yacht insurance lloyds

Welcome to Navium Marine. We are a marine focused specialty MGA.

We strive to create a digitally enhanced business blending underwriting, claims leadership and competence with modern day solutions.

Our team are all long-standing insurance market professionals with a strong desire to leave a legacy of technical performance and discipline and not just ride underwriting cycles.  We have a track record of delivering profitable results and we are committed to delivering value to our capacity and to our clients.

Navium Marine Limited was established in May 2021 with a focus on quality marine insurance. Our team has a reputation for approachability and flexibility in developing new structures for both existing and emerging risks.

Clive Washbourn CEO, CUO & Director

Clive is a market-leading figure with executive experience spanning  36 years  in the Marine and Specialty markets. He has a reputation for building balanced portfolios and delivering upper-quartile results in the Lloyd’s Market, and has a track record of producing significant underwriting profits for the businesses he has worked for across market cycles.  ​

​ Prior to starting  Navium , Clive was Head of Marine at Beazley, where he fostered deep relationships with brokerages and global marine insurance buyers, and built and developed high performing teams for succession.

Oliver Clark Deputy CUO & Senior Underwriter

Ollie has previously worked as a Marine Underwriter at Atrium, AXA XL and MS Amlin, specialising in Marine and Energy Liabilities and Ports and Terminals. Ollie graduated from the University of Sheffield in 2010 and worked at Rothschild before joining the insurance industry 11 years ago. He recently completed an MBA at Cranfield University’s School of Management.

Henry Maughan Head of Cargo & Specie

Henry has over 16 years’ experience in the London Market. His most recent role was leading the Cargo team at Antares where they delivered and exceeded their budgeted income targets and exceeded their loss ratio targets. Notably, Henry drove the team through the Lloyd’s decile 10 process, and was one of the few cargo portfolios to grow the income in 2018-2019. Henry was a member of the Joint Cargo Committee for 2020 and 2021.

Alice Edwards Chief of Staff

Alice has over 5 years’ experience in the London Market and joined  Navium  in June 2022. Previously she had been at Hiscox where she worked primarily with the Marine and Energy Leadership Team. After graduating in Law from University of Exeter she worked within the tech industry before joining the Insurance Market.

Alex Hill Hull & War Assistant Underwriter

Alex joined Navium in August 2022. Prior to which he worked at Willis Towers Watson for 3 years, during which time he worked in various area, including Hull and Machinery on both placement and claims, whilst also assisting the Bloodstock and Livestock claims team. Alex has completed his Diploma in the CII, holds a Graduate Diploma in Law from the University of Law in 2019 and achieved a BA in History from University of Exeter in 2017.

Amy Slade Underwriting Assistant

Amy Joined Navium in October 2022. She has many years’ experience within the Lloyds Insurance market supporting underwriters across a broad range of classes of business. Amy’s insurance career began at Xchanging before working at Brit Insurance and the last 11 years at Antares Syndicate.

Beth Wells Underwriting Assistant

Beth joined Navium in May 2023 having graduated with a BSs/degree in Physical Geography from the University of Reading. She went on to complete a Masters in Environmental Management from the University of London, Birkbeck in September 2023.

Cameron Hagley Claims Assistant

Cameron joined Navium in January 2023 as her first role within the London Market. She is developing her understanding of Marine Claims and is specialising within H&M and Marine Liability.

Constantine Hadjipateras Claims Manager

Constantine joined Navium in June 2023. Prior to joining he was a Claims Manager at Seascope Insurance Brokers for 9 years, specialising in Hull & Machinery and Yacht claims. He graduated in 2010 from Bayes Business School with an MSc in Shipping, Trade and Finance.

Danielle Basstoe Cargo & Specie Underwriter

Danielle joined Navium in June 2021 after 21 months as a Cargo Underwriting Assistant at Antares. Danielle completed her ACII qualification to become an Associate Member of the Chartered Insurance Institute in January 2022.

Eliza Kearns Claims Assistant

Eliza joined Navium in September 2023. Prior to this she completed a BA in French at the University of Bristol in June 2023.

Emma Roadnight COO

Emma joined Navium in November 2021 and has 13 years’ experience in the London Market. She first started out as a CAT Risk Analyst at Canopius and since then, she has worked at Travelers, MS Amlin and Antares, underwriting on the Cargo and Specie accounts. Emma holds a MSc in Business Analysis and Finance and a BSc in Economics.

Gemma Swan Underwriting Assistant

Gemma joined Navium in February 2023. She graduated from UCL in 2022 with a degree in History and French and before joining Navium was working in the FinTech Industry.

