This is the place to see participants in action at TradeWinds Marine Risk Forum held at London's Corinthia Hotel in May 2012.
The Costa Concordia and other hefty claims that have driven the loss ratio of the Lloyd’s hull market to 130% to 140% are unsustainable warns top underwriter Iain Henstridge.
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But Marcus Baker of the Marsh broking group sees the market as still soft, held back by excess capacity and confused. “Are we ever going to see a hard market again?” he asks.
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Retaining a lot more risk is not only saving premiums but bringing a big benefit in changing mindsets and focussing attention on loss prevention according to Lars Henneberg.
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Underwriters asking for more is like owners asking charterers for more according to Nicholas Madias of Alpha Tankers and Freighters and Tim Howse of Maryville Maritime.
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The Scandinavian model of protection and indemnity clubs also writing hull insurance delivers business benefits with others likely to follow according to Just Arne Storvik.
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But rougher seas are ahead according to Stephen Hawke of PL Ferrari as the Costa Concordia and Rena losses change perceptions of risk and drive reinsurance costs upwards.
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Norwegian marine insurer Skuld is aiming to provide Michelin starred service to shipowners with Douglas Jacobsohn aiming for three stars and no gratuities charged to the bill.
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If organisations like Raetsmarine and other fixed premium providers can stand alone and pay claims why do the P&I clubs need the protection of a cartel argues Martin Lanting.
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The protection and indemnity clubs should restructure to retain more risk as a response to the Costa Concordia disaster and other big losses according to Just Arne Storvik.
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The American Club’s Joe Hughes sees major casualties as a chance for the P&I clubs to demonstrate the financial integrity and claims handling efficiency they bring to the market.
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The decision of Russian insurer Reso-Garantia to quit the international marine insurance market has not led to an influx of business to Rosgosstrakh and other domestic rivals.
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Cefor’s Helle Hammer compares the state of the Nordic and London marine markets and looks forward to the next version of the Norwegian insurance plan going regional from the end of this year.
Concern over recent major losses are at the forefront as shipowner risk managers, hull underwriters, P&I club managers and brokers gather for TradeWinds sixth Marine Risk in London.
As TradeWinds Marine Risk Forum drew to a close participants gave their verdict on the event.
If you missed out this year make a note in your diary to be there for the May 2013 event.
Click here to view webTV from TradeWinds 2011 Marine Risk Forum.
