What is Marine Insurance ?

MARINE INSURANCE: LESSONS LEARNT FROM THE PANDEMIC

The COVID-19 pandemic has not only accelerated the utilisation of big data in marine insurance KYC, underwriting and claims processes, it has made it essential to successfully conduct business in this virtual environment. This event will explore how the market adapted to the new realities and how it may affect the nature of the business in the medium to long term.

The webinar took place on June 22nd, 2021 and was hosted by Jos Standerwick, Chief Executive, Maritime London and featured presentations by Adrian Sutherland, Chief Technology Officer, Jumar Technology and Nick Roscoe, Chief Operating Officer, Concirrus, with Ole Jørgen Eikanger, Chief Business Development Officer, Norwegian Hull Club, James Cooper, Group Managing Director, Astaara Company Ltd and Jun Lin, Vice President, Gard (UK) Ltd joining the screen for a ensuing panel discussion.

TMS Webinar Series 14 – Reshaping the future of Marine Insurance in a Post Pandemic World

The Maritime Standard looked for the first time at the impact of the pandemic on marine insurance during its latest Covid-19: A Leadership Webinar held on Wednesday 10th March. The theme of the event, well attended online by over 400 international guests, focused on the theme of “Reshaping the future of marine insurance in a post-pandemic world” and highlighted some of the successes of the sector in adapting to the challenges of the pandemic as well as some of the ongoing issues that need to be addressed.

The Maritime Standard assembled a really high-level group of marine insurance executives with many years of experience and expertise in different marine sectors, who were able to reflect on the lessons learned from 2020 and provide useful insights as to how the year ahead might unfold for the industry, against the backdrop of the ongoing pandemic. Panelists included Dr. Tarek Seif, General Secretary of the Insurance Federation of Egypt; Satyajit Tripathy, General Manager, General Insurance Corporation of India; Bimal Bhatia, Director, Nasco Group; Mark Cracknell, Managing Director, Marine and Cargo Division, Marsh JLT Speciality; Amir Mosadeghi, Chief Executive, Islamic P&I Club; Julien Horn, Portfolio Underwriter; TT Club Mutual Insurance, Middle East, Afri-ca, Turkey and Eastern Mediterranean; and Captain Zarir Irani, Manag-ing Director, Constellation Marine Services, past global President of the International Institute of Marine Surveying (IIMS).

These seasoned industry leaders reflected on how tough market conditions have been over the past year, and the challenges presented by the lack of face-to-face interaction with clients and working from home. Nonetheless, there was a broad consensus that marine insurance had shown great resilience and adaptability in the face of the pandemic and had embraced new technology and ways of working to meet the industry's needs.

Dr. Tarek Seif highlighted the significant drop in gross premiums, and higher accumulations, that had followed the onset of the pandemic. He added, “We have seen that the risk characteristics have changed as well, with owners requesting extensions to their cover. The new circumstances have in fact challenged the basic business model itself.” Mr. Tripathy agreed that the market was seeing a growing accumulation of risk at ports and with regards to cargo movements. He added, “This is a big concern and is not something that is going to reduce in the near future. It will take time to subside. In the meantime, the pandemic is reducing our ability to service our clients as we would normally like to and that is something we have to focus on.”

Despite the challenges, the marine insurance sector has continued to provide highly effective support to the shipping industry. As Mark Cracknell reflected, “I have been struck by the resilience of the marine sector generally and in particular how well marine insurance has reacted to the crisis. The loss of face-to-face communication has been largely overcome by using new technology, for example.”

These sentiments were echoed by Julien Horn, who said, “The marine insurance world has reacted in a way that many would not have expected, showing exceptional resilience. Marine insurers and shipowners have worked together to keep cargo flowing, and have accelerated the use of digital tools, to expedite cargo release for example, almost over-night to do so.”

Crew-related issues were also highlighted by Amir Mosadeghi, CEO, Islamic P&I Club. He said, “Risks related to crew members have increased and that is one of our main concerns. It is important that the industry overcomes the current lack of ways to help crews onboard.”

