The recent grounding of one of the world’s largest vessels in the Suez Canal has had a devastating impact on maritime trade and supply chains and highlighted the risks involved in the operations of ultra-large vessels.
Shipowners and operators are facing higher cost in responding to and mitigating the effects of the COVID-19 outbreak. Where there is an outbreak of the infection on board, these are likely to be covered by protection and indemnity (P&I) insurance policies.
Technological advancements have opened up vast opportunities for commercial insurers and brokers to anticipate more accurately the third party liability risks that clients pose to their insurers.
Marine insurers are preparing markets for rate increases of up to 7.5% for the 2020/21 policy year. Such a move would hit the shipping industry at a difficult time.
Tim Woodard, Head of Office Lockton Louisiana, and Leanne O’Loughlin, Regional Director (Americas P&I) for Thomas Miller Americas discussed marine risks, market changes and solutions at the November Marine Money conference in New York.