The Challenges And Opportunities In Maritime Insurance For Law Attorneys.

 The Challenges And Opportunities In Maritime Insurance For Law Attorneys. - According to Allianz Global Corporate & Specialty(), fire and explosion incidents are some of the most expensive insurance claims in the maritime industry. On the other hand, cargo damage is the most common cause of loss in an era of increasing risk and inflation. Marine and cargo insurers analyzed more than 240,000 claims in the global marine insurance industry between January 2017 and December 2021, worth approximately €9.2 billion, and have identified the number of claims and risk trends that lead to major losses in the industry. Inflation is another major concern for marine insurers and their policyholders. due to the recent increase in the value of ships and cargo This means that the loss and repair will be more expensive if something goes wrong.

“The number of fires on large ships has increased dramatically in recent years. There are many cargo incidents that easily result in complete or environmental damage to the ship,” said Régis Broudin, Global Head of Marine Claims Global Head of Marine. The shipping industry is grappling with many other challenges, including increasing disruption situations. Supply chain problems, inflation, crew and worker time constraints Increased casualties and damage from extreme weather events. the introduction of new low-carbon technologies and fuels and Russia's invasion of Ukraine.”

The Challenges And Opportunities In Maritime Insurance For Law Attorneys.

Fires accounted for 18% of the analyzed ship damage value. (equivalent to approximately EUR 1.65 billion) compared to 13% in the five years to July 2018. Contributing to this increased risk of fire on board ships are often incorrect or undeclared dangerous goods. While the recent increase in combustion in the engine room This may indicate an underlying risk to crew skills. The potential dangers of shipping lithium-ion batteries only compound these concerns. because there are many events that have already happened The report from here highlights a full list of hazard prevention measures that can be considered here [1].

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With interest rates at or near 10% in many countries, inflation is reinforcing existing trends and making demands heavier. Rising prices for steel, parts and labor have all contributed to higher body repair costs and machinery failure claims.

In addition, the value of ships and cargo has increased at a time when the risks associated with large ships are increasing. The largest can carry 20,000 containers at a time, increasing The total value of global trade will increase by 26% by 2021 to $1.2 trillion[2], while the average value of container shipments for high-value goods such as electronics and pharmaceuticals will also increase. It's not uncommon for high-value pill containers to cost $50 million or more.

Analysis shows that damaged cargo, including cargo, is the leading cause of damage in marine insurance by frequency and the third leading cause by value. The most common claim is property damage. This is often caused by improper handling, storage and packaging. There were also allegations of theft and temperature fluctuations. The latter could affect pharmaceuticals in particular. Theft is the third most common cause of damage. Criminals target consumer electronics and high-value commodities such as copper. Items are often stolen from ports, warehouses or in transit. The recent boom in container shipping This affects the product's claims. Due to global shortages have led to the return of substandard and damaged containers. which leads to loss

“The risk of theft and damage to high-value cargo needs to be addressed with additional risk-reduction measures such as GPS trackers and sensors that enable real-time monitoring of location, temperature, relative humidity, light and accessibility,” said Captain Rahul Khanna, Global Maritime Risk Consultants’ Head of Risk. “At the same time, those interested in transporting goods should closely monitor the insurance value. Customers may need to adjust their insurance policies and policy limits or risk being uninsured – we have already seen claims for high value container loads. The cargo section is under insurance for up to $20 million.”

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It also identifies a number of risk trends in its analysis that are likely to affect claims activities in the shipping industry – now and in the future:

Allianz Global Corporate & Specialty () is a leading global corporate insurer and the flagship business unit of the Allianz Group. We provide risk advice. Property and casualty insurance solutions and alternative risk transfers for a wide range of commercial, corporate and specialist risks through nine specialized firms and six regional centres.

