Marine insurance trends - challenges and opportunities for actuaries

Marine insurance trends - challenges and opportunities for actuaries

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Speaker: Astrid Seltmann

As marine insurance is usually no issue at actuarial conferences, I propose to give an overview over the global marine insurance market and its characteristics, challenges and opportunities with specific focus on issues relevant to actuaries. Marine insurance has had a rapidly increasing demand for technical analyses and calculations in recent years.

I would illustrate recent developments, with regard to available data and the demand for technical and data-based evaluations of the marine insurance market for pricing, portfolio composition and claims analysis purposes. Another aspect is the influence of various global economic parameters on income and claims trends, due to the global nature of the marine business, and the wish to predict future claims impact. This includes the differentiation between major or total losses and 'normal' repair claims, which I can illustrate by claims patterns/trends and other relevant features for the hull, cargo and offshore energy business and shipowner's liability. Another factor is the interpretation of terms such as 'serious' (marine industry - nature of event) versus 'major' losses (marine insurance - high-cost claims) and their impact on marine insurance.
The presentation would not be extremely technical in its nature, but rather targeted to raise the awareness for and interest in characteristics, challenges and opportunities in marine insurance. With about 90% of the global cargo transported by ship, marine insurance is an essential type of insurance, with specific features worthwhile exploring from an actuarial/analytical point of view. I have since 2004 had a central role in the Facts and Figures Committee of the International Union of Marine Insurers (IUMI), and maintain on behalf of The Nordic Association of Marine Insurers (Cefor) an extensive hull insurance database covering 25% to 50% of the commercial world fleet as well as about 12,000 coastal and fishing vessels per year.

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