Tell us a little about your journey to get to where you are today, launching an Underwriting agency. Have you always been in insurance?
My entrance into the insurance industry began in 2010 with Vero Marine, followed by a decade of growth and development at AM&T/GT Marine. However, my professional roots run deeper, grounded in over 15 years of managing my own family business in electrical contracting. This experience was pivotal, providing me with hands-on expertise in leading a team of 25, mastering small business operations, and delivering exceptional customer service. Transitioning into marine insurance, I found that my background in small business management offered a unique perspective. It equipped me with the tools to approach marine underwriting with a keen understanding of the needs of both brokers and clients. Every decision I make is influenced by a commitment to putting these relationships first, ensuring that their interests are always at the forefront.
Over the past 10 years, I've dedicated myself to cultivating strong, lasting relationships while expanding both my knowledge and the marine book under my care. This journey has been one of continuous learning and growth, shaping me into a more insightful and effective underwriter. Today, as I help lead our own underwriting agency, I draw upon this extensive experience. The blend of small business acumen and deep industry knowledge has uniquely positioned me to navigate the complexities of marine insurance, always with an eye toward innovation and client-focused solutions.
What are some of the underwriting challenges Marinex has considered launching a new agency?
Marinex has considered several underwriting challenges while launching a new agency. Some of the key challenges include: • The past few years we have witnessed a recovery in global trade, both in volume and value, following the significant disruptions caused by the COVID-19 pandemic. However, global trade patterns continue to shift, influenced by geopolitical unrest, such as the ongoing Ukraine conflict and the Red Sea tensions involving Houthi militants with incidents appearing to be on the rise. Even with taking such precautions around re-routing vessels to avoid such conflicts, this still encompasses other risks with longer journey times and exposure to potential adverse weather conditions.
• The increasing prevalence of fires on containerships and car carriers also presents a growing concern. The trend towards larger container vessels has heightened the risk of such incidents, particularly as these ships are more likely to carry cargo that may ignite. A notable example is the increasing transport of Li-ion batteries and electric vehicles, which require special handling. Accurate cargo declaration is becoming more crucial than ever, ensuring that goods are correctly positioned on vessels to mitigate these risks.
• In the aftermath of COVID-19, global insurance claims have largely returned to more typical levels. Yet, the marine insurance industry faces several emerging challenges, particularly in the hull insurance sector. With the underwriting experience, adaptability and innovation built into our business practices we will provide confidence and protection needed to operate in the dynamic and often unpredictable maritime environment.
How do you see market inflation affecting the current Marine environment?
Inflation remains a critical factor, affecting the cost and availability of goods, parts and shipbuilding materials. This, in turn, impacts the overall cost of maintaining and insuring fleets. Additionally, the push towards alternative fuels and emission reduction technologies in ship propulsion is reshaping the industry. As fleets become more valuable due to these technological advancements, the level of risk that needs to be covered increases. The rapid implementation of these technologies, driven by decarbonisation and greenhouse gas emission reduction goals, introduces new risks. These include challenges with fuel blends for current engines and the adoption of entirely new propulsion methods. To keep pace, hull policy wordings will need to evolve, and underwriters must develop the expertise required to accurately assess these emerging risks.
As the marine insurance industry continues to navigate these challenges, adaptability and expertise will be key to managing the evolving landscape of global trade and shipping.
What do you believe are some of the key underwriting deliverables that will ensure Marinex's success?
The role of marine insurance agencies will remain critical in ensuring that businesses can effectively manage their risks and continue to thrive in our industry. By aligning key individuals and the strengths they bring to the business will ensure focus remains strong in areas of expertise. This is something we have implemented at Marinex and allows us to pay particular attention to some key areas to accelerate growth. • Adapting to Market Changes: The marine insurance landscape is continually evolving due to technological advancements, changing trade patterns, and emerging risks like cyber threats. Marinex is focused on being at the forefront of these changes, offering innovative solutions that meet the modern needs of businesses.
• Access to Global Markets: Marinex has relationships with a wide range of insurers, including those based internationally. This access will allow us to offer our clients competitive rates and coverage options that might not be available directly.
• Negotiation Expertise: We will use our industry knowledge and relationships to negotiate favourable terms and premiums on behalf of our clients. This is particularly important in a market with fluctuating risks and premiums.
• Customised Risk Solutions: Marinex is able to assess the unique risks faced by each client and offer tailored insurance products that address those risks.
• Diverse Risks: The marine environment is fraught with various risks, including natural disasters (like cyclones and storms), piracy, mechanical failures, and cargo damage. Marinex has the expertise to assess these risks accurately and tailor insurance solutions to meet specific needs.
• Specialised Knowledge: Understanding the nuances of different types of vessels, cargo, routes, and regulatory requirements requires specialised knowledge. At Marinex we possess the technical expertise needed to navigate these complexities and provide appropriate coverage.
