In Marine In­surance

Insurance - - HUMAN CAPITAL -

Marine in­surance for years has been con­sid­ered a unique class of busi­ness. Most early un­der­writ­ers of this class had highly spe­cialised knowl­edge of the marine in­dus­try as well as the var­i­ous types of car­goes they un­der­wrote. This re­quire­ment of in­for­ma­tion was so dis­tinc­tive that it led to the es­tab­lish­ment of highly trusted and re­li­able pub­li­ca­tions like the Lloyds List, which first be­gan publi­ca­tion in the year 1734. It may be worth­while men­tion­ing that the Lloyds List is still a much sought af­ter source of in­for­ma­tion to­day. All th­ese demon­strate how im­por­tant, up­dated and rel­e­vant in­for­ma­tion is to marine in­surance un­der­writ­ing. A num­ber of in­sur­ers who are op­er­at­ing within the tar­iff regime are not keen to de­velop their marine in­surance port­fo­lio. The main rea­son for this is the de­pen­dence on the re­sults of their tar­iff based busi­ness to cush­ion their losses in other non-tar­iff classes. This is not only sad but a dan­ger­ous trend to adopt. The world is ac­tively mov­ing away from pro­tec­tion­ism and

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