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27 de septiembre de 2023 - Año XXVII
Periódico independiente sobre economía y política de transporte
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de la logística


The marine insurance market in 2006

Everything is all right!?

THE 2005 HURRICANE SEASON WAS THE WORST ON RECORD, with 14 hurricanes causing billions of dollars in insured losses and around three million claims, all record highs.

The total loss of the Bombay High platform, though not related to hurricane, was a notable major loss to the industry in 2005. July 27, 2005, in one of the worst disasters in the history of India's petroleum industry, the Bombay High North oil drilling platform owned by the Oil and Natural Gas Corporation was totally destroyed following a collision with a mobile offshore unit. It claimed 11 lives and 12 people are missing. Insured losses amounted to about $350 million (of which $195 million for the platform alone).

Katrina came at a time when overall marine insurance rates started to decrease. Catastrophe modeller Risk Management Solutions said insured losses from hurricane Katrina could range from $40 to $60 billion. This hurricane is the most expensive event in the history of insurance and its impact on the insurance industry: bigger than anticipated.

Re-insurers that sustained a significant reduction in their margins through large hurricane losses in both property and marine departments have opted to withdraw from any marine business that includes exposure to the US Gulf coast. Although a few insurers have maintained substantial exposure for the remainder of the year, their appetite in terms of line size and capacity has been reduced.

Lloyd's List reported on January 4, 2006 that in the North Sea, Middle East and elsewhere, energy premium rises are averaging about 20 %. Oil installations in the storm-bedevilled Gulf of Mexico have paid premiums 200 % to 300 % higher in the current round.

So what about the marine insurance market in 2005?

THE HULL AND MACHINERY MARKET

All these catastrophes have fuelled discussions concerning the possible increase in rates so eagerly awaited by hull insurers. At the beginning of 2005, the market was trading at a discount, creating concerns amongst insurers who, since the period of 1997-1998, have not been achieving satisfactory results.




Due to the aforementioned disasters, as well as notably the concern over the effects that they may have on the reinsurance costs put forward for maritime insurers for the 1st January 2006, general increases began to appear around October. However, this tension was quick to subside and the market stabilised towards the end of the year. Despite this, hull insurers looked for ways of implementing increases of between 2.5 and 10 % on renewals demonstrating satisfactory technical results, but in the end, many reinstated their reported unchanged premiums of 2004.

It is, however, important to note the significant increase in navigational accidents (strandings, collisions, etc.) often blamed on new ships (containerships, tankers) belonging to owners who have benefited from excellent freight rates in order to substantially expand their fleets, without necessarily having the adequate human resources. These events are creating increasingly expensive damages, for which the level of the average premium noted on the market does not allow insurers to balance their risk exposure.

Significant rises in premiums have been reported for shipowners having undergone such events (along with indemnities maturing from $ 2 to 30 million). Increases of 20 % have frequently been noted as well as some major clients boasting increases of more than 100 %.

However, the responses of the Hull and Machinery markets differ according to the region.

Scandinavian insurers (members of CEFOR) seem to have been amongst the most competitive, and over the past 2 to 3 years have significantly raised their market share. The reasons for this success seem to rest upon:

  • the willingness that came in the early years of the new millennium to expand their market share from the present until 2010, in accordance with the principle: 'twenty five in twenty ten' (having a market share of 25 % by 2010!),
  • the fact of having succeeded in expanding significantly their 'Loss of hire' (LOH) and ''Increased values' (IV) portfolios, which over the past 2 or 3 years have proven to be very profitable, UK insurers having lost very significant market shares, while other markets have not demonstrated any real ambition to subscribe to these types of risks,
  • the arrival or evolution of companies such as Bluewater or NEMI, has certainly contributed to an increase in competition.


  • However, the technical results of the CEFOR members are fragile:
    they are often very dependent on reinsurers, small sized and, for many, dependent on the maritime insurance sector only, which can contribute to a certain level of instability.

