Financial Overview & Outlook for Global Marine Insurers: Clear Sailing or Rough Seas?

This PowerPoint report, presented by Robert Hartwig, president of the Insurance Information Institute, at a meeting of the International Union of Marine Insurers in Copenhagen, Denmark, focuses on issues relating to the global maritime insurance industry.  Noting that Europe and Asia write the majority of marine hull coverage, just 6.3 percent was written in the U.S. in 2005, the presentation discusses premiums and pricing, underwriting performance trends and premium growth.  Sections are devoted to a reinsurance market summary, a look at capital and capacity, and investments.  The economic environment for marine insurers is discussed in the context of a relatively healthy global economy and a depreciating U.S. dollar, among other factors.  The important role that China is likely to play as a trading partner in the 21st Century is another subject of discussion.  The report concludes with a catastrophe loss overview, an energy market overview and a lengthy look at issues related to maritime terrorism and liability problems in maritime terrorism.  A special section focuses on the history and future of maritime interests in the arctic.  Recent aggressive actions by Russia have brought territorial and maritime rights in the region to the fore.  The report also suggests that the melting of the polar ice cap, in part due to climate change, will lead to more trans-arctic shipping and reduced transit times for cargo as well as more energy and mineral exploration.  At the same time, the likelihood of large scale losses and environmental catastrophes will grow.

The following presentation is called "Financial Overview & Outlook for Global Marine Insurers: Clear Sailing or Rough Seas?". It was presented by Dr. Robert P. Hartwig on September 12, 2007.

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