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Beyond Insurance by Capt. Savraj Mehta
- 1. P&ICLUBS: BEYONDINSURANCE CAPT.SAVRAJMEHTA Global Director (Underwriting), LLB(Hons FICS FNI FCMM) The Company of Master Mariners of India Diamond Jubilee Conference
- 3. Without shipping the impact and export of goods on the scale necessary for the modern world would not be possible.
- 4. 01. TODAYSHIPPINGACCOUNTSFOR... 50,000merchant ships Over Around 90%of world trade World fleet is registered in over 150NATIONS& over a MILLIONSEAFARERS of virtually every nationality The IG insure around 90%of world trade 13IGCLUBS insure almost 1.2BILLION GT US$380billion in freight rates within the global economy
- 6. 01.WORLDTONNAGEBYCOUNTRY TOTALGT(MILLIONS) VESSELS Greece 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 250 200 150 100 50 0 Japan China P.R. Germany United States Norway South Korea Singapore Italy Taiwan Denmark Hong Kong Canada United Kingdom Turkey France Russia India
- 7. 01.IGCLUBOWNEDTONNAGE 20FEBRUARY2017 INGT(MILLIONS) 200 142 81 139 108 101 91 88 85 47 43 18 16 Guard North UK Standard Britannia Skuld Japan Steamship West of England Swedish London Shipowners American
- 9. 02. INSURANCE–ADEFINITION Insurance is, in its simplest form, a transaction whereby an assured replaces an unpredictable cost (the claim) with a predictable (the premium). The purpose of the transaction is to remove uncertainties and focus the assured’s energies on his foremost skill; the technical and commercial operation of his ships.
- 10. 02. TIMELINE:COFFEESHOPS TOONE-STOP-SHOPS One-stop-shop: Increased cover and service provided to Members. 1000BC 18th CENTURY 17th CENTURY 19th CENTURY 20th CENTURY Phoenicians accredited with rudimentary marine insurance practices. Coffee shop: Edward Lloyd coffee house (London, 1680). Formation of small Clubs in Great Britain to provide Hull insurance. Formation of the first mutual ‘Protection Club’ (1855) and Indemnity Clubs (1874) Growth of a mutual P&I clubs (including North).
- 12. 02. SCOPEOFCOVER–FD&D CHARTERPARTIES BILLSOFLADING GUARANTEES&LETTERS OFINDEMNITY SALE&PURCHASECONTRACTS BUNKER(ANDOTHER)SUPPLIERS CONTRACTSOFCARRIAGE ANDAFFEIGHTMENT NEWBUILDINGCONTRACTS $
- 14. OVERSPILL LIABILITYSHAREDBYPOOL 7000(APPROX) COLLECTIVEOVERSPILL LAYER3 LAYER2 LAYER1 COLLECTIVEOVERSPILLPROTECTION(RE-INSURANCE) THIRDGENERAL EXCESS(RE-INSURANCE) SECONDGENERALEXCESS(RE-INSURANCE) FIRSTGENERALEXCESS(RE-INSURANCE) 3070 2070 1070 570 1000 1000 500 500 UPPERPOOL LOWERPOOL UPPERPOOL LOWERPOOL 70 45 25 36 CLUBRETENTION CLUBRETENTION(ICR) 99 HYDRA RE-INSURANCE 02. INTERNATIONALGROUPREINSURANCESTRUCTURE
- 15. OVERSPILL LIABILITYSHAREDBYPOOL 7000(APPROX) COLLECTIVEOVERSPILL LAYER3 LAYER2 LAYER1 COLLECTIVEOVERSPILLPROTECTION(RE-INSURANCE) THIRDGENERAL EXCESS(RE-INSURANCE) SECONDGENERALEXCESS(RE-INSURANCE) FIRSTGENERALEXCESS(RE-INSURANCE) 3070 2070 1070 570 1000 1000 500 500 UPPERPOOL LOWERPOOL UPPERPOOL LOWERPOOL 70 45 25 36 CLUBRETENTION CLUBRETENTION(ICR) 99 EXXONVALDEZ US$400M HYDRA RE-INSURANCE 02. INTERNATIONALGROUPREINSURANCESTRUCTURE
- 16. OVERSPILL LIABILITYSHAREDBYPOOL 7000(APPROX) COLLECTIVEOVERSPILL LAYER3 LAYER2 LAYER1 COLLECTIVEOVERSPILLPROTECTION(RE-INSURANCE) THIRDGENERAL EXCESS(RE-INSURANCE) SECONDGENERALEXCESS(RE-INSURANCE) FIRSTGENERALEXCESS(RE-INSURANCE) 3070 2070 1070 570 1000 1000 500 500 UPPERPOOL LOWERPOOL UPPERPOOL LOWERPOOL 70 45 25 36 CLUBRETENTION CLUBRETENTION(ICR) 99 RENA US$450M EXXONVALDEZ US$400M HYDRA RE-INSURANCE 02. INTERNATIONALGROUPREINSURANCESTRUCTURE
- 17. OVERSPILL LIABILITYSHAREDBYPOOL 7000(APPROX) COLLECTIVEOVERSPILL LAYER3 LAYER2 LAYER1 COLLECTIVEOVERSPILLPROTECTION(RE-INSURANCE) THIRDGENERAL EXCESS(RE-INSURANCE) SECONDGENERALEXCESS(RE-INSURANCE) FIRSTGENERALEXCESS(RE-INSURANCE) 3070 2070 1070 570 1000 1000 500 500 UPPERPOOL LOWERPOOL UPPERPOOL LOWERPOOL 70 45 25 36 CLUBRETENTION CLUBRETENTION(ICR) 99 COSTACONCORDIA US$1500M RENA US$450M EXXONVALDEZ US$400M HYDRA RE-INSURANCE 02. INTERNATIONALGROUPREINSURANCESTRUCTURE
- 20. 03. HAVEWEEVOLVEDSINCE1987? Today - with a bow door alarm, a good crew, and good shore managers - this accident would not have happened. THAT’SWHATWEEXPECT-BUTCANWESAYTHAT? Major accidents still happen on brand new ships! THEMISSINGELEMENT? It’s a joint effort to provide the master with the best possible chance of taking good decisions.
- 24. 03. SOMEEXAMPLES LIFEBOATONRELEASEHOOKS MOBILEPHONES PASSAGEPLANNING Lifeboat aboard ship. Photo credit: S.Corosini Passage planning: By Hervé Cozanet CC BY-SA 2.0 fr, via Wikimedia Commons
- 26. 04. BEYONDINSURANCE ATHENSCONVENTION PIRACY MARITIMELABOUR CONVENTION SANCTIONS CYBERRISKS IGCOMMITTEES LOBBYINGFORINDUSTRY BIMCO
- 33. Every day you may make progress. Every step may be fruitful. You know you will never get to the end of the journey. But this is not discouraging - it only adds to the joy and glory of the climb. Winston Churchill