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With a market share of 6.3% in 2010, French marine insurance companies are among the leaders in a large independent international market (turnover of 25.3 billion dollars in 2010 - source: IUMI), insuring transporters and operators in international trade against the financial consequences of incidents involving their ships (“hull”) and the goods they carry (“cargoes”).
In 2010, French marine insurance was ranked 5th in the world for all hull and cargo insurance. Unlike some major markets which basically underwrite the risks of their own countries as they are so highly geared towards foreign trade (Germany/Japan) or have large domestic fleets (Japan/Italy), French insurers have expanded their underwriting activities abroad.
The activities of French marine insurance companies, which actively support the international development of their French customers, extend well beyond the domestic market. These companies help to provide cover for nearly a quarter of the tonnage of merchant fleets operating in the world.
For the Hull and Cargoes branch, after a record rebound in 2010 (+13.8%), growth in world trade slowed in 2011 (+5%) under the effect of major natural events (tsunami in Japan, floods in Thailand) and the sovereign debt crisis in Europe. However, although the level of claims for damages suffered in natural disasters worldwide in 2011 was the highest since 2005, the impact on marine insurance was limited with a C/P (claims/premiums) ratio steady at 70%.
In 2011, as in 2008 and 2010, the market has benefited from the appreciation of the dollar against the euro (the dollar being the currency used in many contracts, especially for hulls). On a constant exchange-rate basis, this 1.6% rise in turnover for the whole marine insurance and shipping sector was limited to 0.2%.
The French insurance market is:
• internationally focused: risks underwritten abroad represent 80% of the total.
• quality conscious: the fleets covered are selected with extreme care. And no new policy is accepted if there is any doubt as to the quality of management.
• powerful: full loss cover up to €150 M per unit.
• reliable and creditworthy: The legal solvency ratios required are among the highest in the world and are strictly monitored by the Ministry of the Economy and Finance.
• creative and flexible: the French policy is the most advantageous in the world for shipowners (burden of proof on the insurer). Shipowners can however select any policy they wish (British, Norwegian, etc.).
• and the market benefits from a favourable outlook over the medium term: despite a depressed economic environment, forecasts indicate steady growth for sea transport and insurable assets over the medium term.
Established in 1833, Adam Assurances S.A.S. is a marine insurer based in Bordeaux, an underwriter acting for first class insurance companies on the French market and a specialist in marine and transport insurance throughout the world.
AXA Corporate Solutions
Acknowledged leader in the transport insurance market:
• € 1.986 billion in 2011 consolidated revenues, of which € 476 million were contributed by the Marine branch (76% Cargo, 24% Hull),
• more than 1,300 employees worldwide, including teams of over 250 Marine experts in France, China, Dubai, Germany, Hong Kong, Italy, Saudi Arabia, Singapore, Switzerland, the UK and USA,
• underwriting capacity of US$ 80 million, plus an AA financial rating,
• lead insurer for more than 70% of its portfolio.
AXA Corporate Solutions is responsible for providing hull insurance for 25% of the world’s commercial fleet tonnage, and cargo coverage for a quarter of the world’s top 100 companies.
AXA Corporate Solutions offers a wide range of covers for transportation risks whatever their nature:
• hull, loss of hire and IV (increased value);
• war risks;
• freight forwarders’ liability;
• cargo, including storage.
AXA Corporate Solutions supports customer development through an efficient organisation comprising:
• multicultural and multilingual claims management teams, available 24/7;
• a team of marine transportation specialists (mostly ex-mariners) in security, risk assessment and loss prevention;
• an international network that covers more than 90 countries.
Set up in Trieste in 1831, the group has expanded across all insurance areas to now support more than 65 million clients worldwide.
Today, Generali is one of the main international financial services group. In Europe, the group positions itself as the first Life insurance company.
Generali operates through different types of insurance intermediaries: tied agents, salaried salesforce, brokers and partners, but also direct sales companies, Genertel in Italy and Cosmos Direct in Germany.
On an international scale, two specific dedicated structures Generali Global (Non-Life) and Generali Employee Benefits (Life and Protection) provide customised insurance solutions to over 1,000 global corporates The group offers in addition an international coverage for assistance products through its subsidiary Europ Assistance. In some major territories the group provides integrated and financial services through its banking structures, Banca Generali, BSI, and through agreements with large European banking groups.
