Asia Pacific marine review
The Marine industry has been through a tough few years but it remains a key component of the global economy with seaborne cargo still accounting for over 90% of the world’s trade.
The vital and ever increasing role that the marine transport chain plays in world trade has been underlined time and time again over recent years with the launch of larger and larger container vessels.
In 2006 the launch of the ‘Emma Maersk’ with a capacity of 15,500 twenty-foot equivalent units (TEU) sent shockwaves around the Marine market. It has since been surpassed by the CMA CGM Marco Polo at 16,020 TEU while the first of Maersk’s Triple E-Class, the Maersk Mc-Kinney Moller, is currently undergoing sea trials and boasts a TEU of 18,270.
Meanwhile, events such as 2006’s grounding of the ‘APL Panama’ in Mexico, the ‘Costa Concordia’ in Italy and the ‘Rena’ in New Zealand in 2012 highlight the potential for large losses.
On a macroeconomic scale the rise of the giant container ships has helped globalise world trade and will continue to do so. However, the numbers above illustrate some of the challenges facing the Marine insurance market.
In Markel’s Singapore office we have both the experience and the expertise to underwrite such risks. We work within the Lloyd's Asia trading platform and Markel's Singapore team writes on behalf of Markel Syndicate 3000, Markel International's wholly-owned Lloyd's syndicate.
Markel has capacity for all classes of Marine risks across the Asia Pacific region. The team liaises closely with its counterparts in the London and Scandinavian markets to offer a seamless, consistent approach. This offers clients truly flexible, global solutions to their needs enabling them to meet new business challenges and opportunities in this fast-developing region.
Markel International can also tailor products according to the specific requirements of clients and is continually evolving new products to match changing needs.
Singapore is one of the world’s busiest ports and a key global shipping industry hub of which the Marine Insurance Market is a major part. It is natural that Markel is located in the heart of this thriving Marine market, playing a vital role in providing cover for shipping and helping global trade stay afloat.
- Marine hull
- Increased value & war risks
- Ship building risks
- Marine cargo including contingency
- War and strikes risks
- Marine liability risks
- Terrorism risks