Tag Search Result

  • North P&I Club celebrates 10 years in Singapore

    North P&I Club celebrated the tenth anniversary of its office in Singapore with a reception in December, attended by shipowners and representatives of the Singaporean and Asia-Pacific shipping community.

    Source : AIR | 01 Jan 2018
  • Indian non-life insurance industry: Performance and potential

    The Indian insurance industry has been on a roll for the last 17 years. It is now on a threshold to make the big jump into the super league. Mr R Chandrasekaran of General Insurance Council of India outlines what the non-life insurance industry has achieved over the years and what remains to be tapped.

    Source : AIR | 01 Jan 2018
  • A turning point ahead: Asia shining

    P&I clubs remain cautiously optimistic, observing the shipping recovery trend, as premiums still face pressure and some segments continue to struggle. They reported a mixed bag of results. But it is clear that Asia, more than ever, is rising in importance in the P&I world.

    Source : AIR | 01 Jan 2018
  • General insurance bucks the slowdown in the economy

    India’s non-life sector continues its steady progress and could exceed $280bn in gross premiums in 2019-20.

    Source : AIR | 01 Jan 2020
  • World's first marine insurance blockchain platform launched

    EY and Guardtime has announced the world’s first blockchain platform for the marine insurance sector. The platform was launched in collaboration with A.P. Møller-Maersk A/S, ACORD, Microsoft, MS Amlin, Willis Towers Watson and XL Catlin and after a 20-week proof of concept. 

    Source : AIR | 01 Oct 2017
  • Asia: Marine Insurance - 2016 is hardest year since financial crisis

    According to the International Union of Marine Insurance (IUMI) Facts and Figures Committee, global premiums of hull, marine and cargo lines have decreased slightly from 2015 to 2016. Market conditions and a strong US dollar are the main causes of this decline, combined with massive political uncertainty.

    Source : AIR | 01 Oct 2017
  • Cargo still sailing on rough seas - but land ahoy!

    A year ago, the container shipping industry was in the doldrums with oversupply of capacity and lay-up of 7% of the global fleet in capacity terms. Predictions were that the market would only fully recover in 2018. One year on, we speak to some insurance players for their sentiments on the marine cargo market.

    Source : AIR | 01 Oct 2017
  • Standard Club: A P&I perspective

    We speak with Mr Akshat Arora, Senior Surveyor at the Loss Prevention division of the Standard Club in Singapore, for a P&I club perspective.

    Source : AIR | 01 Oct 2017
  • Higher risk exposure in large container ships

    A continual increase in the number of containers on board the new generation of large container vessels, coupled with a rise in the number of containers carrying very high-value goods, has resulted in a significant increase in high-risk exposure that is causing concern in the industry. Mr Michael Hauer of Munich Re discusses these new challenges and measures to mitigate the risks involved. 

    Source : AIR | 01 Oct 2017
  • Disruptive digital - It's a bane but oh what a great boon too

    Digital technology, cyber threats, and Internet of Things are all in the forefront of the changing marine cargo scene which now boasts its own blockchain platform too. We drill deeper into the period of upheavals with 2018 seen as bringing greater relief.

    Source : AIR | 01 Oct 2017
  • The new Achilles' heel of the marine industry

    Cyber is the insurance class of the moment. Some insurers love it and cannot seem to write enough of it, while others hate it – citing unknown risk and potential aggregations as existential threats to the insurance industry as a whole. What is certain is that it is a very real new risk that all businesses and individuals are now exposed to that did not exist 25 years ago.

    Source : AIR | 01 Oct 2018
  • IGP&I to provide certification and reinsurance for MLC abandonment cover

    The International Group of Protection and Indemnity Clubs (IG) said they will be providing certification that is required under the Maritime Labour Convention (MLC) and has also arranged reinsurance cover which will provide in total US$200 million MLC abandonment cover.

    Source : AIR | 01 Nov 2017
  • Marine weathers the storm

    With our Marine Insurance Conference in Hong Kong this month, we take stock of what IUMI achieved in Tokyo in September. Amidst numerous challenges, marine insurers are still hopeful with technology having a huge impact.

    Source : AIR | 01 Nov 2017
  • Thome Group opens state-of-the-art operations hub in Singapore

    The Thome Group, a dynamic provider of integrated ship management services, has opened a modern operations hub at its office in Singapore to enhance the quality of its ship management services and reaction times to emergency responses. 

    Source : AIR | 01 Dec 2017
  • Echo Re targeting more Asian business

    Dr Peter F Hugger is the man at the helm of Echo Re since February 2012. Having spent a considerable part of his 30-year professional life in Asia, with some of the top names in the reinsurance business, he is now ready to chart a new course for Echo Re in Asia, where the company already has a big presence and where he believes lies the opportunity for international players like his. He speaks to Asia Insurance Review on his new plans and strategy for the region, and the future ahead for his company.