Lewis Ross Cargo & Specie Assistant Underwriter

Lewis joined Navium in February 2022 as his first role within the London Market. He has developed a strong understanding of Cargo and Cargo War.

Madison Wallis Senior Receptionist

Madison joined Navium in April 2023, previously working at Rathbones as a Reception Administrator. She graduated from the University of Chichester in 2017 with a BA Hons in Musical Theatre.

Michael Prendeville Cargo & Specie Underwriter

Michael joined Navium in March 2023 from WTW, where he was an Associate Director handling a global book of large and complex business.  After graduating from the University of Nottingham in Economics, Michael joined the industry on the WTW graduate scheme, and became an Associate Member of the Chartered Institute of Insurance in 2018.

Millie Perrin Hull & War Underwriter

Millie joined Navium in November 2021 from the Lloyd’s of London Insurance Graduate Scheme. She undertook placements in the Lloyd’s Corporation, Canopius, and Marsh Marine Teams and completed her ACII. Millie graduated from the University of Cambridge with a BA in Anglo-Saxon, Norse and Celtic History and an MA from Newcastle University in Early Medieval Archaeology.

Noris Kanaharajah Underwriting Assistant

Noris joined Navium in August 2023 after 2 years as software developer for Worldline. He graduated from University of Portsmouth in 2021 with a Masters in Mechanical Engineering.

Ophelia O’Brien Underwriting Assistant

Ophelia joined Navium in May 2023 after graduating from Sheffield Hallam University in 2022.

Rosie Gillett Underwriting Assistant

Rosie joined Navium in July 2023 after graduating from the University of Southampton with a BSc in Environmental Science.

Sally Newing Claims Manager

Sally joined Navium in February 2024. Prior to joining she worked for Marine TPAs for 12 years, specialising in Cargo claims and also involved in GA and salvage matters. Sally began her London Market career in 1993 handling North American non-marine APH and LMX legacy claims.

Simon Fraser Underwriting Assistant

Simon joined Navium in June 2023 as a Hull and War Underwriting Assistant. Prior to this he completed the apprenticeship scheme at Lloyd’s of London.

Simone Holliday Senior Claims Manager

Simone has been working in the Marine insurance class for over 25 years. She joined Navium in November 2022 having previously handled yacht business as a claims and placing broker in the London market and has worked on Brown Water P&I, Hull claims, Blue Water Hull, SRL, Builders Risk, Comprehensive Marine General Liability, Ports & Terminals, Maritime Employers Liabilities, Cargo, War, LOH, Maritime Employers Liabilities, Energy Onshore/Offshore Physical Damage and Associated Liabilities.

Navium offers insurance across the full range of Marine classes.  Our experience allows us to understand the keys risks faced by our clients whilst also looking to pioneer new approaches to risk selection and loss management.

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Ports and Terminals

Global Yacht Cover is an underwriting facility offering yacht insurance with 100% Great Lakes Insurance SE security.

We insure all types of sailing yachts and motorboats globally, valued up to £10,000,000. Whether you are day sailing in local waters or setting off on an adventure of a lifetime around the world – Global Yacht Cover is the insurer for you. We specialise in short-handed, long distance voyages and if you have sufficient experience, we will consider longer single-handed passages.

Our ability to be flexible is one of our many assets and we provide comprehensive cover that will suit your individual sailing requirements. Our senior underwriter has worked in the insurance industry for over 35 years of which 29 have been spent underwriting yachts. He is also an accomplished yachtsman with 50 years of sailing experience, so understands that each sailor’s needs are individual.

We work together with you to ensure your “pride and joy” is suitably covered.

By SuperyachtNews 10 Aug 2018

Lloyd's superyacht insurance shakeup underway

Reports suggest between five and seven lloyd's syndicates have already dropped out of the yacht insurance market. further consolidation expected….

Earlier this year, Lloyd’s of London, the specialist insurance market, issued a warning to a number of its marine syndicates, including those that underwrite superyacht businesses. The warning gave loss-making marine syndicates three months to create viable business plans or be dropped – the deadline for the presentation of said remediation plans being Friday 3 August.

On 2 August, TradeWinds News reported that Brit Global Speciality, Lloyd’s syndicate 2987, ended its yacht insurance business lines. Since Brit’s exit, various reports have suggested that a further five to seven syndicates have pulled out of the yachting market. The shakeup of the Lloyd’s market follows a sustained period of falling premiums and unsustainable loss ratios. Yachts are widely considered to be the greatest loss maker within the Lloyd’s marine portfolio.