    Insurance companies from Japan (primarily Mitsui-Sumitomo and Tokyo-Marine) or Korea (Samsung) have equally contributed greatly to the heightened ferocity of international competition. They have proven themselves to be extremely competitive in pre-selected business, also helping to limit any possibilities of increases sought after by UK, American or occasionally French insurers.

    It would seem, however, that the technical results of the international business of these companies, who all exhibit excellent financial stability, are not particularly impressive, which will probably push them into showing less aggressiveness in 2006.

    The French market has globally preserved its market share and the dominant leaders, namely AXA Corporate Solutions, Groupama Transport, Allianz Marine & Aviation and Generali France, maintain an important role, either as leaders or as 'followers'. The companies of this market offer an important underwriting capacity, first-class security, a very well appreciated service, therefore enabling them to compete internationally especially for business involving technical criteria of the highest standards!

    The UK market had begun 2005 with a record capacity, leading one to believe that Lloyds was on the verge of regaining the market share they had lost in recent years. Natural disasters and other major events that occurred in 2005 particularly disrupted the market, with investors now preferably investing in the areas showing better potential for profit. Even if the number of insurers has reduced on a global scale, the UK market still remains the world's biggest market, notably due to its flexibility and the power of its network of brokers.




    MARINE CARGO INSURANCE

    Transport ' cargo insurance: as revealed by analysts at the IUMI conference in Amsterdam this year, underwriters have secured a fair level of profitability, and the capacity available has increased substantially.
    If the market is still orientated on 'as expiring' conditions, for specific targets, with excellent loss records, significant decreases may be obtained, pushing the overall market premium down. Overall, the reliable average figure is minus 5 %.

    Due to the number of players involved, we do not anticipate another hardening of the market in the coming months as a result of Katrina, even if some insurers and reinsurers have been substantially affected. The increase of reinsurance costs, if any, may have a very limited impact on the direct market in the near future.

    THE JOINT WAR COMMITTEE'S DECISIONS

    The Joint War Committee, which represents the London marine insurance industry and includes members of both the Lloyd's Market Association and the International Underwriting Association, issued a new list of risky areas for navigation around the world in June 2005. The main changes were to remove a dozen countries from the list, mainly from the Middle East and West Africa, and to add the Straits of Malacca, the southern Gulf of Thailand and parts of southern Philippines.

    The Aegis report stated that there had been intensification in the weaponry and that techniques used by the pirates in the Straits are now largely indistinguishable from terrorists'.

    Regarding the specific question of the inclusion of the Malacca Straits on the list, the JWC affirmed that this area would remain on the list until it was clear that the measures planned by the government and other agencies in the area had been implemented and were effective.

    Shipowners seem to have had some objections to the higher premiums they had to pay resulting from the labelling of some areas as 'war risk areas'. Singapore, Malaysia and Indonesia asked the JWC to reconsider its decision, while the Singapore Shipping Association said the risk assessment was based on a 'fundamental misunderstanding' of piracy and terrorism threats in the Malacca Straits.

    MARINE LIABILITY

    P&I Clubs

    As far as the results of the 2004/2005 financial year are concerned the most significant factor was probably the continuing increase in paid claims levels throughout the year. The upward trend in claims is seen at both financial year and policy year levels: 2004/2005 policy year claims being 14.5 % higher than the equivalent in 2003/2004 claims. Even allowing for a 5 % increase in entered tonnage, this supports the contention that freight rate booms generate increased P&I claims.

    Premiums rose by a slightly greater margin than paid claims, which in turn improved the operating result for the market. The operating deficit was still not eliminated, but it was reduced to less than $ 23 million.

    Albeit marginal, 2004/05 represents the tenth consecutive year of overall 'net' operating deficits for the market. The main changes occurred in 2005 in the International Group are the following:

    Programme Structure

  • Individual Club retention increased from $ 5 million to $ 6 million.
  • Charterers' liability limit reached a $ 350 million combined single limit.


