Marine Insurance Underwriting is an art

On the occasion of the recent Marine Risk Forum organised by the Hellenic Committee of Lloyd’s Brokers’ Association it was noted that the members of the Committee blames a 20% share of total premium generated by the Greek shipping market. It is a very crucial and definitive figure although 2012 had a strong total loss impact on underwriting. Today the insurance market is characterized by overcapacity, unstable frame conditions and major claims.

The safe operation of ships & quality of crew are the greatest factors of concern when underwriting a marine risk.
The quality of construction and training of crew are fundamental factors because you have to be proactive and ready for the unexpected. Marine Insurance underwriters and brokers expect that the market will recover in 2013-2014 but will not return to the booming levels. During this turbulent market a ship of 5-10 years is the most attractive for an underwriter.

Shipowners face historically low rates due to tonnage over supply, falling ships values and rising costs. Therefore, they have to select their broker carefully, exercise full disclosure, differentiate business, select a reliable underwriter.

Full article, ELNAVI, December 2012, Issue 468, Page. 8

Read also this article in : Greek

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