“I’ve been talking for a long time now about the sustainability of the insurance and what I mean by sustainability is this: the insurance market relies on simple principles, you create a pool of funds so that, when you claim, money comes out of that pool,” starts Simon Ballard, managing director of CRS Yachts. “Unfortunately, over the last five years in particular, the pool has not been big enough. Underwriters haven’t been charging enough money to cover the losses that have occurred. This is for a number of reasons, but over capacity and competition are chief among them.”

According to a number of sources, the Lloyd’s superyacht insurance market has been running on an unsustainable loss ratio

According to a number of sources, the Lloyd’s superyacht insurance market has been running on an unsustainable loss ratio. For a number of years, the Lloyd’s market operated at about 120 per cent loss ratio. In 2015 the Lloyd’s market collected around £150million of premium and operated at a loss ratio of 140 per cent, meaning that it paid out around £210million of claims. By all accounts, 2015 was a relatively uneventful year compared with those that followed.

Considering the losses that have occurred since, including two high-profile 100m-plus claims and the severe damage caused by the hurricanes that decimated the Caribbean and Florida in 2017, one can appreciate that the loss ratios since 2015 have continued to significantly worsen. TradeWinds News reports that a senior Lloyd’s broker has suggested that Lloyd’s is prepared to reject business plans and drop loss-making enterprises.

“In the last 10-15 years, there has been an oversupply of capacity that has softened the rates and create what, on the surface, appears to be healthy competition. But, ultimately it has driven rates to an all-time low. It got to the point where the insurance community unanimously agreed that there needed to be a market correction (rate increase), but no one seemingly acted on it,” comments Mike Taylor-West, director of global market at La Playa.

As a result of the severely unsustainable market softening, a number of syndicates, it would seem, have decided to withdraw from the market even before Lloyd’s has begun to decline business plans. It is expected that in the days and weeks to come that an even greater number of syndicates will drop out of the market.

As a result of the severely unsustainable market softening, a number of syndicates, it would seem, have decided to withdraw from the market

According to the TradeWinds report, Brit’s marine insurance business accounts for 10 per cent of its total business. Of that business, the yacht business lines were an even smaller proportion, with some estimates suggesting it accounted for significantly less that one per cent of the total business. As a result, businesses such as Brit are viewing the superyacht market, a loss making and relatively insignificant contributor to the larger group, as being surplus to requirements and have, therefore, cut their losses by removing themselves from the market place.

“People have been talking about rate rises but I don’t think that they have come fast enough because there is still over capacity in the market place,” continues Ballard. “I personally don’t think that just increasing the premium pot is going to be enough. Businesses are really going to have to look at how policies are underwritten and consider the whole mechanism in order for the system to become fairer. This process will happen, but it will happen slowly.

“If you consider that Lloyd’s is a superyacht market leader, we will see other businesses following suit because this is not just a Lloyd’s issue, we see overseas securities offering cheap and more unsustainable rates,” Ballard says. “This is crunch time, it is in everybody’s interest to create a sustainable market because if it isn’t, the clients suffer as there may not be insurers willing to underwrite this class.

It has been suggested that capacity in the sub-£5million category is likely to be affected the quickest, with the sub-£10million category also likely to be strong effected. “Sub-£10million is going to be more difficult, but all lines are going to be affected,” continues Ballard. “We are probably seeing the biggest change we are ever going to see in this business.”

“The strange side of this is that consumers would generally expect brokers to champion cheaper rates,” continues Taylor-West. “And yes, in a sustainable marketplace this would be the case, but ultimately that is not where we are and some of the suicidal rates that are currently available put the clients at risk. The current climate requires responsible broking. However, like the market itself, there is also an over-capacity of brokers and market players that has contributed to the pricing race to the bottom. The problem with a cheap marketplace is that it puts pressure on the claim and it leads the providers of the capacity to adopt positions that seek to find ways to narrow or avoid claims rather than paying them.”

In the coming days and weeks, it is expected that the market will experience further consolidation. It has also been suggested that, in order to foster a more sustainable marketplace, premiums are likely to increase.

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Global 2023 marine premiums hit $38.9bn and London increases hull share: Iumi

There has been an exodus of hull premium from the london market to nordic carriers since 2014..

Global marine insurance premiums grew by 5.9% to $38.9bn in 2023, driven by a combination of increased insurable volumes and improving rate, according to the International Union of Marine Insurance (Iumi).

