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Editorial BoardJ. Hari NarayanR. K. NairS.V. MonyV. ManickamR. ChandrasekaranVepa KamesamAshvin ParekhEditorU. JawaharlalPrinted by K. Ravindranath andpublished by J. Hari Narayan on behalf ofInsurance Regulatory and Development Authority.Editor: U. JawaharlalPrinted at Lakshmisri Enterprises#3-4-417, G-3, Near Kachiguda X Roads, Hydand published fromrdParishram Bhavan, 3 FloorBasheer BaghHyderabad - 500 004Phone: +91-40-23381100Fax: +91-40-66823334e-mail: irdajournal@irda.gov.in© 2010 Insurance Regulatory and Development Authority.Please reproduce with due permission.Unless explicitly stated, the information and views published inthis Journal may not be construed as those of the InsuranceRegulatory and Development Authority.
From thePublisherInsurance professionals associated with Marineinsurance are passionate about their professionand vow by its challenges and charm. While itwould amount to being hasty in saying that theseprofessionals live and perform in a world of their own,Marine insurers certainly are a different set ofpractitioners. In fact, the challenges of the domainwould expect that type of involvement – consideringthe vast area of expertise and alertness that areessential to keep them updated.Apart from the routine guidelines of underwritingfunction and the scientific analysis of risk assessment, aMarine underwriter needs to be abreast of all thedevelopments taking place with regard to maritimetrade; in addition to being conversant with the variousformalities of international commerce. Besides, anyreasonable assessment of turbulence on the high seashas become a dicey affair with forecasts getting to belesser and lesser realistic – thanks to the ecologicaldisturbances and environmental problems. This putsfurther pressure while taking the risks intoconsideration in the domain of Marine insurance.As if the natural perils were not enough, maritime tradeis confronted with the challenges of frequent attackson the vessels, their cargo and the crew. Sea piracy hasbeen an age-old problem afflicting maritime trade; andinsurance is believed to have taken its origin therefrom. Some of the more frequently used andprosperous routes faced this malady globally. Owing tobetter technologically designed carriers andprofessionally trained crew, several of the identifiedproblems have been dealt with, in most routes.However, piracies continue to haunt some specific searoutes despite the best efforts of various countries.Marine underwriters thus have to be updated with theroutes that a voyage is likely to take; and the piracyissues related with these routes.International trade may have become much moreorganized through the operations of the bankers ofexporters and importers. While the bankers take intoaccount the reliability of the overseas traders throughtheir counterparts, it must be appreciated that theentire banking transaction is only through documents;and they do not take any responsibility of the goods –either exported or imported. This also puts anadditional pressure on the Marine underwriters toensure that the transactions are one of genuine trade.All these and several other factors make Marineinsurance a truly challenging line for the insurers andcalls for their best attention at all times.‘Marine insurance’ is the focus of this issue of theJournal. With such huge challenges and the variety ofrisks associated, the next issue of the Journal will alsofocus on ‘Marine insurance’.J. Hari Narayan
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