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10 de diciembre de 2023 - Año XXVII
Periódico independiente sobre economía y política de transporte
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FORUM de lo shipping y
de la logística



The marine insurance markets in 2002

"A series of disasters"

 

The market for marine insurance and transport
Trends in marine and transport insurance in 2002
The French market preserves its financial standing
Owners and other clients

 

The year 2001 was hit with the biggest single event in the history of insurance, now known as the '9/11', provisionally some $ 32 to $ 50 billion. One of the consequences has been the substantial increase in premiums in 2001 covering all sectors of the market. There was no way of foretelling an event of such dimensions and the premiums, which would have allowed insurers to meet such an eventuality, were far from being collected. Without specific premiums to cover claims, insurers have had to empty their reserves. Substantial resources have been brought into play by insurers to try to handle all claims being made. Very likely, insurers will fulfil their commitments and considerable indemnities have already been paid out.

The market for marine insurance and transport:
The scope of losses generated over several years, certain risky underwriting and the fall in the financial markets, have either led to the disappearance of several insurance players (notably marine) or otherwise caused a plunge in the financial standing of most insurance and re-insurance companies. To try to meet these new difficulties, the trend towards upping the premiums, begun in 2000, has had to be extended with a substantial quickening of the pace in 2002.

This reversal of the cycle has however not produced a strong growth since 1999 and the losses are far from being absorbed. A study carried out by Norwegian insurers and published by the IUMI in 2002 shows that overall premiums for hull and cargo have increased but remain below the level of 1998. According to analysts of the London market, premiums are still insufficient to redress the balance.

* - This index is based on 44 out of 55 members of IUMI who have published figures for their countries. It reflects the movements in marine market volumes of these countries but does not constitute an index for renewals. Certain countries do not list out their premiums by category, therefore the total of categories can be inferior to the overall total.
 

Trends in marine and transport insurance in 2002
At the beginning of the year, the relative improvement in the market gave some hope to marine insurers. In fact, premiums were increased by a considerable amount of around 15 % and for some owners, increases of over 100 % for premiums and also an increase of deductibles.

Placing old fleets or small units (one or two ships) and/or presenting bad loss records to insurers, has become extremely difficult without increasing rates considerably and reducing the scope of cover tempting some players to work with insurers whose creditworthiness cannot always be counted on.

Despite the broad scope of measures taken by insurers the year 2002 has proved to be a catastrophic vintage for European insurers in general including marine insurance. The two main reasons are as follows:

- Firstly, a bad series of accidents:

During the months of September and October 2002, some twenty major and particularly dramatic incidents absorbed between them nearly a third of the volume of annual premiums in marine insurance. The fire on the 'Diamond Princess', the attack on the 'Limburg', the running aground of the 'Hual Europe', 'Ocean Lexington' and 'Treasure Bay'' came to more than $900 million in the books of marine insurers and their re-insurers.

Very few insurers have escaped this series of disasters, particularly as the misfortunes continued to carry on throughout the last two months of the year 2002 with notably:

  • November 11th 2002: fire on board the containership 'Hanjin Pennsylvania' ' a cost that could reach close to $100 million,
  • November 13th and 19th 2002: leak and shipwreck of the tanker 'Prestige' off the Spanish coast ' a cost of some $ 42 million (including P&I),
  • December 1st 2002: fire on board the sail schooner 'Wind Song' in Polynesia ' costing $26 million (total loss),
  • December 14th 2002: collision in the English Channel between the containership 'Kariba' and the car-carrier 'Tricolor' - a cost which could slightly exceed $100 million.

Even marine insurers, who might have been spared from any of the above catastrophes, are however deeply affected by the increase in re-insurance costs. The hike in re-insurance premiums is the result of disasters affecting the marine sector but also other sectors such as natural disasters where the losses, according to Munich Re, amount to $ 55 billion in 2002 of which $11.5 billion are insured.

Aviation insurance which has had a run of calamities (hull and liabilities) of more than $6 billion in 2001, has turned around quickly in 2002 with total claims estimated at $1.06 billion.

The P&I market is also affected. The P&I Club members of the International Group (IG Group) have not been spared by the losses over the last 3 years despite a relatively stable level of accident claims.

For accounts ending February 20th 2002, it helps to distinguish 3 groups of clubs:

  • those more or less close to a balanced position (North, Gard, West),
  • the big losers (Swedish, London, UK, Britannia),
  • the 'enhanced profit' group, namely American Club / Skuld and Steamship whose profits stem from the inclusion of results of the significant 'excess calls' they made.

Globally the results of the Clubs, members of the IG Group are negative:

The average increase in P&I premiums in 2002 was around 22 %, excluding excess calls imposed by some Clubs. Market analysts predict losses situated between $ 75 and $ 125 million for the underwriting year ending February 20th 2003.