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Superyacht insurance: How to choose the best policy for your yacht

Related articles.

Picking insurance coverage for your superyacht can be fraught with difficulty. BOAT reveals what owners really need to know when it comes to yacht insurance and how to keep the process as pain-free as possible if the worst happens.

When it comes to superyacht insurance, shopping around for the best deal may not be the smartest tactic. “Many of the insurance policies and contracts out there are quite similar, but, as with everything, the devil’s in the detail. Sometimes what may appear to be a really good option might contain some restrictions or exclusions in cover that might catch the unwary person out,” says Mike Wimbridge, managing director of Pantaenius UK.

Indeed, insuring superyachts worth tens to hundreds of millions of pounds, plying waters subject to windstorms and even perhaps political upheaval, is complicated. There are a lot of considerations at play and in the end what you see on your policy is what you get. “Marine insurance is not specifically regulated, meaning policy forms don’t have to be approved by any regulators in any country or state like other types of consumer insurance do. So whatever you get on your policy contract is what you get today for insurance, and it could be different for everyone,” says Nancy Poppe, North American Yacht Practice Leader at Willis Marine Superyachts.

In general, there are two types of insurance a yacht needs: Hull and Protection & Indemnity (P&I). Hull covers physical damage to the vessel and its appurtenances, while P&I is marine liability insurance for third-party liability, explains Poppe. The larger the yacht and/or the more complex its cruising programme, the more likely this coverage will be split with P&I provided by a P&I Club. “They offer a single shot $500 million P&I limit, and they can very easily offer all of the certificates,” says Spencer Lloyd, president of AssuredPartners’ yacht speciality team. “For instance, there’s something now called the Nairobi Wreck Removal endorsement and some of the companies that do both Hull and P&I do not have the ability to issue these certificates for a yacht travelling in foreign waters.”

The marine insurance market currently is a bit turbulent, which means not every yacht is insurable. A few years ago a large number of underwriters – overwhelmed by hurricanes and fires – pulled out of the marine market, creating a hard market where demand exceeded supply. It’s since stabilised to some extent, helped by the fact that 2021 churned up no serious windstorms, but underwriters today can still afford to be picky.

Wimbridge likens the last few years to “panning for gold”, as the market was shaken up to see where things lie. “The London market, the traditional home of the superyacht market, is not comfortable below USD10 million. So the more domestic markets are picking those risks up, whether that be US or Europe or Australia. I think above 10 million, it’d be fair to say the London market has been choosy over recent years,” says Wimbridge. But he is seeing more competition creeping in for what insurers would class the more desirable risks in the megayacht area, so that’s leading to a steadying of the market. The under-$5 million market, though, is more volatile, subject to holes when a single underwriter pulls out.

Factors that affect a yacht’s insurability include its age (even if it’s refit), whether it will be based in a windstorm-prone area, and the owner’s experience, explains Poppe. “For boats that, say, want to summer in Florida and winter in the Caribbean, there are very limited choices particularly in the smaller end of things. And first-time owners jumping into large-sized vessels with no prior ownership experience and not hiring a full time professional manager – there's limited, if any, options for coverage there,” she says. With this in mind, she advises any prospective owner to secure an offer of insurance before they accept an offer to buy a yacht.

Once the insurance is in place, the communication doesn’t stop. There are a few situations where it’s common that the underwriter requires advance notice or coverage can be excluded. One of these is yard work.

“A lot of yacht policies will exclude welding and hot work until you notify them first and beforehand,” says Lloyd, explaining that the underwriter will typically want to see a copy of the yard’s insurance certificate, any independent contractor’s liability, a drawing of what welding is going to take place and a gas-free certificate if the tanks have to be cleared of flammable liquids. The difficulty he has seen lately is when the shipyard wants a complete waiver of liability, a situation he deems unfair. “A lot of times the company insuring the yacht will come back and say, ‘Hey, we want a $10,000 to $15,000 additional premium for the exposure of what you're having done’.”

How underwriters consider named windstorms also differs, with at least one excluding all coverage for yachts under 500 gross tonnes. “In the old days, the bigger boats didn't necessarily need a hurricane plan. But in this day and age, most underwriters are asking to see the hurricane plan for all sized yachts,” says Poppe.

“If you're going to be in the shipyard, having work done during hurricane season, you need to give your underwriter a lot of advance notice,” she continues. “If you're not going to be able to move the vessel to sea in the event of a storm coming, you are probably going to face either no coverage for windstorm or a quite high deductible for windstorm.”