  • War risks

  • P&I war risks limit increased from $ 400 million to $ 500 million.


  • Costs

  • The renewal in total money terms represented in essence an 'as expiry' offer from the reinsurance market.
  • Due to the increase in overall insured tonnage, reductions in rate per gt achieved on all classes of ship, other than passenger vessels, were modest.
  • VUS voyage additional premiums were reduced by 7.5 %.

    Fixed premium P&I market

    The most notable developments in the fixed premium P&I market in 2005 were: 1) the agreement by QBE Insurance Group (QBE) to buy British Marine, 2) the decision taken by (Markel) Terra Nova to phase out cargo ships from its portfolio and 3) the withdrawal of AXA Corporate Solutions from the liability market.

    At the end of November 2005, AXA made the following announcement: 'In 1999 we decided to launch a new P&I activity based on a possible liberalisation of the regulatory framework governing this particular industry. As this liberalisation did not materialise we have decided with regret, given our reduced prospects both in the short and medium term, to cease with immediate effect the further underwriting of the P&I product which represents 0.5 % of our overall activity'.

    Nowadays, insurers such as British Marine, Navigators, Osprey, and Terra Nova concentrate on seeking business from the operators of smaller, more specialized ships, many of whom didn't have full P&I cover in the past nor did they need the huge limit of cover provided by the Group clubs such as smaller blue and brown water vessels for example, supply boats, tugs and barges, diving support vessels, depending on the environment and area in which they operate.

    The main priority in today's price driven market is for marine underwriters to prove that they are able to satisfy their shareholders' profit requirements, whilst offering a stable product to their clients' base.

    In the future, there is no alternative to the International Group clubs for large ocean going cargo ships. The primacy of the clubs is reinforced and the economic argument that a mutual must be cheaper in the long term seems to be proven.

    * * *


    What stands out from 2005 and the beginning of 2006 is that the maritime insurance market still rests principally on the ''supply and demand'' relationship, and does so despite the effects of ''technical and financial'' factors, such as:

  • the increase in reinsurance costs, but also the cost of ship repairs,
  • the number and extent of natural disasters and maritime accidents,
  • the increase in the levels of responsibility held by the players of the maritime world, and in the number of litigations,
  • the pressure of financiers (shareholders or rating agencies) who are trying to push the market towards greater profitability.


  • The coming year is thus presenting itself with better omens for assured' as long as there will be enough maritime insurers!



