Marine
London must alter loss of hire wordings
The London insurance market needs to address shortcomings in standard loss of hire wordings if it is to be a 'go-to’ market for this important type of marine business, the chairman of the Association of Average Adjusters has warned.
Markel makes senior appointment to cargo team
Markel International has appointed Richard Burnett as senior underwriter for cargo, part of the company's marine and energy division.
Markel CEO points to acquistion activity in Q1 results report
Markel bosses are celebrating an "all time high" on the firm's book values per share following a first quarter which produced a combined ratio improvement of 12% on Q1 2011 to 100%.
Indian insurer will provide liability cover for tankers carrying Iranian crude
State-owned Indian insurer General Insurance Corp of India will step forward to provide third-party liability cover of up to $50m for ships bringing Iranian crude oil from Iran, according to reports.
China considering sovereign guarantees to keep oil flowing
China will review the possibility of sovereign guarantees to enable the nation's ships to import Iranian crude oil after EU sanctions come into effect in July, the head of the China Shipowners' Association has said.
'Encouraging' Aspen Q1 results affected by Costa Concordia
Aspen has reported Q1 net income after tax of $78.7m (£48.6m), leading chief executive Chris O'Kane to describe his firm's early results as "encouraging" despite insurance results being affected by the sinking of the Costa Concordia.
Indian ship owners vow to carry Iranian oil despite reduced cover
Sanctions-hit Indian shipping firms will continue transporting Iranian crude oil, even if restricted insurance coverage leaves them financially exposed in the case of a spill or accident, industry sources have said.
Chinese VP calls for growth in health and liability insurance
Chinese Vice Premier Wang Qishan has called for reform and innovation in the Chinese insurance industry to help development.
Japan discusses tanker cover for sanctions-hit ships
The Japanese government may yet step in to to compensate for the insurance shortfall faced by tankers carrying Iranian oil.
Maritime industry faces difficult year
The marine insurance market is in flux in the aftermath of Costa Concordia, according to the latest Willis marine market review.
GWP of global non-life insurance to reach $2,500bn by 2017
The global non-life insurance industry saw moderate growth during 2006-2011 and the growth momentum is expected to continue, reaching an estimated $2,500bn in 2017 with a CAGR of 4.2% over the next five years, according to Lucintel.
Insurance Insight – top 10 stories
The top 10 most popular articles published on insuranceinsight.eu over the past seven days.
Middle East guest blog: A silver lining?
The United Arab Emirates insurance industry went from denial of the financial crisis in 2008 to a rude awakening.
Countdown to ISA: Q&A with Swiss Re's Qin Lu
As part of a series counting down to Insurance Strategy Asia, Insurance Insight spoke to Qin Lu about his views on the Chinese insurance market.
A century after the Titanic sank, human error remains marine insurers’ biggest foe
The Titanic disaster left over 1500 dead and the industry facing a record payout.
Glad to be a loss adjuster: Interview with Crawford CEO Greg Gladwell
To give Crawford & Company an advantage over its competition, chief executive Greg Gladwell is harking back to the glory days of loss adjusting, playing up its heritage and his own insurer pedigree
State-backed cover for Iran shipments likely, says Chinese shipping group
Government-backed insurance coverage for oil shipments from Iran is highly likely, according to China's largest sea-cargo carrier.
State-provided cover needed to insure China's crude supplies
Tankers carrying Iranian oil will not be fully covered by Hong Kong marine insurers after EU sanctions take effect from July, an industry official told Reuters.
China's P&I club halts cover over Iran sanctions
A major Chinese ship insurer will halt indemnity cover for tankers carrying Iranian oil from July, dealing a blow that narrows the insurance options for Tehran's main export already constricted by payment barriers caused by Western sanctions.
Major marine losses a cause of concern for underwriters
The number of substantial losses to the global marine fleet continued last year, with latest figures produced by the International Union of Marine Insurance reporting 591 ‘serious losses’ to date.
Markel launches into marine in Canada
Markel International’s Canadian firm Elliott Special Risks has hired a team of four marine professionals from what used to be Axa for its Montreal office.
Iran sanctions have unintended consequences
Economic sanctions against Iran are an important part of European Union and US attempts to force the country to curb its nuclear programme. But, as Francesca Nyman reports, increasing concern has been voiced in recent months that measures aimed at the…
Argo appoints Gooderson as cargo underwriter from Brit
Lloyd's insurer Argo International has appointed Paul Gooderson as cargo underwriter in its marine and speciality division.
Titanic centenary prompts safety concerns
Shipping loss rates have declined from one ship per 100 per year in 1912 to one ship per 670 per year in 2009, according to a report from Allianz to mark the centenary of the iceberg-hit ship.