Another point that could be lost in the fine print is itinerary exclusions. “For instance, there are parts of the world that are deemed to be political hotspots, so they tend to be excluded from the war cover,” says Wimbridge.

Insurance companies also want to be involved in choosing the captain. “They have gotten much more strict about captain resumes,” says Lloyd. “Rule of thumb was the captain must have a minimum of two years’ experience on similar-size boats to the one that they are applying for. And some have raised it to three years. We are in a constant battle because with so many boats being sold, there’s not enough qualified people to fill the positions. And how does the mate, who is good and capable but doesn’t have the resume, take the next step?”

With all of these considerations, it’s crucial that the owner – whether they are dealing directly with an underwriting agent like Pantaenius UK or working with a broker like Poppe or Lloyd – is being advised by someone they trust and someone experienced in insuring yachts of a similar type and cruising programme.

In the end, insurance is a relationship business, Wimbridge points out. “The selection of the insurance partner and, if appropriate, the insurance broker, I think is paramount because those parties are experts in this process and often the clients aren’t. And in many cases, the ultimate client isn’t the one doing the negotiation. Depending on how large the boat is, there can be several people in that chain involved in the pre-discussions, offering their own thoughts and advice, which might not necessarily be the most helpful. The advice in all aspects of this is to choose the right partner, people that will give you proper advice.”

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Top 10 in marine insurance 2022

Most classes are hardening after years — and sometimes decades — in the doldrums; most underwriters are even making money again.

• 28 Nov 2022
• Lloyd’s List

Marine insurance has been well to the fore in 2022, providing war risk cover for both ships and cargo carrying vitally needed grain from Ukraine to markets in the developing world, as well as day-in, day-out P&I and H&M policies

01 / Chris McGill, Ascot

Chris McGill is head of marine cargo at Ascot Group, where he has worked since 2007, and is active underwriter for syndicate 1796. 

He was in the headlines in 2022 after Ascot, together with leading broker Marsh, launched a $50m marine cargo and war risk facility  designed to cover the continued export of grain from Ukraine despite the Russian invasion of that country.

The initiative was a vital lifeline for millions of people in North Africa and the Middle East who depend on Ukrainian grain as a staple foodstuff.

Mr McGill’s LinkedIn profile offers an obvious clue to his interests outside work, highlighting his level three advanced certificate in wine tasting from the Wine & Spirit Education Trust. Grade: distinction.

02 / Frédéric Denèfle, IUMI/Garex

The International Union of Marine Insurance elected a new president at its conference in Chicago in September 2022, with the job going to French war risk underwriter Frédéric Denèfle.

Mr Denèfle started his career on the legal side of claims handling, first with Paris-based Reunion Européenne — now subsumed into AXA — and then with Cesam, an organisation that handles big claims for the French market.

He joined AGF MAT/Allianz Group in 1998 and worked there until 2012.

In 2013, Mr Denèfle started a new role at Garex to become managing director of underwriting of marine war insurance in Paris.

The company acts as a war risk pooling arrangement for eight European insurers and is certainly the dominant player in France, with $200m capacity for hull and $50m for cargo. It also partners with other war risk reinsurers.

03 / Song Chunfeng, China Shipowners Mutual Assurance Association

Song Chunfeng wears many hats in addition to being the managing director of China Shipowners Manual Assurance Association, known as China P&I Club.

These include being a member of the Shipping Economics Review Committee of Asian Shipowners’ Association and a board director of Steamship Mutual.

Under his leadership, the club — a dominant player in China’s P&I insurance market and a major domestic hull insurance provider — has won its first international credit ratings in 2022 from AM Best.

The agency has assigned a financial strength rating of A- and a long-term issuer credit rating of ‘a-’ to reflect the Chinese association’s strong balance sheet and adequate operating performance.

It said China P&I’s risk-adjusted capitalisation was assessed as being at the strongest level, as of year-end 2021, and expected to remain so over the short to middle term, underpinned by continued growth through full earnings retention and a low underwriting leverage. 

While its current portfolio focuses heavily on Chinese-owned vessels in domestic markets, the club is said to be looking at opportunities in overseas markets such as Southeast Asia to diversify its member base.

Mr Song holds a doctoral degree in Chinese civil and commercial laws from Peking University and a practising certificate in China.

04 / Dorothea Ioannou, The American Club

It has taken until 2022 for an International Group P&I club to appoint a woman chief executive , with Dorothea Ioannou taking over at Shipowners’ Claims Bureau, manager of The American Club.