Clive Woodbridge, TMS editor, and webinar moderator said, “This was a fascinating insight into the changed world of one of the industry’s most important sectors. The panelists covered a huge amount of ground, from increased automation and digitalization in insurance and the growing use of Big Data to the need for different approaches to training and education and growing cybersecurity threats. What was clear was that the marine insurance business has held up well, has adapted to changed circumstances and is as a result well placed to provide all-important support to clients over the coming year and beyond.”

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Brought to you by: The Maritime Standard

LISW21 SHIPPING RISK FORUM - WELCOME ADDRESSES & SESSION 1 MARINE INSURANCE - A DYNAMIC MARKET PLACE

The LISW21 Shipping Risk Forum, the first international conference coordinated by the London marine insurance market stakeholders, was hosted by Maritime London and organised in partnership with the International Group of P&I Clubs (IGP&I), International Underwriting Association (IUA), London & International Insurance Brokers Association (LIIBA) and Lloyd’s Market Association (LMA).

The event was held in person for a limited audience at the newly opened International Dispute Resolution Centre in St Paul's, London with a live video streamed to online audience on Tuesday, 14th September 2021, as part of the London International Shipping Week 2021.

10:00 Welcome & Keynote Addresses
LORD MOUNTEVANS, Chairman, Maritime London & Chair, LISW Board of Advisers
ANDREAS BISBAS, Director, Tsakos Shipping (London) Ltd

10:30 – 11:15 MARINE INSURANCE - A DYNAMIC MARKET PLACE
Session 1 explores how the marine insurance market adapted during the pandemic and successfully continued to provide cover to the global shipping industry.
• How has cover been affected by the pandemic and if so, what lessons need to be learned for the future?
• Has the virtual environment affected the crucial element of trust between the insurers and the insured?
• In a world of travel restrictions and quarantines how were casualties assessed?
• How was the use of online platforms and big data accelerated by the pandemic and what the long- term implications of this shift may be for the market?

Moderator: LOUISE NEVILL, Chief Executive Officer, Marine & Cargo, Marsh Specialty (UK)
Panellists: ANDREAS BISBAS, Director, Tsakos Shipping (London) Ltd; PAUL FRY, Senior Vice President, Head of Hull, Skuld; MARK LLOYD, Partner, Kennedys ; SIMON SWALLOW, Chief Executive, The Shipowners' Club; ANDREW YEOMAN, Chief Executive Officer, Concirrus

Marine Insurance

Associated Marine is currently the largest Marine Insurer in South Africa.

London Marine Insurance

London Historians monthly online lecture - 18 January 2022
Dr Adrian Leonard, curator of the new Insurance Museum explains how one of the City of London's leading industries was founded centuries before the institution which famously emerged out of Edward Lloyd's coffee house. Early players were largely Italian merchants, traders and bankers. Find out more...

** SOUND QUALITY ** Unfortunately, Dr Leonard's connectivity was rather poor on the evening. We apologise for that and recommend the use of headphones or ear buds for a better experience.

Marine Insurance Policy

With IGI General Marine Insurance policy, trade your goods in comfort with security for your cargo during transit by air, sea or road. Come to visit us at the ground floor, Gate 6, #G009, Near Miniso, Packages Mall, Lahore.
For more details visit

IGI Marine Insurance (English)

Marine Cargo transit policies are issued both to cover inland transit risks as well as international transit risks which may include cargo sent by air, sea or by post.

This policy covers imports and exports of consignments, loss or damage of cargo during transit by Air, Sea and Road; also covers dispatch of finished goods from the insured factory to anywhere in Pakistan.

Caribbean Marine Insurance

The Pegasus Group Specializing In Marine & Aviation Insurance. info@thepegasusgroup.org (336) 280-4312.

Marine Insurance - Where is the Market Headed with Joseph E.M. Hughes

Mr. Joseph E.M. Hughes, Chairman & CEO of The American Club sits down with Mr. Jon Guy, Insurance Correspondent of Fairplay for an exclusive interview.