For renewals as from February 20th 2003, the Clubs have announced general increases of 15 to 25 % before re-insurance costs. The cost of the main programme of re-insurance of the IG Group has increased by about 40 %, this hike being differently apportioned according to the type of ship.

- Secondly, the drop in Stock Exchange performances and its repercussions on the marine insurance world:

The period when the financial results subsidised the technical underwriting deficits has definitely come to an end. The Dow Jones Stoxx Insurance index lost 51 % after having dropped by 30.5 % in 2001. The first 10 European insurers (excluding ING) have lost 192.2 billion euros in stock valuation within a year. One has to add together the top eight European stock exchange capitalisation, to be able to match the number one in the world, the American AIG.

The drop in the stock exchange market has continued in 2002, primarily due to a lack of confidence among investors following the shortcomings of big companies particularly in the U.S..

The direct consequence for insurers (including) marine is the absolute necessity to get balanced technical results, without being able to count on hypothetical financial profits.

At the same time, insurers have a tendency to look for additional protection from their reinsurers, whilst similarly, reinsurers have a tendency to reduce their risk exposure, thus their cover capacity, as they are themselves having a hard time to obtain the cover they would like from their retrocessionaires partners.

It is becoming more and more difficult for insurers to balance the need for a return on investment and at the same time to satisfy their shareholders, while keeping sufficiently strong capital reserves as demanded by their clients.

In such an unfavourable context and in an increasingly uncertain climate, especially with the terrorist threats, insurers have come out with what could be called a 'survival guide':

  • a more restrictive underwriting policy with as consequence a lack of capacity,
  • an increase in retention,
  • coverages which are sometimes more restrictive with notably the introduction of new exclusions:
    - Institute Extended Radioactive Contamination Exclusion Clause 01/11/02 (Cl. 356 A),
    - Institute Chemical, Biological, Bio-Chemical, Electromagnetic Weapons and Cyber Attack Exclusion Clause 01/11/02 (Cl. 365).
The French market preserves its financial standing

Despite a fairly depressing year 2002, the main French companies involved in marine insurance have put up a good resistance in the face of exceptional deteriorating conditions.

They have posted solvency ratios above European norms and the French market remains one of the world top markets.

  • French insurance market is number 5 within world rankings, 2nd in Europe for life insurance, and 3rd in damage insurance.

  • French insurance remains 2nd in the placement of 'International hulls' in the world (excluding Japan which is mainly domestic).

  • French credit insurance is number 1 in the world.

French companies in the market have a capacity to adapt and have advantages linked to their size and geographical coverage. Nonetheless they remain cautious as to the future development in their operational performance, given the volatility and uncertainties in the financial markets.

Current difficulties are causing a new change in outlook and are upsetting the classical approach to risk finance. The catastrophes of the last two years have forced insurers to reorganise themselves, to reinforce their capital reserves and improve their management skills.
  

Owners and other clients

In the particularly dismal context of marine insurance, where many players are fighting for their survival, actors in the shipping sector are also being subjected to their own constraints within the market. Operating ships is becoming more and more costly, as much with international standards, which are raising levels of responsibility of owners as with the reinforced rules of security.

Insurers, who want to be attentive and selective in their commitments, do not directly control either the security or the quality of shipping operations or the qualification of crews.

Due to this situation, insurers are tending to impose technical constraints and supplementary charges to their clients by introducing loss prevention programmes.

Nonetheless an intelligent and practical collaboration between insurers and owners can also make a considerable contribution towards market results. The role of an insurance broker in establishing a better communication between parties and an appreciation of the constraints and susceptibilities of both parties, should make for better competitiveness and an improved quality of services offered
   



