The marine insurance market will continue to prove a difficult battleground, with specialist advice more important than ever before, according to a Gallagher expert.
Gallagher is among the key players listed in a new report which analyses cargo insurance offerings by company and region, including the Asia-Pacific.
The world’s first fully autonomous cargo ship is under construction in Norway, with completion slated for 2020, but automation is being adopted for commercial fleets right now as tech experts enter into partnerships with industry suppliers.
For as long as there has been commerce, there has been insurance – or risk management, at least. Back in the third millennia BC, Chinese traders carrying goods by sea would divide their cargo between different vessels to limit their losses in the event of an accident or disaster. They were one of the earliest practitioners of risk transfer.
In 2008 the Australian cruise ship Athena was sailing through the Gulf of Aden when it found itself surrounded by at least 29 small boats, suspected to be Somali pirates. The ship escaped unharmed and made port safely, but another ship – Oceania Cruises’ Nautica – had been attacked in the same waters just a few days before and had shots fired at it by its assailants.
Multinational cyber security firm Kaspersky Lab says the marine industry is ‘easy meat’ for cyber criminals, and a recent data breach at shipping company Svitzer Australia – which affected almost half of its Australian employees – would suggest that’s not far from true.
Gallagher has one of the largest and most experienced marine practices in Australia, with two core marine specialist teams based in New South Wales and Western Australia, servicing clients both nationally and across the globe.
The South China Sea, which is some 3.5 million square kilometres in size, is the subject of ongoing territorial disputes between China and the Philippines, Vietnam, Taiwan, Malaysia and Brunei. But how important is this marginal sea to the global maritime and shipping industry? And what impact would rising tensions have on insurance?
A new report, published by Gallagher, has revealed the biggest risks facing the marine industry - and is available as a free download.
Boaters are being urged to remain vigilant following a cargo spill that saw 83 containers lost in seas off the coast of Newcastle.