Leading accountant and consultant Moore Stephens has urged insurance underwriters and brokers to make greater use of financial and actuarial consultancy to assess risk. John Harbor, head of the Moore Stephens Insurance Industry Group, writing in the Group's newsletter, insured interest, says, "The events of September 11 in the United States have shaken the international insurance industry to its foundations. Now is not a time for being wise after the event. But the terrorist attacks should have scotched once and for all the notion that insurance can de designed and sold on price alone. "The best insurance is a combination of commercial acuity, actuarial perception, technical awareness, intuition and luck. Many underwriters and brokers make use of financial and actuarial consultancy to assess risk. Many don't. Today, those services are more valuable than at any time in history and the good news is that software tools today facilitate the ability to analyze data in ways that were simply not feasible in the past. "Underwriting in ignorance of the true nature of risk and of potential and aggregate liabilities can no longer be considered a viable option. The buyers of insurance will have to accept that there may be a higher price to pay for this in terms of risk analysis. "
Sumitomo Marine & Fire Insurance Co. and Mitsui Marine & Fire Insurance Co. on Tuesday announced terms under which they will merge next October, creating Japan's largest non-life insurer with assets of 5.7 trillion yen ($51.6 billion). In a joint statement, the companies said 1.09 Mitsui Marine shares will be allocated for one Sumitomo Marine share. The merged entity will be named Mitsui Sumitomo Insurance Co. with Mitsui Marine president Takeo Iguchi and Sumitomo Marine president
Gina Domitrovich, AMIM, Senior Marine Underwriter, AIG Global Marine & Energy, is the first recipient of the new American Marine Claims Award, by Inland Marine Underwriters Associations (IMUA). The award presentation was made closing ceremonies during IMUA"s 83rd Annual Meeting held in Buckhead, Atlanta, GA. As the winner of the American Marine Claims Award, Ms. Domitrovich will receive a $2,000 cash award and a stipend towards attendance at the International Marine Claims
Specialist marine insurance intermediary Seacurus says that reported doubts about the insurance industry’s ability to insure the liability for unpaid wages of abandoned seafarers under the Maritime Labor Convention 2006 are inaccurate and ill-founded. It is already an agreed principle under MLC 2006, which came into force in August 2013, that liability for the unpaid wages of seafarers currently falls to the recruitment and placement services which help seafarers find employment at sea
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.
The Company: XL Group plc through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. The firm employs 7,000 and has sales of $9,300,000,000 annually. XL Catlin’s insurance segment provides commercial property, casualty, professional liability, environmental liability
The Joint Hull Committee's (JHC) project to produce a new set of hull insurance clauses which is intended to reflect the needs and requirements of today's shipowners and insurers has been completed on time. The new clauses, which have been drafted following extensive consultation with shipowners and other interested parties, will be available for use from November 1 and will be known as the International Hull Clauses.
The session, entitled Marine Insurance – the impact of September 11, was chaired by Luke Readman from the UK P&I Club. The team of speakers comprised John Fawcett-Ellis, INTERTANKO, together with Hedley French and John Garthwaite from Jardine Lloyd Thompson Risk Solutions. John Fawcett-Ellis began the session with a presentation on the insurance related activities of INTERTANKO and in particular post September 11. An overview was given of the work of the Insurance Committee
Congressman Elijah E. Cummings (MD-07) took part in a hearing held by the House Transportation and Infrastructure Committee, called to examine the liability requirements for oil spills that are imposed by the Oil Pollution Act of 1990 (OPA) and related statutes on offshore facilities and vessels operating in U.S. waters. The Committee also considered the potential impact on the offshore industry of the liability claims arising from the loss of the Deepwater Horizon in the Gulf of Mexico and
With individual claims arising from excessive main engine wear caused by cat fines in the fuel oil likely to exceed $1m, and no sign of the problem being remedied at source, operators will have to take on the responsibility for reducing the incidence of these claims, suggested Braemar SA’s Chief Surveyor for Western Europe, Paul Hill, speaking at this week’s International Union of Marine Insurance (IUMI) London Conference.
Time has come for most shipowners to apply for renewal of their CLC, Bunker, Athens and Wreck Removal Certificates from the Danish Maritime Authority. Certificates must be renewed when the underlying insurance expires. Ships subject to a requirement for a certificate are not allowed
The American P&I Club was founded in New York nearly a century ago. To celebrate its first 100 years, a book entitled The American Club: A Centennial History has just been published. The book tells the story of the Club across ten decades of maritime and marine insurance history both
Ships exposed through GPS systems, have limited back-up; cyber insurance typically doesn't cover jamming, property damage. Shipping companies grappling with the threat of cyber attacks on vessels are finding insurance policies often fall short, officials involved in both industries say
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
South Korea will pump $9.5bn (11 trillion won) into state-run policy lenders reeling from huge losses on loans made to the beleaguered shipbuilding and shipping sectors to help them deal with further corporate distress, says FT.
Braemar Shipping Services PLC on has terminated its involvement in the ACM ICON Shipping DMCC venture, announcing the sale of its 50% stake to its joint-venture partner Icon Chartering Ltd, says a report by Alliance News. Braemar said it has determined the venture is no longer
The American Club reported solid progress during 2015 at the annual meeting of its members held in New York yesterday. Despite a challenging economic climate, the Club’s business developed respectably, and 2016 had started on a positive note.
With a one stop shop offer to facilitate your shipping experience, CMA CGM, in partnership with one of the largest marine insurance companies in the world, has developed a Unique Cargo Insurance Program to cover the unexpected and unforeseeable events that may lead to loss or damage of your
Global oil and shipping markets reacted nervously on Tuesday after an international arbitration court ruled against Beijing's claims across large swathes of the South China Sea, fuelling geopolitical tensions in the vital waterway. A tribunal in The Hague, Netherlands
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
Maritime Training Academy are adding to its portfolio of training courses with the addition of seven new Diplomas, confirming its position as a world leader in the provision of distance learning training within the maritime industry. The seven new training courses cover Maritime Firefighting
Eversheds International says that UK trade would clearly be impacted by the Brexit vote. "We saw an immediate effect on currency and share prices, although there are signs that the market is settling down after the initial post-vote furore," says a report by Eversheds
Braemar Adjusting has agreed a strategic partnership with Beckett Liquidadores de Seguros S.A of Chile, to act as its local resource partner in a number of countries in South America. Braemar Adjusting provides Loss Adjusting, Risk Assessment
Hanjin Shipping Co. has notified 560 shipping crew that their service with the company ends on Dec. 10, reports the Pulse. The rest of 2,000 on the company payroll are expected to get dismissal notice within next month.
Following the success of the inaugural Asian Marine Casualty Forum (AMCF) in 2015 and by popular demand, the bi-annual industry forum aimed at addressing the current crises in maritime casualty management, is back for the second time running and officially launched in Singapore today