Leaders query whether historic loss records remain relevant or meaningful
‘Strength and stability in turbulent seas’ – the 2023 strapline of IUMI’s annual conference offers a snapshot of the tumultuous conditions currently facing the marine insurance market. Speaking with Insurance Business following the conference, two of Zurich’s longstanding marine specialists Howard Kingston and Bjorn Hartong shared insights into the headwinds and tailwinds impacting clients and the brokers who support them.
Given Zurich’s heavy involvement with the cargo business, global supply chain challenges represent a significant concern for circa 90% of its insureds, according to Kingston (pictured left), global head of marine. The weaknesses in the global supply chain were thrown into sharp focus amid the COVID crisis, he said, and are only becoming clearer in the context of the ongoing geopolitical turmoil being seen aro