麻豆放映免费

2 -MINUTE READ

Top Concern for Marine Insurers: Container Ship Fires

Nov 9, 2023

The shipping industry is fraught with risks and exposures 鈥 volatile weather conditions, mechanical breakdowns, theft and piracy, fuel spills, cyberattacks, and supply chain disruptions, just to name a few. One risk in particular, however, is drawing a lot of attention from insurance professionals recently: container ship fires.

According to a by the International Union of Marine Insurance (IUMI), cargo fires on shipping vessels have become an increasingly common issue and are responsible for numerous deaths and substantial damage. The report goes on to explain that fires/explosions are the second leading cause of major losses (following natural catastrophe events).

Source: IUMI Major Claims Database, reprinted in the IUMI鈥檚 2022 Analysis of the Global Marine Insurance Market report.聽

recently published insights from an interview with Hendrike Kh眉l, Policy Director of the IUMI, delving into the trending issue of container ship fires. In the interview, Kh眉l explains several reasons why container ship fires have become such a top-of-mind problem for marine insurers:

  • Vessel sizes and load sizes have grown. Container ships today carry as much as 1500% more containers than they did 60 years ago. Dangerous and combustible items 鈥 like chemicals or lithium-ion batteries 鈥 are often the source of ship fires. The larger the vessel, the easier it is to hide or misdeclare these items in hopes of sneaking them past inspections.聽
  • On-board fire safety rules and firefighting systems haven鈥檛 kept up with the growing risk. The shipping industry needs better automated tools and systems for detecting fires earlier and fighting them. Although ship crew members aren鈥檛 trained firefighters, when a ship catches fire at sea, the crew members are often the only ones around to combat it. Ideally, ships should be equipped with automated tools like water curtains and water monitors to alleviate some of this responsibility from the crew.
  • Container ship risk management practices are outdated. The marine insurance space is lagging behind other markets when it comes to implementing digital technology and artificial intelligence. There鈥檚 a need for more robust digital solutions to help marine insurers get a more complete and accurate view of an individual ship鈥檚 risks.聽

Read the for more details.

麻豆放映免费鈥檚 team of ocean and inland marine brokers work alongside you to find the coverage your clients need 鈥 both at sea and on land. Contact us to learn more about 麻豆放映免费鈥檚 marine insurance solutions and get a quote today.

The 麻豆放映免费 Property Insurance Team

The 麻豆放映免费 Property Insurance Team

麻豆放映免费鈥檚 property teams have extensive experience with all manner of occupancies and have unparalleled specialization in designing, implementing, and servicing complex property insurance and reinsurance programs. Our team welcomes the challenges presented by CAT-exposed properties, vacant buildings, offensive claims history, new ventures, and everything in between!
Container ship fires | 麻豆放映免费鈥檚 marine insurance solutions | Marine insurance

EXPLORE FURTHER

TRENDS & WHITE PAPERS

麻豆放映免费 Professional Lines Insurance

Garage Gurus: Garage Coverage Explained

Garage Insurance is one of the most commonly misunderstood lines of coverage. 麻豆放映免费鈥檚 expert brokers are ready to clear up the confusion. We鈥檝e parked answers to all of your Garage Insurance questions here.

TRENDS | Q2 2022 | 5 MINUTES

PODCAST

Behind the Wheel with Roman Atkielski

The last mile delivery market is expected to grow by $165B between now and 2027 and almost $62B in North America alone. This trend is influenced by the growing global e-commerce market which will be more and more prevalent. The most complicated, most expensive, and most important step to any delivery is that last mile that gets the package to its final destination.

PODCAST | AUGUST 23, 2023 | 26 MINUTES

RECENT POSTS

INDUSTRY TOPICS

PUT JENCAP TO WORK FOR YOU

Whether in-transit or in a garage, 麻豆放映免费 has your clients鈥 transportation-related risks covered. With more than three decades of experience in the transportation and garage insurance niche, 麻豆放映免费鈥檚 dedicated team of underwriters give you the competitive edge you need to secure winning coverage for your clients. With our quick indications, quotes, and binders, you鈥檒l keep your clients鈥 businesses rolling full speed ahead.

Stay Informed

Want to receive information from 麻豆放映免费 on timely marketplace trends, hot new product and program launches, and valuable product expertise that will set you up to win? Sign up below to receive email communications from 麻豆放映免费.

Name(Required)
This field is for validation purposes and should be left unchanged.