Ms Ioannou is a lawyer by training, practising in Greece and New York. She is also a previous head of the claims and legal department at Allied Insurance Brokers.

She has taken on a tough job. The American Club is one of the smallest in the International Group and, in 2021, it was forced to levy supplementary calls on its members.

In an interview with Lloyd’s List to mark her promotion, Ms Ioannou promised to adopt a no-nonsense approach.

“I do believe in being very straightforward and transparent. I was always like that,” she said.

“I am not saying you should come out with all guns blazing; but I think it’s important to be ready to resolve issues and you need to be direct.”

05  /  Louise Nevill, Marsh JLT Specialty

Career marine underwriter Louise Nevill has been chief executive, marine and cargo at Marsh JLT Specialty UK — one of the world’s largest marine brokers — since the start of 2020.

Her wide-ranging CV saw her start as an assistant marine underwriter at Markel after graduation in 1996, since when she has also worked as head of marine at Talbot, director underwriting at W/R/B and, latterly, vice-president underwriting at Gard, prior to her current role.

06 / Nick Shaw, International Group

It has been a good year for the International Group, with — at least at the time of writing — only one pool claim two thirds of the way through the policy year, after two successive years of record payouts.

However, the reported $200m-plus deterioration in prior policy years will no doubt be cause for concern.

The pool scheme is the ultimate backstop for the major casualties that are unfortunately an unavoidable part of shipping life, which gives the IG an obviously crucial role.

The influential trade association is headed by Nick Shaw , a British lawyer who previously worked for Reed Smith. He has been in post since 2019.

07 / Paul Jennings and Jeremy Grose, NorthStandard

North Group and Standard Club will merge in February 2023 to form what is expected to become the world’s largest P&I club.

NorthStandard, as it will be branded, will have a slightly larger market share than Gard, the current leader.

The new entity will be jointly led by North’s Paul Jennings and Standard’s Jeremy Grose.

Mr Jennings graduated in law in 1984 and took a job with the Newcastle P&I Club, which merged with North in 1998. He became North’s chief executive in 2018 and is also outgoing chair of the International Group.

Mr Grose is also a law graduate, joining Standard Club’s manager Charles Taylor in 1991 as a claims executive, rising up the ranks to become chief executive in 2014.

08 / Clive Washbourn, Navium

Legendary marine insurer Clive Washbourn was asked why he launched his own firm, Navium Marine, in May 2021.

“Two words come to mind,” he replied. “One is ego and the other is latent ambition.”

That’s three words, actually. Yet Mr Washbourn’s standing in the sector is such that few would quibble. Other underwriters speak of him in hushed tones of admiration.

Mr Washbourn previously led a marine-based account at Beazley’s Lloyd’s syndicate 623 from December 1998, leaving in 2019 for unspecified personal reasons .

Before that, he had been active underwriter at ACE’s syndicate 375.

In his spare time, he is a horse-racing enthusiast and is a former racehorse owner.

09 / Ju-Ann Lee, Berkley Insurance Asia

Based in Singapore, Ju-Ann Lee heads the marine desk of Berkley Insurance Asia, providing coverage not only for cargo and hull but also marine liabilities.

She leads a team from two offices, one in Singapore where she resides, and another in Hong Kong.

Her more than two-decades-long experience as an underwriter, primarily in Asian and Middle East markets, has helped ensure the competence of her current employer of being a specialist in its region.

Before moving to her current position in 2016, Ms Lee was in charge of the Southeast Asia commercial lines team at Chubb, overseeing property and casualty as well its marine practice. She started her career at ACE Insurance.

Ms Lee has a B.Bus (Insurance) degree from Nanyang Technological University and is a chartered insurer of the Chartered Insurance Institute.

10 / Bjørnar Andresen, Gard

Gard is currently the world’s biggest P&I club, but it might not be for much longer. The impending merger of Britain’s North and Standard in February 2023 will create what will be a new standard-bearer for the niche.

However, the Norwegian marine mutual also accounts for around one-third of the  Nordic hull market  — now established as the world’s largest, thanks to the decline of Lloyd’s.

Gard’s P&I cover is, of course, provided on a not-for-profit basis, but Gard Marine & Energy is a fully commercial concern, with profits subsidising the mutual members.

As chief underwriting officer for both books, Bjørnar Andresen wields a considerable degree of clout in both sectors.

Mr Andresen served in the Norwegian navy between 1985 and 1999; he joined his current employer in 2010.

