The International Union of Marine Insurance (IUMI) has released its 2025 analysis of the global marine insurance market - the IUMI "Stats Report". The report shows steady insurance markets for hull and cargo in 2024 but a "challenged" offshore energy sector. However, headwinds loom for all markets for the remainder of 2025 and beyond.
In today's complex economy and volatile marine cargo market, traditional insurance often falls short in managing trade disruptions and exposures, according to a blog by Aon South Africa. Even in a buyer-friendly environment, where insurers compete aggressively, carriers remain cautious, limiting volatility by offering smaller lines while chasing growth in riskier segments.
NorthStandard has named Mr Michael Hustler as its new head of APAC, effective 27 October.
Rokstone has expanded its APAC marine operation in Singapore with the appointments of two senior underwriters, Ms Long Hui Ling and Ms Sharon Seah, both as director, senior underwriter, marine
Gallagher has appointed Mr Ryan Witchard as executive director of its Middle East and Africa marine practice. In his new role, he will lead the team offering clients advice for all shipping, cargo, hull and machinery risks.
The rapid growth in Turkiye's maritime sector has created new needs in cargo insurance, transportation, and liability policies, according to Mr Murat Ciftci, CEO of IBS Insurance and Reinsurance Brokerage.
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced a new single integrated third-party division, bringing together financial and professional (FinPro) and casualty under one unit in its UK and MENA region.
AI is set to transform the marine insurance sector, presenting both significant opportunities and pressing challenges, said speakers at the International Union of Marine Insurance (IUMI) annual conference in Singapore.
HDI Global has appointed:
Kennedys has appointed Mr Iain Anderson as partner in Singapore. He is a marine, offshore energy and trade credit insurance specialist.