Posts Tagged ‘marine’



September 3rd, 2015

Port of Tianjin Explosions Set to Become One of Asia’s Largest Insured Man-Made Loss Events: Potential Losses Between USD 1.6 Billion to USD 3.3 Billion

Posted at 11:00 AM ET

Guy Carpenter today released a report on the Port of Tianjin Explosions. The report provides initial loss estimates and outlines the many variables involved in assessing the losses emanating from the two massive initial explosions that occurred at Tianjin Port on August 12 of this year.

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July 21st, 2014

Guy Carpenter’s Global Marine & Energy Specialty appoints Head of EMEA & International P&I Business

Posted at 11:40 PM ET

Guy Carpenter announced the appointment of Simon Smith as Head of EMEA & International P&I Business, effective September 1.  

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July 7th, 2014

July 1 Renewals Reveal Continued Double Digit Price Decreases Across Many Lines and Geographies

Posted at 5:00 AM ET

Guy Carpenter reports that market pressures at July 1 renewals continued to drive price decreases across virtually all geographies and lines of business, many in the double digit range. As loss activity remained minimal, reinsurers added to surplus capacity and additional capital continued to come into the market via alternative sources. 

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July 23rd, 2012

Global Marine & Energy at July 1 Reinsurance Renewal

Posted at 1:00 AM ET

In general terms primary rates on global marine and energy covers were flat. Despite the relatively recent large losses that occurred even energy rate increases tailed off somewhat. There were no specific moves to increase primary rates, which filtered through to marine reinsurance placements, where individual accounts were treated on case by case bases. There did not appear to be any particular areas where reductions were seen. These only occurred if there were specific extenuating circumstances. Marine ILW contracts were one area where pricing and attachment levels increased, primarily driven by the Costa Concordia loss. The original loss reserve recently increased to the USD1 billion level.

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July 8th, 2012

July 1 Reinsurance Renewals Reveal Plentiful Capacity amid Benign Catastrophe Activity, According to Guy Carpenter

Posted at 11:00 AM ET

Reinsurance renewals took place against a backdrop of plentiful capacity at July 1, 2012. Capital has continued to strengthen through the second quarter of 2012, moderating pricing pressures, according to a briefing released today by Guy Carpenter & Company.

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April 13th, 2012

April 1, 2012, Reinsurance Renewals: Japan Casualty Lines

Posted at 1:00 AM ET

Personal Accident

The trend of hardening rates continued in 2012 although at a slightly lower pace. Risk adjusted rate increases were between 3 percent and 11 percent. Companies whose lead terms were agreed prior to the Tohoku earthquake last year had to accept a steeper increase.

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April 5th, 2012

Reinsurance Rates Rise at April 1, 2012 Renewals

Posted at 1:00 AM ET

Reinsurance rates rose as the market continues to work through the impact of the events of 2011, according to Guy Carpenter. In a briefing released today, Guy Carpenter reports that this year’s April 1 renewals are continuing the general trends observed at January 1, 2012.

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February 16th, 2012

January 2012 Reinsurance Renewal: Marine & Energy

Posted at 1:00 AM ET

jan2012cover_gcci3Global

Generally, marine and energy reinsurance pricing increased modestly for programs not affected by losses, while those hit sustained reinsurance rate increases of around 10 percent, on average.

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January 17th, 2012

Cruise Ship Grounding, Italy

Posted at 6:59 PM ET

giglio-smallAt least six people died after a luxury cruise ship carrying 4,229 passengers and crew ran aground off the Italian west coast on January 13 in calm weather conditions. Italian, Spanish, German, French, British and American nationals were reported to be among the 3,200 passengers on board the vessel. The 290-meter-long Costa Concordia was on a trip around the Mediterranean when it hit rocks near Isola del Giglio off the Tuscan coast, ripping a hole in its hull and prompting a major rescue operation. A large gash can be seen in the ship’s hull but officials said its fuel tanks did not appear to have been damaged, lessening the danger of an oil spill.

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