The Top 10 in marine insurance list is collated by the Lloyd’s List editorial team and considers a mixture of traditional power-brokers in an insular niche, as well as those doing noteworthy things within it

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Positive development across all marine insurance lines of business continued in 2023, reports IUMI

16th September 2024 | Print version

Today, the International Union of Marine Insurance (IUMI) presented its analysis of the latest marine insurance market trends at its 150th annual conference in Berlin, Germany.

The global marine insurance premium base for 2023 was reported as USD 38.9 billion representing an uplift of 5.9% from the previous year. Development was seen across all lines of business with the Offshore Energy sector enjoying a 4.6% increase, Cargo insurance 6.2% increase and Ocean Hull 7.6% increase.

Distribution of premiums had not changed significantly from 2022 with Cargo commanding the largest share at 56.9% followed by Ocean Hull (23.6%), Offshore Energy (11.9%) and Marine Liability (7.7%). By region, Europe continued its dominance with a 48.5% share of global premiums followed by Asia/Pacific (28.1%), Latin America (10.9%), North America (7.0%) and the rest of world at 5.5%. Interestingly, after a period of decline, European premiums had enjoyed an upward trend since 2019 and the Asian market had also continued its rally since its downward trend ended in 2016. Latin and North America were also showing a modest upswing in their premium base. 

Providing some context, Astrid Seltmann, Vice-Chair of IUMI’s Facts & Figures Committee, said:

“Global premiums reflect a combination of insurable volumes and prices per unit. The drivers for the increase in premiums are typically a continued rise in global trade volumes & values (cargo), coupled with increases in vessel values (hull), or the increase in oil price inducing more activity in the offshore energy segment. More widely, geopolitical conditions will have impacted premiums in a number of regions, as have general market conditions, specifically capacity. Overall, 2023 appears to have been a positive year for marine underwriters. The other part of the equation is the impact of claims which has been comparably benign over the past few years, despite individual severe claims giving rise to concern such as fires; and some visible inflation impact on the average cost of attritional losses. However, ever larger vessels, increasing value accumulations, changes in technology and fuels as well as changes to trading routes all mean a change of risk, which needs to be taken monitored and taken into account going forward.”  

Offshore Energy

Global premiums in the Offshore Energy market were reported as USD 4.6 billion in 2023, a 4.6% uplift on 2022. The UK continued to dominate with the Lloyd’s and IUA  markets accounting for a 28.2% and 36.8% share respectively.

The fortunes of this market tend to follow the oil price which appeared to have stabilised at a comparatively healthy level. This had driven renewed activity which, in turn, had led to positive market development. Premiums had rallied after reaching a low in 2019 and have continued upwards since then. The future trend will depend on the stability of the oil price and OPEC+ production decisions as well as insurance market capacity.

In recent years, claims were relatively low even though many offshore assets were being reactivated. However, 2023 saw two major losses and loss ratios (Europe) were starting out at a higher level than in previous years. Loss ratios in this sector take time to develop with no obvious pattern and so it is not certain how 2023 will play out. However, it is likely that 2023 will underperform when compared with the years 2020-2022. 

Although day rates for offshore assets remained high, future performance of this sector will depend on oil price/production, weather events and market capacity. Similar to last year, a fragile balance between premiums and claims remains.

Cargo insurance returned a global premium base for 2023 of USD 22.1 billion – a 6.2% improvement on 2022. All regions experienced growth with Europe and Asia enjoying marked positive development. Overall, Europe claimed a 39.8% share followed by Asia/Pacific (32.2%), Latin America (11.9%), North America (7.5%), Middle East (6.0%) and Africa (2.7%). In general, premium growth in this sector follows global trade which had now normalised following COVID. The International Monetary Fund was predicting continued growth in world trade values, and this bodes well for cargo underwriters going forward, although such projections are subject to a considerable amount of uncertainty given the geopolitical situation. It should be noted that exchange rate fluctuations tend to impact most heavily on this sector, such that growth trends may deviate in local currencies and also make direct comparisons with earlier years more difficult.

Cargo underwriters suffered challenging loss ratios prior to 2019 but since then ratios have improved year-on-year. Although fires and floods have had an impact on claims, loss ratios for Europe in 2023 appeared to be more positive than in recent years. Loss ratios in other regions were also enjoying an improvement since 2019. The overall claims impact remained stable.

In general, Cargo insurance was enjoying improved results and a long-awaited period of positive stability. That said, a number of perennial issues will continue to impact including large vessel fires, mis-declared cargoes, accumulation of risk, severe weather events and geopolitical instability.

