The essentials of marine insurance
While global fleet growth has slowed lately, seaborne trade is believed to have grown again in 2019, topping the +/- 11bn tons of 2018 – and accounting for roughly two thirds of global cargo.
Cargo rate pressure, increasing on-board value accumulations, the impact of digitalization and from cyber or prospective developments such as “Arctic seaways” or “autonomous shipping”: the list of influencing factors on marine underwriting presents challenges for primary insurers and reinsurers alike. But we believe there are also promising aspects.
Munich Re has had a clear commitment to marine business over many decades, and this seminar gives participants an opportunity to acquaint themselves with selected aspects of marine primary insurance and reinsurance as a basis for traditional and present-day marine underwriting.
The seminar, run by dedicated operational staff from Munich Re’s “Global Marine Partnership” team, offers presentations, exercises and case studies – sometimes in working group format. The guiding theme is the lifecycle of an ocean-going vessel and the insurance risks involved in its construction, seagoing life (hull, cargo, liability) and ultimate break-up.
- Shipbuilding risks
- Ocean hull insurance and mega yachts
- Cargo risks: transportation, manuscript wordings/clauses, current issues
- P&I insurance and other marine liabilities
- Loss prevention
- Terrorism / political violence / war
- Legal: RI wordings, conventions, claims
- General marine reinsurance know-how (types of reinsurance, pricing, conditions)
- Markets and players
- Pricing approaches