spRING 2011 GlobAl MARKETs INTERNATIoNAl - Willis

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marIne CaRgo In 2009 our message was simple: it’s a buyer’s market but clients should not be drawn into compromises on quality, service and financial security. This did not change in 2010. The economic outlook has seen a return to growth, greater profitability and increased cargo shipments. There is some optimism in the market, but the recovery looks to be tentative. Competition in the global Cargo insurance market remains fierce. The same activity which has dominated the market for the past couple of years remains: increased capacity, greater competition, new entrants and reduced rates. This new global capacity means further appetite for underwriting new business at competitive levels. ClaiMs In 2010 there were no significant claims; good news for buyers of Cargo insurance. The hurricane season did not impact the market greatly, with Hurricane Earl only causing minor damage along the eastern seaboard of the USA. We did however see a major catastrophe in the Gulf of Mexico, which may have a long-term impact. This could become apparent for 2011 reinsurance renewals, however the current thinking is that limited change is expected. eleCtRoNiC iNFlueNCes Buyers of Cargo insurance continue to look for greater operational efficiencies through the use of technology. Lloyd’s, through Xchanging, are streamlining claims processes to speed up settlements from syndicates. This is being piloted in the Marine Hull and Energy markets, with planned introduction (if successful) to the Cargo market. Clauses After the introduction of the new cargo clauses in January 2009, the Joint Cargo Committee (JCC) has been working on updating the specialised clauses (Frozen Food, Frozen Meat, Coal, Commodities, Bulk Oil, etc). We expect to see the first draft of these at the beginning of 2011. The changes will replicate the general cargo clauses and will clarify the wording and coverage provided. Revised Incoterms are also expected to be released shortly. However, it appears that a year after their introduction, the Rotterdam Rules are still some way from achieving the 20 signatures required for implementation. In summary, it remains a buyer’s market for global marine Cargo insurance. With no major cargo-related catastrophe in 2010, and with increased capacity, a downward pressure on prices is expected. 36 | Willis | Mining Market Review 2011
" tHe eConomIC outlook Has seen a return to growtH, greater ProfItaBIlIty and InCreased Cargo sHIPments" Willis | Mining Market Review 2011 | 37
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dIsaster management
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When things go majorly wrong, organ
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