Climate change and its impact on losses and claims featured highly as major challenges to be faced by marine insurers in the future, according to a general consensus reached at the 150th anniversary conference in Berlin of the International Union of Marine Insurance (IUMI). Changing weather patterns would place increased strain on supply chains causing delays and risk accumulations.
Turk P ve I Sigorta (Turk P&I), Turkiye's first protection and indemnity (P&I) insurance provider, implemented an increase in paid-in capital of TRY200m ($5.86m) in September 2024 and expects to restore the regulatory solvency ratio to over 100% by end-2024, says Fitch Ratings.
The Asia Pacific region maintained its share of global marine insurance premiums of 28.1% in 2023, compared to 28.4% in 2022, according to data from the International Union of Marine Insurance (IUMI) which presented its analysis of the latest marine insurance market trends at its 150th annual conference in Berlin on 16 September 2024.
Tokio Marine Kiln (TMK) has appointed Ms Stephanie Hong as marine underwriter in APAC. In her new role, she will primarily be focused on deepening TMK's presence in target markets across Asia.
The cost of insurance for ships sailing through the Red Sea has nearly doubled after Yemen's Houthis attacked a tanker that appears to be leaking oil, with environmental fears growing for the trade route, reported Reuters quoting industry sources.
China Shipowners Mutual Assurance Association (China P&I or the Club) reported improved operating results in 2023, mainly driven by a combination of narrower underwriting losses and favourable investment income, notes AM Best.
The "dynamic nature of maritime trade makes speed and service particularly important", according to Markel senior underwriter - marine Wanshi Lin.
West P&I Club will be the first International Group club to have a presence in Dubai, when its office in the Dubai International Financial Centre becomes operational by the autumn.
Lockton has appointed Mr Sung Wook Han as regional head of marine and Mr Jim Heng as head of partnership and distribution for people solutions - Asia.
AXA XL has appointed Mr Guillaume Parard as head of P&C, Asia, effective 1 January 2025 and Mr Todd Wilhelm as head of specialty, Asia, effective 1 September 2024.