1. Setting the agenda for Monte Carlo
With the largest reinsurance event of the year – the annual rendezvous in Monte Carlo – now just weeks away, Insurance Day’s content is focusing on some of the key trends set to lead conversations at the event. The event marks the traditional start of renewal discussions, and Insurance Day’s Monte Carlo hub highlights several key themes which will set the agenda for this year’s event. Since last year’s rendezvous, a series of catastrophe events have prompted a reassessment of loss potential and reinsurance appetite. Buyers are also increasingly looking to reinsurers to provide products to help manage cyber exposures, while ILS market appetite for traditional and new perils has continued to grow. All of these trends will be underpinned by the technological evolution which is driving change throughout the sector. Our insight on these topics is collated on our Monte Carlo hub, which will be expanded in the coming weeks and collate all updates from the Insurance Day editorial team at the event in early September. In conversations with clients, we need to be directing them towards our Monte Carlo content, both before and during the event, as we engage them on key industry issues and help position Insurance Day at the centre of their community.
Read more on Insurance Day:
Insurance Day’s Monte Carlo Hub
ID Comment: Ituango Dam loss shows reinsurance remains a volatile business
ID Comment: Cyber aggregation set t be prominent n Monte Carlo agenda
Insurance Day Webinar: Blown Away: Reloading the opportunities for he ILS market after the hurricanes
2. Sustainability is the key word
Our CEO Roundtable, sponsored by Wärtsilä, at SMM carries the theme “Sustainability – mad, bad, or inevitable for maritime”. It’s an attempt to get beneath the sponsor’s Smart Marine Ecosystem. There are so many words in this area that promise much but deliver little that it’s time to look at whether shipping really understands what Sustainability actually is, and why it’s important. In spite of what seems a vague subject, we have received acceptances from across the industry. The environmental leads at DNV GL and LR, the head of the German shipowners’ association, the sustainability manager at Hapag-Lloyd, two professors of logistics, and an advisor to Carbon war Room, plus a couple of not-yet-identified contributors from Wärtsilä itself. One of the professors wasn’t on our list but he’s from Bógota, Colombia and was passing, so he asked if he could join. It should be a fascinating session.
3. Shipmanagement mergers suffer loyalty exodus
As the Intelligence puts the finishing touches to its next edition, which features Ship Management in focus, we have our webinar on August 23rd and several articles including Mike Grey’s. Viewpoint-Hard-to-be-the-ideal-husband. In recent weeks we have heard rumours – since denied – that V.Group was looking to take over Fleet Management. Now we hear rumours that the January 2017 merger between Columbia Ship Management and Marlow Navigation isn’t going smoothly. I’m meeting Columbia CEO Mark O’Neil at SMM for an anniversary catch-up. And I also hear that since V.Group acquired the Asia specialist Selandia in November 2016, Selandia has lost a substantial chunk of its managed fleet. The reason, my source tells me, is that owners feel loyalty to smaller managers but not to the larger managers wanting to grow by acquisition. So, if you thought loyalty played no part in modern shipping, you might be wrong.
4. Have you heard about Britain leaving the EU?
If you think Brexit was becoming divisive before the summer break, wait for the UK’s political party conference season, especially the Conservatives in Birmingham at the end of September. Withdrawal from the EU could, at the very least, bring about a change of leader of the largest party. Meanwhile, leaders of the UK economy – including the Governor of the Bank of England and the President of the CBI, the business leaders’ organisation – are desperately trying to see which way the winds are blowing. In Dave Osler’s piece https://lloydslist.maritimeintelligence.informa.com/LL1123932/UK-to-set-out-postBrexit-exporting-superpower-plans, he assesses the Secretary of State for Trade’s ambition to make Britain a “21st century exporting superpower.” Quite what that means for shipping and ports is unclear because the UK has become increasingly reliant on the services sector, and much of the high-value exports are carried overseas by air. There are little more than 200 days until Brexit, and so far it’s no clearer than it was on Referendum Day.
Read more on Lloyd's List:
Viewpoint: Hard to be the ideal husband
UK to set out post-Brexit 'exporting super powers' plan
5. Let’s club together to tackle a dangerous issue
When you see how dangerously some containers are shipped, you can understand why insurers are frustrated. The weight issue seems to have been easily solved, what’s really inside the sealed box is now the concern. And there’s little consideration of the risks being pushed down the cargo chain – shipper to packer to consolidator to inland road/rail carrier to port/terminal to ship to import handling to receiver. Dangerous shipments could harm people at any one of these links in the chain, sometimes fatally. The P&I insurers TT, Standard, UK, and North – and probably others – want to raise the issue among targeted audiences by changing attitudes. TT Club’s Risk Management Director has asked us to come up with the first draft of the campaign that would run throughout 2019. The focus would be regulators, beneficial cargo owners/shippers, carriers/lines, ports/terminals, and others. This is an exciting prospect because it has the potential of bringing together four Clubs, four venues around the world, four separate audiences, and four elements of the Informa maritime portfolio.
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