Marine insurance: threats and opportunities

While there are still opportunities for insurers in the shipping and energy sectors, the circumstances are very different to a year ago. The performance of the shipping sector is closely linked to the health of the global economy which, according to Rolf Tolle , Franchise Performance Director for the Lloyd’s of London insurance market, is in ‘the sick bay’ at the moment. The erratic rise of oil prices and the threat of a global recession may lead to a slow down in consumer spending, a general economic slowdown and a reduction in demand for tonnage. However, Mr Tolle believes that all is not lost. In this edited extract from his keynote address to the International Union of Marine Insurers’ (IUMI) annual conference in Vancouver this week, Mr Tolle argues that the insurance industry in general, and Lloyd’s in particular, has weathered storms in the past and will continue to do so in the future if insurers adopt a sensible approach