Expat Marine at the 5th Asia Marine Insurance Conference
Colin Dawson from Expat Marine presented at the 5th Asia Marine Insurance Conference held in the middle of November in Hong Kong. His talk was titled Claims and Consequences and focussed on the recent issues surrounding yacht claims around the world and how the insurance markets are likely to be reacting to these.
His talk was part of an overall programme whose general theme was Finding Anchorage in the Perfect Storm which saw professionals from the maritime and insurance worlds discussing the impact of successive years of ever cheapening premiums and widening cover on a marine industry that has found itself the victim of huge insurance losses over recent years. The yacht side of this has not escaped and with the last 24 months being particularly bad for the insurance industry times are about to change. The full impact of market changes will not be known until the insurers reinsurance contracts are renewed by the end of the year though there is talk from underwriters of significant increases in premiums and a tightening of the cover afforded to owners. What actually happens remains to be seen but owners should prepare themselves for changes to their insurance programmes in the coming renewals.
By Expat Marine