. Tom Rutter, head of the company’s aquaculture business, will continue as interim chief executive officer until a permanent appointment is made. Parkinson (60) led the international fishing vessels, small craft and aquaculture insurer for 19 years and played a major role in negotiating its acquisition by the 170 million GT ‘A’ rated North in February 2014.
Global Maritime Trends: U.S. Shipbuilding Will be Vibrant for a Generation
In trying to make sense of the global, mobile maritime industry, there is no better ‘go to’ than Shashi N. Kumar, Ph.D., Master Mariner, Fulbright Senior Specialist Fellow, Emeritus Professor of International Business & Logistics, Academic Dean, United States Merchant Marine Academy (USMMA). Last month we met with Dr. Kumar in his office to put emerging global maritime trends in perspective. “The views expressed in this article are Dr. Kumar’s own and not those of the U.S. The World: When you look at the global shipping market, what do you see and why?