The fallout of the blockage of one of the most used shipping lanes in the world could affect global reinsurers differently than insurers, two separate analyst reports suggest. One, Fitch Ratings, says the blockage will be a large loss event…
Some insurers are considering how artificial intelligence could help underwrite marine risks. Although big data has been around for years, “what has changed with AI is just using bigger more disparate data sets which go across different domains – for…
Canadian-based Eagle Underwriting Group Inc. and MS Amlin Marine NV, trading as RaetsMarine, are teaming up to offer protection and indemnity (P&I) and charterers’ liability insurance to the Canadian marine market. Managing general agent Eagle Underwriting will be offering P&I…
The explosion that destroyed the AMOS-6 satellite will “heavily hit the London market,” a reinsurance executive predicts, while a marine underwriting official reports about a third of Canada’s $321-million marine insurance market, in 2015, was from yacht and $55 million was from hull.
The marine insurance market is “very competitive” and worldwide, premiums dropped 10.5% from 2014 to 2015, due in part to currency fluctuations, the president of the Canadian Board of Marine Underwriters said at a recent presentation. In the marine insurance…