    Source : AIR | 01 Dec 2017
  • Samsung Re: Expanding beyond group business

    Samsung Re has been keeping a low profile since its inception in 2011 but of late, the reinsurer has adopted a new strategy to expand its operations beyond its group business and into newer territories across Asia. We speak to Mr Tae Y Choi, CEO, Samsung Re at the SIRC, to find out the plans and strategies ahead for the company.

    Source : AIR | 01 Dec 2017
  • Seeking a buffer in a tough marine market

    We speak to Munich Re Syndicte Singapore CEO Celine Ang about the company’s diversification efforts as it seeks to cushion the effects of a weak marine and energy insurance market.

    Source : AIR | 01 Dec 2018
  • The importance of surveyors in today's challenging hull insurance landscape

    Mr Rama Chandran of QBE Insurance (Singapore) recommends that surveyors play a key role in investigating and offering greater analysis and insight into the deeper-seated issues in the marine industry so that it can operate more sustainably.

    Source : AIR | 01 Apr 2018
  • Packaged policies for the customer

    With the influx of capital and disruption looming over the horizon, Mr Matt Cannock of Markel says insurers need to focus on the customer first and introduce more packaged policies.

    Source : AIR | 01 Apr 2018
  • Marine risk engineers face a more demanding future

    XL Catlin’s Jarek Klimczak argues that as technology develops, marine risk engineers will have to become more versatile and technologically astute - expertise in automation/robotics, cybersecurity, asset tracking, advanced materials and building/ship design and construction will become more important.

    Source : AIR | 01 May 2018
  • Singapore working towards homegrown P&I Club

    Singapore is aiming to have a P&I Club in the medium term and is also working to have its own clause, a senior industry executive has said.

    Source : AIR | 01 Jun 2017
  • Thai takeaway: Chinese entrée

    Before long the street markets of Asia will have vendors selling tee shirts printed with one of the Belt and Road Initiative graphics that have graced every newspaper and magazine in the region since they were first photoshopped. But what does BRI in Thailand mean for insurers?

    Source : AIR | 01 Jun 2018
  • International Maritime Organization adopts climate change strategy for shipping

    The United Nations International Maritime Organization (IMO), which comprises over 170 member nations has adopted an initial strategy on the reduction of greenhouse gas (GHG) emissions from ships.

    Source : AIR | 01 Jun 2018
  • Global cyber incident reporting portal created for shipping industry

    A global cyber crime reporting portal for the shipping industry has been created through a collaboration of several maritime entities. This was announced by Mr Mark Sutcliffe, founder of CSO Alliance, an online community of maritime company security officers driving best practices to combat maritime crime.

    Source : AIR | 01 Jul 2017
  • Shipping losses decline but cyber security looms - Allianz

    There were 85 large ships lost worldwide in 2016, a decline of 50% over the past decade, said the Allianz Safety & Shipping Review 2017, a report published by Allianz Global Corporate & Specialty SE (AGCS). The review also noted the South China and Southeast Asian waters as top loss location, with East Mediterranean replacing the British Isles as the top incident hotspot.

    Source : AIR | 01 Jul 2017
  • Belt and Road Initiative: Opportunities and risks

    China’s Belt and Road Initiative will bring the global economy enormous growth and investment opportunities, estimated by Swiss Re to be worth an additional $23bn in commercial insurance premiums by 2030. However, BRI projects also bring with them risks. The first-ever Insurance Summit on BRI organised by Asia Insurance Review saw experts discuss these issues.

    Source : AIR | 01 Aug 2018
  • Oversupply of ships and marine insurance

    As part of the coverage for the IUMI Annual Conference in Tokyo this month, Mr Matt Cannock of Markel International Singapore looks at the marine scene today with oversupply being the same bane facing both the shipping and insurance industries.

    Source : AIR | 01 Sep 2017
  • General insurance: In for DyNAmic changes

    Malaysia’s general insurance sector reported sluggish growth for a second year running, stalled largely by economic headwinds. But insurers are unfazed as they set their sights on embracing market liberalisation and disruption, while noting the market needs to dig deep and transform from within. 

    Source : AIR | 01 Sep 2017
  • The importance of FD&D Insurance in response to world events

    Shipowners and charterers continue to face growing costs and operating expenses in an increasingly litigious environment. Mr Alvin Looi and Mr Steven Cockburn from North P&I Club, look at the appeal of FD&D Insurance. 

    Source : AIR | 01 Sep 2017
  • Hong Kong: New Lloyd's coverholder Pegasus Underwriting begins ops

    Pegasus Underwriting, a Lloyd’s coverholder, commenced operations in Hong Kong on 18 July.

    Source : AIR | 01 Sep 2018