Settlements related to Russia-Ukraine aviation lessor claims may reduce the overall loss quantum to $6bn to $8bn, but this would still remain the largest aviation/aviation war loss in the market’s history, according to Howden.
Marine
The Baltimore bridge collapse in late March has been one of the year’s major insurance industry talking points, with prospective losses from the event occupying newsrooms and courtrooms alike.
As we wrap up 2024, The Insurer TV has provided a comprehensive look at the evolving (re)insurance landscape.
2024 has again been a busy year for the marine war market with Houthi activity in the Red Sea causing widespread disruption to global shipping along with a number of constructive total losses for insurers.
MGA Amphitrite Underwriting has secured underwriting capacity of $25mn for its marine cargo division.
The International Group (IG) of P&I clubs' pool claims are likely to exceed $650mn for 2024, despite claims associated with the Dali incident expected to be limited to $100mn, according to Gallagher Specialty.
IQUW has appointed Ali Welchman as lead underwriter for its newly-launched ports and terminals product.
The International Group of P&I Clubs has confirmed the structure of its $3.1bn group excess of loss reinsurance contract for the 2025/26 policy year, with the group highlighting a recent uptick in pool claims activity amid a “challenging” year dominated by the Baltimore bridge incident.
The UK government has sanctioned 20 shadow fleet ships involved in the illicit trade and distribution of sanctioned Russian oil.
SiriusPoint has reaffirmed its commitment to the marine hull market after market speculation around its capacity relationships with certain MGAs in the class.
Aventum-owned specialty broker Consilium has appointed Daniel Leveridge as partner and head of technical within its cargo division.
Industrial lines insurer HDI Global SE has named Dr Carsten Schulte as the new global head of marine.
The intensity of grey zone action looks like it will only increase in the near future, with WTW’s Sam Wilkin suggesting that commercial activity will continue to be directly targeted.
HDI Global UK & Ireland has appointed Hannah Brooke as head of marine cargo underwriting.
Marsh has retained its bench strength lead in energy in the 2024 London’s Leading Brokers report, accounting for three of the top five individual shortlisted brokers.
