As the maritime industry marks the centenary of the loss of the Titanic, a new study highlights that despite the advances in technology human error is still behind the vast majority of marine claims.
Singapore-based Lloyd’s Syndicate 1965 has become the latest victim of the regions catastrophe strewn year as it announced that it will no longer be accepting new business.
The decision to increase the liability limits under the Limitation of Liability for Maritime Claims Convention 1996 (LLMC) has been backed by the association which represents the world’s shipowners.
Last year was the most expensive in history in terms of economic losses but the level of payments faced by global underwriters had highlighted the need for greater insurance penetration.
Lloyd’s Chief Executive Richard Ward has hit out at the global insurance industry for its decision not to meet the second worst claims year in history with a rise in premium rates.
This year will go down as the most expensive in history for economic losses due to catastrophes according to preliminary estimates from Swiss Re’s sigma team...
Reinsurer Munich Re released its third quarter results with a warning that the heavy impact of this years natural catastrophes will see a combined ratio well above its average annual target of 97%...
US Insurer HCC Medical Insurance Services, (HCCMIS), has issued a new guide for its policyholders ahead of Halloween, on how to survive an attack by zombies.
A new mapping study has revealed some of the world’s fastest growing populations are increasingly at risk from the impacts of climate related natural hazards and sea level rise...
Reinsurance and retrocessional investment fund manager CATCo has released an update on its Reinsurance Opportunities Fund exposures to the events in New Zealand earlier this year.
Delegates at a conference on Australia’s gold coast have been told that reinsurers will pick up around two thirds of the insured costs arising from the natural catastrophes which have hit Australia and New Zealand this year.
Swiss Re’s research arm Sigma has issued its preliminary estimates for the total insured losses for the global insurance industry from natural catastrophes and man-made disasters in the first six months of the year, and have put the figure at $70 billion.
In the run up to the Monte Carlo rendezvous Standard & Poor's Ratings Services said it believes the impact of the series of natural disasters between September 2010 and June 2011 on reinsurers' overall financial profiles are at manageable levels.
The ongoing economic uncertainty poses a significant threat to the marine insurance industry according to the president of the International Union of Marine Insurance
As the debate over the ongoing moratorium on offshore drilling continues, a leading loss adjuster has said the decision to move many rigs from the Gulf of Mexico to other areas of the world where they can operate is creating new risk for underwriters to consider.
As the debate over the ongoing moratorium on offshore drilling continues a leading loss adjuster has warned the departure of rigs and equipment from the Gulf of Mexico will impact the ability of market to return to normal after it is lifted.
Gordon McBurney, President and Chief Underwriting Officer, Liberty International Underwriters will deliver the keynote address tomorrow and he says the market could not be meeting at a more opportune time as it stands at a crossroads.
There is a growing demand from rig operators for greater levels of risk management around well control issues as the underwriting community looks at their liability limits.
Hull underwriters are on a 14 year steak of failing to deliver an underwriting profit and have been warned the influx of a huge level of tonnage in the coming three years will spell further gloom for the sector.
Whatever the level of third party liability coverage that U.S. legislators decide on in the amendment of the Oil Pollution Act the insurance industry will be asked to pick up the tab.
/Capture2.JPG)
Most Commented