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‘The board made clear to us, in so far as a general increase is given a nominal value, we are expected to probably do better than that. And certainly those records that deserve it should be looking to increases in excess of that’ — Joe Hughes
Company believes buyers of 97% of the 4m barrels of bunkers consumed each day are not currently hedged
Move will include liabilities, losses, costs and expenses falling within the scope of terms of entry
‘My concern is that this will take some time, because I guess the Prudential Regulation Authority is quite busy these days,’ says chief executive of marine mutual
‘Clearly we would not be redomiciling our business if it were not for Brexit. It has been an unwelcome diversion and an unwelcome cost,’ says chief operating officer
The fallout from the Yemen conflict has led to speculation about firmer pricing, although many underwriters are still evaluating developments following US Maritime Administration warning
‘2020 to date is even more expensive from a cumulative pooling point of view than 2018 and 2019 at this stage, so things don’t look particularly rosy,’ Joe Hughes warns
‘Clubs are not a break-even game anymore. We are regulated insurance companies, like all the others, with strict requirements for capitalisation and the regulations we adhere to,’ says Stale Hansen
‘You might get a client who gets a 5% increase in their hull rate. But that could be coming on the back of a 200% increase in their directors’ and officers’ liability premium. It still feels like a lot of money, if you look at insurance as a spend,’ says Aon head of marine Chris Bhatt
‘If you are a smaller operator without the sophistication to go into the fuel purchasing strategy markets, this provides low cost, predictable balance sheet protection,’ says Bhatt
‘We have to make sure we can give to members diversified product. Alongside their traditional straightforward bog-standard P&I, they get all the other bells and whistles,’ says chief executive Simon Swallow
‘We deeply understand the burden caused by the increase on our members already in a difficult business environment, and would appreciate their understanding and co-operation in these testing times,’ says director-general Shizuo Takahashi
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