Shipping and Shipbuilding Markets in 2002

I N D E X

›››Archivo
DESDE LA PRIMERA PÁGINA
En el tercer trimestre récord del tráfico de los cruceros en el puerto de Civitavecchia.  Disminución de bienes
En el tercer trimestre récord del tráfico de los cruceros en el puerto de Civitavecchia. Disminución de bienes
Civitavecchia
En los primeros nueve meses de 2023, las cargas ascendieron a 7,1 millones de toneladas (-7,9%)
Resolución de la OMI para detener la actividad de las flotas de sombra utilizadas para eludir las sanciones
Londres
Exhortación a los países de la aprobación a inspeccionar escrupulosamente los buques que realizan operaciones de envío
La Comisión Europea ha actualizado la lista europea de instalaciones de reciclado de buques
Bruselas
Incluye 45 yardas, de las cuales 26 están en la Unión Europea
Un único contenedor del UNO en fracaso en el Canal de Suez
Ismailia
El tráfico naval no ha sido interrumpido
Hoekstra confirma la estrategia para mitigar el impacto del RCDE en los puertos de la UE, pero especifica que la supervisión se realizará de forma continua
MSC en conversaciones para adquirir la empresa de logística francesa Clasquin
Lyon
Después de obtener el 42% por ciento del capital, se hará una oferta por la participación restante.
MCL Feeder Services irá bajo la propiedad de Unifeeder
Aarhus
Ambas empresas operan servicios de alimentación en el Mediterráneo
Sazan Corporation entra en el segmento Naval del Pure Car and Truck Carrier
Vancouver
Adquirirá barcos de garaje que serán fletados a Hyundai Glovis
Proyecto de creación de un vehículo autónomo para el transporte combinado ferrocarril-carretera
Bosques
Es desarrollado por el Glid Technologies que ha firmado un acuerdo con el Puerto de Woodland
Koper confirma el primer puerto contenedor del Adriático
Koper
Ya se ha superado la cuota de un millón de teu sin incidencias desde el comienzo del año
Tres barcos atacados en el Mar Rojo
Tampa/Londres
Misiles y drones lanzados desde la zona controlada por los hutíes. Intervención del destructor estadounidense "USS Carney"
En el tercer trimestre, los tránsitos de los buques oceánicos en el Canal de Panamá disminuyeron en -4.4%
Ancón
En los primeros nueve meses de 2023, el tráfico marítimo cayó un -3,3% por ciento.
La Asamblea de la OMI eligió a los miembros de su Consejo para el bienio 2024-2025
Londres
El jueves, la elección del presidente y el vicepresidente
BLS Cargo espera medidas de apoyo al transporte de mercancías por ferrocarril en el corredor Rin-Alpes
Bern
Para penalizar este modo se encuentran principalmente los sitios de construcción, los precios de las vías del ferrocarril y la energía.
El martes en Livorno, se pondrá en marcha la fase experimental de la Aduana Única y los Controles.
Livorno
El sistema favorece el control coordinado y concurrente de los controles
Récord de tráfico marítimo para noviembre en el Canal de Suez
Ismailia
2.264 buques transitados (+ 4,3%)
Fincantieri adquirirá Remazel Engineering
Trieste
La compañía se especializa en el diseño y suministro de equipos de alta complejidad y alta complejidad
FEPORT, ETA, EMPA y ECASBA están instando a la Comisión de la UE a evaluar sin demora el impacto negativo en los puertos europeos de la extensión del RCDE a la navegación
En el tercer trimestre, el índice de volumen de negocios de los servicios de transporte marcó una tendencia negativa.
Roma
La variación coyuntural no es nada
En el tercer trimestre el puerto de Tanger Med ha manejado más de 2,2 millones de contenedores (+ 13%)
GPH ha detectado acciones de Royal Caribbean en terminales de cruceros en puertos de Barcelona, Málaga, Singapur y Lisboa
Londres
El grupo americano ha vendido 38% por ciento de la capital de Barcelona Port Investments a Global Ports Holding.
Dos barcos de la Mesina llevan la caravana de medios para el Rally Dakar
Génova
Los 845 medios serán desembarcados el 14 de diciembre en el puerto saudita de Yanbu.
Activar la plataforma telemática para acceder al cambio modal del mar
Roma
Hoy a las 15 un seminario web de presentación
Viking ordena a Neptun Werft la construcción de diez cruceros fluviales
Rostock/Los Angeles
Se entregarán en 2026
Reunión en Gioia Tauro antes de la creación de la Agencia para el Trabajo Portuario
Alegría Tauro
Tendrá que hacerse cargo de la Agencia Portuaria Gioia Tauro, cuyo plazo se fija a finales de enero.
Italia está fuera de la Iniciativa Cinturón y Carretera de China
Génova
Merlo (Federlogistics): bueno para los puertos y la logística, pero también para nuestra industria de la construcción naval
En Logiport (Grimaldi) la gestión del nuevo ferry Darsena Civitavecchia
Civitavecchia
Por encima de la oferta de la terminal de Livorno Marittimo
Uniport presenta su estrategia para hacer de los puertos el motor de crecimiento
Roma
Legora de Feo: nuestro sector necesita hoy una visión sistémica de las políticas portuarias