The Ocean Hull sector reported global premiums of USD 9.2 billion representing a 7.6% increase from the previous year. Europe commanded the largest share at 51.8% followed by Asia/Pacific (35.5%), Latin America (7.6%), North America (4.3%), Africa (0.6%) and Middle East (0.3%). The UK, China and Latin American markets had all experienced an increase in share during 2023 whilst the recent (and dramatic) rise in the Nordic market now appeared to have stabilised.

A return to normal shipping activity following COVID had a positive impact on vessel values in most classes and a higher demand for vessels had driven up the global premium base. This was particularly true for offshore support vessels whose values had risen significantly following a stable oil price and a reactivation of offshore activities.

Previously, there was concern over the large gap between total gross tonnage/number of vessels and global premiums which had opened markedly between 2011-2018. This gap began to close slightly from 2020 and, in 2023, had continued to reduce.  

Following post-COVID reactivation, the frequency of hull claims showed some increase but had not yet exceeded pre-pandemic levels. Total loss frequency also showed a slight recent increase but remained at a very low level. The claim cost per vessel increased somewhat and in 2023, for the first time, exceeded the pre-COVID level. This was mainly due to increased major loss impact, particularly from costly vessel fires, which remains an ongoing issue.

Loss ratios (Europe) started at a higher point than the previous three years which might be attributed to a combination of an increase in claims coupled with the inflationary impact of repair costs. It is likely that 2023 loss ratios across most regions will be less positive than the previous two or three years, but better than the years prior to 2020.    

Summing up, Jun Lin, Chair of IUMI’s Facts & Figures Committee said:

 “Overall, 2023 was a positive year for marine underwriters with market development seen across all lines of marine insurance business. World trade continued to grow which impacted positively on the global premium base, particularly for cargo insurance. The oil price appears to have stabilised which is good for the offshore sector. Inflationary pressure has eased and many central banks are beginning to cut their interest rates. The claims environment was also relatively moderate in 2023 with no major weather events or vessel casualties making a significant impact on the overall costs, despite a few costly fires.  Large vessel fires, particularly on containerships and car carriers, are still a major concern for hull and cargo insurers.”

“Increasing geopolitical tensions are creating headwinds for our industry and there seems no end to their impact in 2024 or beyond. The continuing Houthi attacks in the Red Sea area and the Russia/Ukraine war are disrupting traditional shipping routes and causing some carriers to change the way they operate. And we must not forget the tragic loss of life suffered by seafarers in those regions. Re-routing vessels around Africa brings additional risks but, so far, we have not seen any significant issue. On the flip side, these longer routes, particularly for containerships, have absorbed the influx of newbuilds into the market ensuring freight rates remain stable.”

“Other headwinds for 2024 and beyond will include the impact of the impending US election, climate change and associated extreme weather events, zero-carbon fuel technology and cyber-risks. But despite this, the marine insurance market has fared well in 2023 and I’m confident that marine underwriters will embrace future change with the same alacrity they’ve shown previously.”

IUMI’s total world-wide premium includes data from all relevant marine insurance markets. Care should be taken when making comparisons with earlier figures as data coverage varies in different years and a number of figures will be updated retrospectively. Similarly, the presented loss ratios for Hull, Energy and Cargo do not encompass all countries per region, and underwriting year results do develop over a couple of years due to a time lag in claims reporting and payments. When interpreting statistics, caution should always be applied regarding what the data actually relates to.

IUMI stresses that all figures released by IUMI’s Facts and Figures Committee are global market sums or averages. While these reflect the average performance of the marine insurance market, individual companies’ or countries’ results may differ substantially. As with all averages, individual underwriting units may over or underperform compared with the average. IUMI does not make any statements about what actual applied premium rates were or should be. The aim of IUMI is solely to provide data as available and raise awareness for the importance of a critical evaluation

of the risks covered.

The full presentation is available to download from www.iumi.com

For further information contact:

Mike Elsom 

Phone         +44 7968 196077

Email          [email protected]

About IUMI The International Union of Marine Insurance e.V. (IUMI) is a non-profit association established for the purpose of protecting, safeguarding and advancing insurers‘ interests in marine and all types of transport insurance. It also provides an essential forum to discuss and exchange ideas, information and statistics of common interest for marine underwriters and in exchange with other marine professionals.

IUMI currently represents 42 national and marine market insurance and reinsurance associations.

Grosse Elbstrasse 36, 22767 Hamburg, Germany

Phone              +49 (0) 40 2000 747-0

Email               [email protected]

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