The disruption and changing environment in the maritime and logistics industries bring both opportunities and threats.
More than 720 maritime specialists across 26 countries worldwide
Approximately US$4 billion in premium globally
Based on the 2019 Global Maritime Issues Monitor, Marsh expands on the workforce of the future including automation, diversity and skill in the maritime industry.
The top 10 issues for impact in 2019 reflect current events, as seen by the inclusion of environmental concerns, geopolitical tension, big data and artificial intelligence, changing trade patterns, cyber-attacks and data theft, and societal demands for sustainability.
The ramifications of recent vessel seizures near the Strait of Hormuz in the Persian/Arabian Gulf are considerable. Owners/operators of vessels, or owners of the cargoes, may wonder whether their marine insurance protects them in such situations. The answer is not straightforward.
Technological advances, environmental standards, regulation and the use of big data means that the maritime and logistics industries are reacting to unprecedented amount of disruption. This is leading to an increase in the velocity and convergence of risk, novelty of threats, and rise in systemic and aggregating threat risks.
With the risk landscape changing rapidly, vessel owners/operators, ports and terminals, logistics organisations and owners of cargo need to skilfully navigate these changes to minimise the risks and exploit the opportunities.
Marsh's Global Marine & Cargo Practice is a leading broker and adviser to the maritime and logistics industries on risk and insurance issues. Our globally-coordinated team of 720 maritime and logistics specialists place approximately US$4 billion in marine premiums globally. We have the scale, scope and market influence to solve almost any risk problem or issue that our clients may have now and to help them plan for the future. We work collegiately with integrity and empathy to serve the community of the maritime and logistics industries.
The maritime and logistics industries demand not only specialised knowledge, but also a holistic perspective. Marsh takes a global service approach to our marine and logistics clients, augmenting our capabilities with professionals who are dedicated to providing expertise and innovation in the following areas:
The two key elements to Marsh's success are collaboration and innovation, which lead to new products and creative ideas that result in unique client solutions. We are proud to be involved in the following innovations:
Today, we continue to encourage originality, always focused on the future to help ensure we anticipate your needs.
Marine insurance as it is known today originated in London and London remains its pre-eminent centre. More marine insurance is transacted with companies, Lloyd’s syndicates and protection and indemnity (P&I) clubs in London than anywhere else in the world, and London remains the "go-to" market for new, complex and non-standard risks. As a Lloyd's broker, Marsh's marine team is a major part of that hub and has been responsible for placing some of the largest and most challenging risks accepted by the market in recent years. Our specialism allows us to fully appreciate the risk in context of your specific operations and negotiate on your behalf in the marketplace..
As part of Marsh's global network, the London marine and cargo team has quick access and strong negotiating power to the world’s leading insurers, via face to face broking by our own colleagues in our wholly owned subsidiaries in all of the major insurance market places around the world.
The prompt collection of valid claims from a well-structured programme is the reason why you buy insurance. The unique nature of our client portfolio has exposed us to many of the major casualties experienced by the maritime and logistics industries over the years. The skills of the Marsh claims team have brought these to successful resolution even where the circumstances of the casualty or where the applicability of the precise meaning of the law was open to interpretation.
Our specialist marine claims advocates draw upon the experience of many previous successes in maximising policy coverage, develop novel approaches to coverage or quantum issues, and provide you with the benefit of our loss management experience. In 2018, our marine claims team in the UK collected USD 1.16 billion in shipping, ports and cargo claims.