    Shipping and Shipbuilding Markets in 2005

    I N D E X

    ›››Archivo
    DESDE LA PRIMERA PÁGINA
    Oceania Cruises y Regent Seven Seas aplauden el plan de excavación del Canale Vittorio Emanuele III
    Oceania Cruises y Regent Seven Seas aplauden el plan de excavación del Canale Vittorio Emanuele III
    Milán
    Permitiría a los criseristas tener fácil acceso a Venecia.
    BLS Cargo compra diez nuevas locomotoras para servicios transalpinos con Italia
    Bern
    Serán entregados por Siemens Mobility en 2026
    Medway/Medlog (grupo MSC) elegido como socio industrial de la empresa española Renfe Mercancías
    Madrid
    La compañía del grupo armador irá al control de la rama de transporte ferroviario de los bienes del grupo ibérico
    La ITF denuncia que incluso el intento de suicidio de un puerto marítimo elimina empresas y autoridades para ayudar a las tripulaciones abandonadas
    Londres
    El increíble y dramático asunto del personal de tres barcos del Mar de Turquía Lion Shipping
    El valor de la gente de mar " los salarios se incrementarán en un 6%
    Berlín
    Acuerdo entre la ITF y el Grupo de negociación conjunta para el período 2024-2027
    American Seacor Holdings cede sus actividades de remolque
    Fort Lauder
    Las flotas que operan en Florida, Alabama, Texas y Luisiana han sido vendidas a E.N. Bisso & Son and Bay-Houston Towing
    Meyer Werft comienza la construcción del crucero Asuka III para el crucero Asuka de Japón
    Meyer Werft comienza la construcción del crucero Asuka III para el crucero japonés Asuka
    Papenburg/Yokohama
    Se entregará en 2025 y podrá acoger a 740 pasajeros
    Empresa en participación de MOL, MISC y Petronas para invertir en buques LCO2
    Japón
    La iniciativa está vinculada a los proyectos realizados por Petronas CCS Ventures
    AdSP de Gioia Tauro insta al Corap a transferirlos a las antiguas áreas de Enel de lo contrario pedirá daños y perjuicios
    Alegría Tauro
    En vista de la entrada en vigor de las nuevas normas medioambientales de la UE para el transporte marítimo, las compañías navieras comunican a los clientes la entidad previsible de los superaceites.
    Génova
    El impacto en los costes de las expediciones marítimas parece bastante incierto
    Interferry, Marebonus debe ser adoptado en toda Europa
    Interferry, Marebonus debe ser adoptado en toda Europa
    Bruselas/Roma
    Mathieu: Pedimos un sistema paneuropeo de ecobonus para el transporte marítimo de corta distancia. Bordoni: RAM relanza su papel en la digitalización y la innovación de la portualidad y la logística
    De Rosa (SMET): El crédito fiscal ZES está excluido de los sectores de producción estratégica, incluido el transporte
    Salerno
    Lanzar nuevas normas para aumentar la competitividad del Registro de Navegación de las Islas Vírgenes
    Tórtola
    Se creará un consejo de administración autónomo
    MSC confirma pedidos de Fincantieri para dos nuevos cruceros para Explora Journeys
    MSC confirma pedidos de Fincantieri para dos nuevos cruceros para Explora Journeys
    Ginebra/Trieste
    Se entregarán en 2027 y 2028
    Presentado el diseño de la nueva costanera del puerto de Piombino
    Sumir
    El coste global de las intervenciones es de más de 30 millones de euros.
    Le Aziende informano
    C. Steinweg - GMT S.r.l., il vostro partner logistico nella regione del Mediterraneo
    L'azienda ha sede a Genova come ufficio regionale del gruppo Steinweg per il Mediterraneo centrale, la Costa Adriatica e il Nord Africa ed è l'operatore leader nella logistica dei metalli in Italia
    ESPO, insertando puertos de transbordo cerca de la UE en el ámbito de la UE ETS representa sólo una solución parcial al problema de la pérdida de competitividad de los puertos europeos
    Bruselas
    D' Agostino: Las compañías navieras se están preparando, cuando sea posible, para salir del RCDE UE
    África Global Logistics (grupo MSC) obtiene la gestión del puerto contenedor de Malindi
    África Global Logistics (grupo MSC) obtiene la gestión del puerto contenedor de Malindi
    Zanzíbar
    Es el principal puerto de contenedores de Tanzania