Overview:
- Trends, developments & outlook of the marine insurance market
- Growth of the Fixed premium P&I sector
- Premium & claim rates in the current market environment
- Loss prevention initiatives & insurer outreach
- Regulatory developments and their impact on shipping and the marine insurance sector
- How does marine insurance address emerging challenges in the shipping community (cyber exposure, growing size of container vessels, autonomous shipping and more)
- Are there more or fewer choices for Hull and P&I insurance providers today?
- The American Club’s centennial highlights, market positioning and strategy looking ahead

LISW21 SHIPPING RISK FORUM - SESSION 3: ESG AND MARINE INSURANCE

The LISW21 Shipping Risk Forum, the first international conference coordinated by the London marine insurance market stakeholders, was hosted by Maritime London and organised in partnership with the International Group of P&I Clubs (IGP&I), International Underwriting Association (IUA), London & International Insurance Brokers Association (LIIBA) and Lloyd’s Market Association (LMA).

The event was held in person for a limited audience at the newly opened International Dispute Resolution Centre in St Paul's, London with a live video streamed to online audience on Tuesday, 14th September 2021, as part of the London International Shipping Week 2021.

14:00 – 15:15 Session 3
ESG AND MARINE INSURANCE
Session 3 considers whether Marine Insurance has a role to play in changing industry behaviour or is it the markets’ role to solely provide cover to the existing and future fleet?
• Given the need for all ships put out to sea to have the correct insurances, how can the market respond to the potential of re insurers refusing cover for certain vessel classes and trades?
• Is a Poseidon Principles equivalent in the marine insurance market workable or indeed the right thing to do when ships going to sea need full insurance cover to ensure that claims can be paid and the marine environment restored?
• How does the market contribute to changing behaviour in regard to the reduction GHGs and not simply push the problem elsewhere?
• How is the market coordinating with the wider shipping industry regarding the introduction of new fuels and engines?

Moderator: NICK SHAW, Chief Executive Officer, International Group of P&I Clubs (IG P&I)
Panellists: JEREMY GROSE, Chief Executive Officer, The Standard Club UK; PATRIZIA KERN, Head Marine, Swiss Re ; SUNDEEP KHERA, Global Head of Hull & Head of Marine, UK and Lloyd's market, AXA XL; MAGNE NILSEN, Managing Director/Chief Underwriting Officer, Gard (UK) Ltd ; MICHAEL PARKER, Chairman, Global Shipping, Logistics and Offshore, Citi

2018 Cyprus Shipping Forum - Marine Insurance & Reinsurance – Where is it Heading?

Marine Insurance & Reinsurance – Where is it Heading?

Moderator:
Mr. Loucas Hamatsos, CEO – Olympia Ocean Carriers Ltd.

Panelists:

Mr. Ilias Tsakiris, CEO and Manager – American Hellenic Hull Insurance Company Ltd
Mr. Costas Th. Joannides, CEO – Marsh Cyprus
Mr. Stephen Cooper, CEO – Fourth Insurance Office

Dubai Marine Insurance Conference (2019)

The event was one the major featured conferences during the ongoing UAE Maritime Week 2019 organized by the Dubai Maritime City Authority (DMCA) under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. The UMW aims to establish the UAE's status as a leading maritime destination in the world Maritime industry leaders discussed the key trends in the regional and global trade and shipping insurance industries at Dubai Marine Insurance Conference 2019. Under the theme ‘Risk Management,’ the conference served as a venue for the attendees to identify the best practices in risk management amid the rapidly changing global maritime landscape. The event was one the major featured conferences during the ongoing UAE Maritime Week 2019 organized by the Dubai Maritime City Authority (DMCA) under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. The UMW aims to establish the UAE’s status as a leading maritime destination in the world.