PSA Italia cerrará 2023 con un tráfico de más de dos millones de contenedores
Génova
Los volúmenes en Venecia están creciendo. En Génova, hay un aumento de la actividad en Sech y un descenso en Pra.
Nicolò Iguera es el nuevo presidente de YoungShip Italia
Roma
Renovado el Consejo de Gobierno para el bienio 2023-25
TX Logistik finalizó la adquisición de Exploris Deutschland Holding
Roma
Establecido el segundo operador de transporte de mercancías de hierro en Alemania
SIOT-TAL invertirá 44,4 millones de euros en la mejora de la Terminale Marino de Trieste
Trieste
Trabajos encomendados a la infraestructura Fincantieri Obras Marítimas
Agostinelli, bien la búsqueda de Salvini de convergencias más amplias sobre la propuesta de la moratoria del ETS
Alegría Tauro
El Presidente de la AdSP reiteró los riesgos al puerto de Gioia Tauro
Consejo Europeo de Transportes, sin abordar el tema del riesgo de pérdida de competitividad de los puertos de transbordo causados por el RCDE UE
Bruselas
Ninguna respuesta a las preocupaciones expresadas por Chipre, Croacia, Grecia, Italia, Malta y Portugal
ACGM confirma no a la constitución de una agencia para la provisión de trabajo portuario temporal en Taranto
Roma
Tras la marcha atrás de la AdSP, la defensa antimonopolio no propondrá una apelación al TIE
Maersk mejorará sus instalaciones y actividades logísticas en el sudeste asiático
Copenhague
Inversión prevista de más de 500 millones
En el puerto de Valletta el primer suministro a una nave eléctrica de la red terrestre
Londres
Para equipar los cinco muelles de la terminal de planchado en frío, se han invertido 49,9 millones de euros.
PROXIMAS SALIDAS
Visual Sailing List
Salida
Destinación:
- orden alfabético
- nación
- aréa geogràfica
Acuerdo de la Academia Italiana de Mercantil-De Wave en el sector de la construcción naval
Génova
Colaboración para la formación de técnicos para la supervisión e instalación de instalaciones en buques
Anthony Veder-Accelleron acuerdo para la asistencia a los turbocompresores de 13 barcos
Baden
Acuerdo basado en una tasa fija aplicada a las horas de funcionamiento efectivas
Ellerman sella un acuerdo de slot con MSC relacionado con las rutas marítimas transatlánticas
Londres
Entrará en vigor el primer mes de enero.
AdSP del Adriático Norte, el Comité de Dirección aprueba el tercer cambio en el presupuesto
Venecia
Confirmado el ajuste del 25,15% de los cánones demaniales marítimos para 2024
Renovada la dirección confectural del noreste
Venecia
Paolo Salvaro confirmó a la presidencia, mientras que Manuel Scortegagna fue nombrado vicepresidente.
GNV inicia una nueva campaña de reclutamiento
Génova
La primera fecha del lunes y martes en Nápoles
El grupo de logística Public Spinelli publica su primer Presupuesto de Sostenibilidad
Génova
Ok la transferencia de la concesión de Terminal Ferry Barcelona al Grupo Grimaldi
Barcelona/Nápoles
Deliberación de la Autoridad Portuaria de Cataluña tras la luz verde de la autoridad antimonopolio
La Asamblea de la OMI confirma por unanimidad el nombramiento de Velasco como secretario general
Londres
El término, de cuatro años de duración, comenzará en enero próximo.
Lanzado en Ancona el crucero Viking Vela
Trieste
Se entregará a finales de 2024
PUERTOS
Puertos italianos:
Ancona Génova Rávena
Augusta Gioia Tauro Salerno
Bari La Spezia Savona
Brindisi Liorna Taranto
Cagliari Nápoli Trapani
Carrara Palermo Trieste
Civitavecchia Piombino Venecia
Interpuertos Italianos: lista Puertos del mundo: Mapa
BANCO DE DATOS
Armadores Reparadores navales y astilleros
Expedicionarios Abastecedores de bordo
Agencias marítimas Transportistas
MEETINGS
Conferencia sobre cambios en la logística portuaria
Ravenna
Se celebrará en el primer diciembre en Ravenna
Conferencia de Uniport sobre el futuro de la portualidad italiana
Roma
Se celebrará el 5 de diciembre en Roma
››› Archivo
RESEÑA DE LA PRENSA
Ports cyber hack reveals Australia's 'vulnerability' to attack
(The New Daily)
Economy Minister: Anaklia port project developing “according to plan”, “no delays” in deadlines
(Agenda.ge)
››› Reseña de la Prensa Archivo
FORUM de lo shipping y
de la logística
Relazione del presidente Mario Mattioli
Roma, 27 ottobre 2023
››› Archivo
Puerto del Spezia, firmado el contrato para la realización de los nuevos cruceros del muelle
El Spezia
Se esperan dos bancos de la longitud de 393 y 339 metros
d' Amico International Shipping pasará a formar parte del FTSE Italia Mid Cap Index
Luxemburgo
Incluye las 60 empresas con mayor capitalización bursátil que cotizan en los mercados MTA y MIV de Borsa Italiana
Santi Casciano nombrado CEO de Going Gateway y Reefer Terminal
Go Ligure
Tomará posesión el 15 de diciembre
Rexi: firmó los convenios con 12 interpuertos por más de 11 millones destinados a la realización de la red
Roma
El aviso por ocho millones de euros adicionales se publicará en breve.
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