    En 2022, las emisiones de CO2 de los buques en Europa volvieron a los niveles previos a la pandemia.
    En 2022, las emisiones de CO2 de los buques en Europa volvieron a los niveles previos a la pandemia.
    Bruselas
    Nuevo récord de 135,5 millones de toneladas métricas de dióxido de carbono también determinado por el aumento del 6% en el número de barcos aprox en los puertos de la UE
    Vopak cede tres terminales para productos químicos en el puerto de Rotterdam en Infracapital
    Rotterdam
    Transacción del valor de 407 millones de euros
    Giampieri (Assoports): Hemos explicado a la Comisión de la UE por qué el ETS pone en riesgo la competitividad de los puertos italianos
    Roma
    Hay que asegurar que todo el mundo está jugando el juego en el mismo nivel.
    Hapag-Lloyd establecerá su propia división terminalística
    Hamburgo
    Hapag-Lloyd Terminal Holding tendrá su sede en Rotterdam
    Alemán FRS cede a la empresa española FRS Iberia al DFDS danés
    Alemán FRS cede a la empresa española FRS Iberia al DFDS danés
    Flensburg/Copenhague
    La flota de ocho buques y los 750 empleados pasan por el Grupo de Copenhague.
    En 2022 creció el mercado de seguros de bienes, pero el futuro es incierto
    En 2022 creció el mercado de seguros de bienes, pero el futuro es incierto
    Edimburgo
    Therrien (IUMI): Todas las regiones han registrado un aumento con la excepción de Asia
    Aprobado los nuevos Estatutos de la Federación del Mar
    Roma
    Mattioli: Le damos más concreción a una idea moderna de la economía azul
    Se inaugura la nueva estación de pasajeros en el puerto de Barletta.
    Bari
    En Brindisi, una reunión parcial en el puerto de la zona marítima demanial "ex Pol"
    Fincantieri tiene garantizada una financiación a largo plazo de 800 millones de euros.
    Trieste
    Línea de crédito "vinculada a la sostenibilidad" garantizada por SACE
    Starlite Ferries renueva el acuerdo con Accelleron
    Baden
    Relativa a la prestación de servicios de asistencia para turbocompresores instalados en buques
    Fercam ha inaugurado su nuevo almacén en Alejandría.
    Bolzano
    Tiene una superficie de 1.950 metros cuadrados más 290 de oficinas
    Concluido el ajuste de la estación de Gallarate a los trenes de carga desde 750 metros
    Roma
    Inversión de la red ferroviaria italiana de tres millones de euros
    Concluyó que las operaciones de liquidación de los vagones de mercancías descarrilaron en el túnel de base del Gotthard
    Bern
    PROXIMAS SALIDAS
    Visual Sailing List
    Salida
    Destinación:
    - orden alfabético
    - nación
    - aréa geogràfica
    El astillero turco Med Marine entrega un nuevo remolcador a los Vernicos Scafi
    Estambul
    Es el primer medio de construcción nueva de la flota de la joint venture greco-italiana
    La Autoridad de Puertos de Kenia privatiza bancos en los puertos de Lamu y Mombasa
    Mombasa
    Se lanzó una competencia internacional que también incluye una zona económica especial
    El mes pasado, el tráfico de mercancías en el puerto de Taranto aumentó un 6,9% por ciento.
    Taranto
    En los primeros ocho meses de 2023, un descenso del -4,0%
    Nuevas pinturas para contener la propagación de incendios en barcos y obras
    Palermo
    El grupo de Messina ha tomado la entrega de su segundo barco contenedor completo
    Génova
    Tiene una capacidad de transporte de 4.600 teu
    Aproda en Génova el primer barco contenedor del servicio FIM de HMM
    Génova
    Terminal de contenedores de PSA Italia
    Hapag-Lloyd equipará todas sus naves de conexión a internet a través de la red satelital Starlink
    Hamburgo
    Éxito de las pruebas iniciadas en mayo
    Primera reunión de la mesa técnica sobre la seguridad del trabajo en el puerto
    Roma
    Entre las propuestas, insertar algunos perfiles de trabajo portuario entre las categorías de trabajo "usurpante/gravest"
    En el período junio-agosto, los ingresos del Grupo FedEx cayeron un -6,7% por ciento.
    Memphis
    El beneficio neto marcó un crecimiento del 23,2%
    Cooperación de ICHCA y PEMA para mejorar la seguridad de la manipulación de mercancías
    Londres