Our customers are as diverse as a company can get. from Fortune Global 500 companies to small businesses. These are not only the largest consumer brands in the world. financial institution technology company and the global aviation and transportation industry only But also floating wind farms or Hollywood movie productions. They seek intelligent solutions and world-class programs for the largest and most complex risks in a dynamic multinational business environment and trust us to deliver an exceptional claims experience.

Globally, the company operates with its own teams in more than 30 countries and through a network of Allianz Group and partners in more than 200 countries and territories. and employs more than 4,200 people as one of the largest non-life insurers in the Allianz Group. We have a strong and stable financial rating. In 2022, total global premiums were €11.2 billion.

Key Maritime Organisations

As well as all content published on this website. These statements are subject to our disclaimer of forward-looking statements:

The Allianz Group offers a wide range of products, services and solutions in insurance and asset management. and is active as an international insurance company on almost every continent.

With our global network, Allianz Global Corporate & Specialty () is one of the few global insurers specifically focused on the needs of corporate and specialty clients around the world. Global Marine Insurance Market by Type (Freight/Cargo, Hull, Offshore/Energy Marine Liability) Insurance (Loss/Damage fire/explosion, natural disaster, etc.) end user (Product owner, ship owner, government, etc.) Policy type (time policy, travel policy Float Policy Assessment) Politics, Other) - Industry Trends and Forecasts till 2029

Marine insurance has become an important consideration for cargo and shipowners. including damage to ships and cargo ships This facility results in a reduction in the amount of the policy holder's financial losses. It is well known that the basic principles of insurance are taken from the Marine Insurance Act 1963. Marine insurance is based on the principle of insured benefits, direct causes, premiums. Insured Interest Direct Cause Subrogation and the purest faith

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The global marine insurance market is valued at $28.04 Billion in 2021 and is expected to reach $39.87 Billion in 2019, growing at a CAGR of 4.50% during the forecast period 2022-2019. due to the increase in the number of free trade agreements In addition to market insights such as market cap, growth rate, market segment, geographic coverage. market players and market situation Market reports compiled by the Data Bridge market research team also include in-depth expert analysis. Import/Export Analysis price analysis analysis of consumption in production and tappet analysis

Cargo insurance covers loss or damage to cargo, vessel, wharf and any means of transportation in which property is transferred, received or held between place of origin and final destination.

Type (Transportation/Cargo, Hull, Offshore/Energy Marine Liability) Insurance (Loss/Damage fire/explosion, natural disaster, etc.) end user (Product owner, ship owner, government, etc.) Policy type (time policy, travel policy floating policy, value policy, etc.)

United States, Canada and Mexico in North America, Germany, France, United Kingdom, Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, South Africa, rest of the Middle East and Africa (MEA), which is part of the Middle East and Africa (MEA), Brazil, Argentina, and rest of South America, which is part of South America.

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Lloyd's (UK), Concirrus (UK), Marsh & McLennan Companies, INC. (US), Swiss Re (Switzerland), American International Group, Inc. (US), Beazley Group (UK), QBE Insurance Group Limited (Australia), RSA (UK), Allianz (Germany), American International Group, Inc. (US), Aon plc (UK), Gallagher (US), Brown & Brown, Inc. (US), Lockton Corporation. (USA), Chubb (Switzerland), Willis Towers Watson (UK), United India Insurance Co. Ltd. (India), Tokio Marine Holdings, Inc. (Japan), and others.

This section is about understanding market drivers, their benefits, opportunities, constraints and challenges. All of these are discussed in detail below:

Growing Adoption of Marine Insurance because it provides protection from various risk measures It is one of the key drivers for the marine insurance market. This type of insurance also contributes to the smooth running of trading activities.

The rise in global trade and the expansion of the e-commerce sector are accelerating the growth of the market. Approximately 85% of world trade is carried out through sea and barrel ships. which play an important role in the global economy

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Increasing claims such as damage to cargo ships, ships and terminals due to large-scale maritime business activities are also weighing on the market. Marine insurance plays an important role in managing these risks and losses.

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