The second edition of Dubai Marine Insurance Conference took place aboard the Queen Elizabeth II in Port Rashid, Dubai. During the event, the participants tackled the future of maritime insurance from the perspective of innovation and technology; reviewed trends affecting the oil and gas sector in the Middle East; and explored the most effective solutions to challenges brought about by climate change, oil price fluctuations, insurance regulations, changing government policies, and disruptive technologies.

Khalid Meftah, Director - Maritime Development, DMCA stressed the importance of strong direct communications between leaders of the maritime industry and other associated sectors, including oil and gas, energy, technology, and insurance. These dialogues, he said, will enable stakeholders to anticipate challenges and create innovative solutions to future risks amid economic, environmental, and regulatory changes. He added that a clear roadmap for an updated marine insurance mechanism is needed to further enhance the local industry’s competitiveness, efficiency, and attractiveness -- elements that have catapulted Dubai, one of the top five global cities in the International Shipping Centre Development Index, into the ranks of the world's best maritime capitals.

Meftah added: “For the second year, Dubai Marine Insurance Conference has proved to be a strategic platform to enhance the maritime insurance industry as we continue to build a sector that serves our common aspirations. During the event, the attendees discussed the global trade business, the role of emerging technologies in simplifying insurance services, and ways to enhance risk management capability by utilizing data analytics to improve operational efficiency at reduced cost.”

“The attendees also reviewed the progress of Dubai and the UAE in the area of marine insurance amid modernization efforts in the industry, with emphasis on innovation, technology, transparency, and reliability. By looking into the latest developments, we hope to sustain maritime safety, safe navigation, and operational efficiency to attract international investors. We aim to maintain the global community’s confidence in the local maritime industry’s competitive edge as a vital economic pillar and an important sector in the economic diversification efforts of Dubai, which bids to become a major global economic hub.”

Dubai Marine Insurance Conference was launched in 2018, with the support of DMCA and the Emirates Maritime Arbitration Center. The first edition, which featured 52 guest speakers, welcomed 440 industry experts and leaders who took part in the discussions about key issues affecting the global marine insurance market. This year’s edition was part of the UAE Maritime Week, which also features Dubai Maritime Agenda.

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Marine insurance programe

Marshall & Sterling - Marine Insurance - Artisan Contractors

Capt. Paul Kesick form Marshall & Sterling Marine Insurance discusses the importance of Marine General Liability insurance coverage for artisan marine contractors.

Marshall & Sterling - Marine Insurance - Spill Response

Capt. Paul Kesick of Marshall & Sterling Marine Insurance reviews the importance of being prepared should a fuel spill occur at your marina.

Marshall & Sterling - Marine Insurance - Marine GL

There's a big difference between Commercial General Liability and Marine General Liability. Capt. Paul Kesick explains the differences.

Marshall & Sterling - Marine Insurance - Jones Act

What is Jones Act insurance coverage? Marshall & Sterling Capt. Paul Kesick explains the importance of this protection.

2016 New York Maritime Forum - Current Trends in Marine Insurance Panel

Moderator:
Ms. Boriana Farrar, LL.M., VP, Senior Claims Executive - Counsel - The American Club

Panelists:
Mr. Joseph E.M. Hughes, Chairman & CEO - The American Club
Mr. Greg O'Neill, Executive Partner - Hill, Betts & Nash LLP
Mr. Christopher J. Maro, Vice President – JLT Specialty USA
Ms. Molly McCafferty, Counsel, Risk Manager – Clipper Bulk Shipping

2017 9th Annual New York Maritime Forum - Marine Insurance

Panel: MARINE INSURANCE – CURRENT HOT TOPICS: BREXIT, PRICING, CYBER RISK

Moderator:
Ms. Boriana Farrar, LL.M., VP, Senior Claims Executive – Counsel – The American Club

Panelists:
Mr. Ted Dimitry, Vice President and Unit Manager, Energy & Marine Practice – Alliant Insurance Services
Mr. Joseph E.M. Hughes, Chairman & CEO – The American Club
Mr. Christopher J. Maro, Vice President – JLT Specialty USA
Mr. John Raggio, Founding Partner – Sealift LLC