    Punta de lanza, necesaria para minimizar la cinta roja en los puertos
    Génova
    Botta: los documentos en papel son un absurdo en la era de la digitalización
    Rhenus de Alemania adquiere las dos terminales de la Rietlanden Terminals en el puerto de Amsterdam
    Rhenus de Alemania adquiere las dos terminales de la Rietlanden Terminals en el puerto de Amsterdam
    Singapur/Holzwickede
    La compañía holandesa será cedida en dos etapas por la empresa singapurense JERA Global Markets
    En agosto el puerto de Algeciras manejó 424mila contenedores (+ 1,5%)
    Algeciras
    En los primeros ocho meses de 2023, el total fue de 3,16 millones de teu (-0,4%)
    Conferencia sobre la Promoción de la Salud en el Puerto de los Trabajadores del Estrecho
    Messina
    Se celebrará el 2 de octubre en Messina
    Ukrzaliznytsia-RCG Acuerdo para el desarrollo del transporte intermodal entre Ucrania y Austria
    Kiev
    En definitiva, comenzará la prueba del transporte de semirremolques en la línea Kiev-Budapest.
    En el primer semestre de 2023 los ingresos del grupo terminalista chino CMPort disminuyeron un -10,8%
    Hong Kong
    El tráfico de contenedores creció un 0,3%
    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 la Promoción de la Salud en el Puerto de los Trabajadores del Estrecho
    Messina
    Se celebrará el 2 de octubre en Messina
    El evento Cool Logistics Global se celebrará por primera vez en Italia
    Génova
    El evento está programado del 10 al 12 de octubre próximo en Génova
    ››› Archivo
    RESEÑA DE LA PRENSA
    España demanda una revisión instantánea de los puertos vecinos de transbordo
    (El Mercantil)
    Shipping minister resigns in aftermath of ferry passenger's death
    (Kathimerini)
    ››› Reseña de la Prensa Archivo
    FORUM de lo shipping y
    de la logística
    Relazione del presidente Daniele Rossi
    Napoli, 30 settembre 2020
    ››› Archivo
    Unión de pilotos ha criticado duramente el procedimiento para renovar las tarifas de pilotaje
    Taranto
    Bellomo: bien la actualización de las tarifas de la práctica local
    En la terminal MITO del puerto de Cagliari el primer barco contenedor que sale de un puerto ucraniano
    Génova
    Desembarques 2.114 contenedores
    El evento Cool Logistics Global se celebrará por primera vez en Italia
    Génova
    El evento está programado del 10 al 12 de octubre próximo en Génova
    En el primer trimestre de este año, el tráfico de mercancías en los puertos griegos ha vuelto al crecimiento
    Atenas
    Sin embargo, el total fue menor que los niveles previos a la pandemia.
    El mes pasado, los contenedores de envío que maneja el puerto de Valencia cayeron un -11,7% por ciento.
    Valencia
    En los primeros ocho meses de este año, el descenso fue de -10.6% por ciento.
    En agosto, el tráfico de contenedores en el puerto de Hong Kong cayó un -9.4% por ciento.
    Hong Kong
    Descenso del -15,1% en los primeros ocho meses de 2023
    El mes pasado, el tráfico de contenedores en el puerto de Los Ángeles volvió al crecimiento.
    Los Angeles
    En los primeros ocho meses de 2023, se marcó un descenso del -21.0% por ciento.
    El mes pasado el tráfico de mercancías en el puerto de Singapur creció un 1,7% por ciento
    Singapur
    Los contenedores fueron de más de 3,3 millones (+ 2,0%)
    El 2 de octubre en Lugano se celebrará en Lugano la sexta edición de "A Sea of Switzerland".
    Lugano
    La conferencia se articulará en tres sesiones
    En agosto, el tráfico de mercancías en los puertos rusos creció un 5%
    San Petersburgo
    Aumento de los productos secos. Disminución de la masa líquida a granel
    Nueva agencia de familias negras, Clavarino y Schenone para prestar servicios a la construcción de la nueva presa de Génova
    - Via Raffaele Paolucci 17r/19r - 16129 Génova - ITALIA
    tel.: +39.010.2462122, fax: +39.010.2516768, e-mail
    Partita iva: 03532950106
    Registrazione Stampa 33/96 Tribunale di Genova
    Director: Bruno Bellio
    Prohibida la reproducción, total o parcial, sin el explicito consentimento del editor
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