Special report: Marine Insurance
Even within the wider insurance industry, marine insurance has often been a backwater niche in recent decades, at times even struggling to make money. But that situation has been changing rapidly over the last few years, with a marked hardening of rates across all marine classes. This survey attempts to assess what happens next, and we hope it will interest both Lloyd’s List readers who sell these products and those who buy them.
Marine insurance is leaving cheap-as-chips era behind
Even though insurance is a substantial chunk of opcost for most owners, underwriters have successfully made the case for higher rates in the past two years, and will likely do so again in the year ahead
Ever Given: And now for the aftermath
The Ever Given casualty will leave its mark on marine insurance and attitudes towards risk, as well as on the Suez Canal, say leading figures in the sector
Cyber insurance struggles to find purchase
Uptake of marine cyber insurance is at an impasse, with specialist cover available but too few shipowners willing to buy it. Parallels with piracy insurance offer hints as to how the deadlock may be broken
Insurance finds grey area for tankers in US-sanctioned oil trades
P&I coverage for more than 160 tankers shipping billions of dollars of sanctioned crude through some of the world’s busiest waterways ranges from a company with a GoDaddy website in Bulgaria to a Dubai-based club that retrospectively cancelled cover for one of its entered tankers involved in a serious oil spill
IUMI 2021: marine insurance sector set for Seoul-less conference
Theme of ‘pathways to a sustainable, resilient and innovative future’ will allow for wide-ranging discussions, not least on ESG, says Lars Lange
A message to the marine insurance market: Conduct your KYC or risk fines
The maritime guidance from US and UK regulators Ofac and Ofsi sends a clear message to marine insurers: stay vigilant, know your customer and monitor those you are insuring
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