A.M.BestTV: For Marine Insurers, Bigger Ships Carry Bigger Risks

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July 22, 2015 11:58 AM EDT

OLDWICK, N.J.--(BUSINESS WIRE)-- This A.M.BestTV episode explores the challenges faced by marine insurers, as new vessels that can carry up to 20,000 containers impacts pollution and increases the risks to cargos, hulls and cyber systems, as well as political risk, since the marine industry has a global presence. Click on http://www.ambest.com/v.asp?v=marine715 to view the video program.

“As marine underwriters, our concern is very high,” said David French, president of Star Marine Agency, Inc. “At present, 11 new vessels are being built with a value of $163-$165 million and a capacity to carry cargos valued at $800 million-$1 billion. For marine underwriters that is an aggregation of risk that must be taken into account every day, as just the loss of one of these vessels would be equal to the loss that Superstorm Sandy inflicted on the United States.”

Don Harrell, senior vice president at Liberty International Underwriters, addressed the concerns the industry has with cyber risk. “Among the top 10 risks that the industry will have for the next 10-20 years is cyber. This type of risk is enormous for the industry since it could cause interference to logistical, navigational and port tracking systems, as well as cause a vessel to run a ground, into infrastructure and/or another vessel.”

Other people that appear in this episode include:

  • Captain Andrew Kinsey, senior marine risk consultant at Allianz Risk Consultants.

Recent episodes of A.M.BestTV include:

  • Insurers Brace for 3-D Printing Revolution: Insurers are preparing for a host of coverage issues, including product liability, intellectual property claims and other concerns as 3-D printers become more advanced and available: http://www.ambest.com/v.asp?v=3d715.
  • Digital, Social Media Remaking Insurance Marketing: Insurance marketers at the Insurance Marketing & Communications Association’s annual conference in Nashville, TN, said the growing array of communication channels is presenting greater creative opportunities but new resource challenges: http://www.ambest.com/v.asp?v=imca715.
  • Insurers Brace For Rising Risks of Drones: Insurers are saying surging demand for drones is adding a host of new liability and property exposures: http://www.ambest.com/v.asp?v=drones1715.
  • A.M. Best's Mosher: Capital Influx Drives Today's Insurance M&A: A.M. Best Senior Vice President Matt Mosher says capital providers are seeking insurance underwriting expertise, which is changing today's competitive and acquisition environments: http://www.ambest.com/v.asp?v=ma715.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

A.M. Best
Lee McDonald
Group Vice President, Publication and News Services
908-439-2200, ext. 5561
[email protected]

Source: A.M. Best Company


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