Generali has also a financial strength recognised by the main rating agencies:
• Standard & Poor’s A
• Moody’s A1
• Fitch A-
• AM Best A
The group offers in addition an international coverage for assistance products through its subsidiary Europ Assistance. In some major territories the group provides integrated and financial services through its banking structures, Banca Generali, BSI, and through agreements with large European banking groups.
Generali has also a financial strength recognised by the main rating agencies:
• Standard & Poor’s A
• Moody’s A1
• Fitch A-
• AM Best A
Groupama transport insuring marine and transport risks since 1861. Groupama Transport is a trademark of Gan Eurocourtage.
• Expertise: structured in 7 markets to correspond to clients business: ship owners, pleasure craft, fishing, port activities, carriers and logistics, inland craft and cargo. Guarantees proposed are tailor made or packaged regarding clients needs.
• Proximity: autonomous and responsible teams worldwide for a greater efficiency, proactivity and to act quickly and decisively. A company that is familiar with the issues of its clients, member of Intercargo, Intertanko, AIVP (International Port Authorities).
• Effectiveness: online services for statistics and claims monitoring, claims declaration and issue of insurance certificates, pricing tool.
Liberty Mutual Europe
• Is the subsidiary of Liberty Mutual Insurance group, a US corporation with 45.000 employees in 900 offices Worlwide with a turnover of 33 billions US$.
• 9th American Insurer for industrial risks.
• Is a 100% subsidiary of Liberty Mutual, a European division of LIU who has been operating in the UK market for the past 30 years and in the French market for the past 6 years. The Marine department was opened in 2009.
• A turnover of 4.5 billion US$ for Global Specialty Division of LIU with more than 100 million for the Marine department (50% Cargo, 33% marine Liability, 17% Builder’s Risks and Hull).
• 200 persons in Global Specialty with 82 persons in Marine Worlwide (presence in France, Switzerland, Dubaï, Spain, Germany, Irland, USA, Canada, Brazil, Argentina, Australia, Hong-Kong, China, Singapour, India, Malaysia and Vietnam).
• A capacity of 100 million US$ for Cargo and 25 million for Marine Liability.
• Financial rating: notation “A” by AM Best.
After the success of the “Transport Insurance Forums” held in Cannes in 2009, 2010 and 2011, insurers from the French market met in May 2012 in Paris. This annual international gathering, unique in Europe, provides transport insurance and risk management professionals with their own special forum to develop new avenues of cooperation. This fourth edition of the Transport Insurers' Forum was devoted to the theme “The heart of all instability, transport and globalisation. The example of Brazil”. Besides the interventions mentioned, the discussions also dealt with the emergence of new risks, restrictions affecting insurance, and money laundering viewed through the prism of fraud.
Economic Interest Group providing services to member companies, bringing together French and foreign companies in the marine and transport insurance business.
CESAM is a unique professional organization with no equivalent anywhere else in the world. Its aim is to help its members to develop their economic activities by providing them with technical, administrative and financial services. CESAM is also heavily involved in the management of events dedicated to the Marine and Transport Insurance Market such as the annual “Transport Insurance Forum”.
The French market is offering a new hull package formulated in a collaborative effort between the FFSA, Armateurs de France (ADF) and the Union des Courtiers d'Assurance Maritime et Transports (UCAMAT). The latest version of this model of contract, issued on 1st January 2012 is available in both French and English. The hull package is intended for all owners and operators of merchant ships throughout the world. It offers clear comprehensive guarantees and has been designed to reinforce the French claims handling model.
Fédération Française des Sociétés d’Assurances et structures d’intermédiation
French marine insurers are represented by the French Federation of Insurance Companies and Intermediation Organisations (FFSA) and come together under the Transport Insurance Commission (COMAT). They are continuously improving the terms of the policies they offer in France and internationally, and play an essential role in risk prevention.
A P&I policy is a third party policy which covers ship owners (and charterers) for liabilities they may incur in regard to the ship’s crew and other third parties, and for ship owners’ liabilities related with goods transported, oil spills, collisions, damage to fixed and floating objects, fines by the authorities, etc.
The policy includes legal assistance provided by P&I Correspondents such as:
Acting as Correspondent for Hull Underwriters and P&I Clubs all around France and in French Speaking African countries, France P&I is more specifically a service company specializing in prevention, legal/contractual counsel and analysis, as well as the handling of maritime disputes of all sorts for the account of French and foreign maritime operators, marine underwriters and P&I Clubs. Founded more than 13 years ago and composed with in-house lawyers with experience and proficiency in both French and English maritime laws, France P&I is the only French service provider offering specialized legal outsourcing in maritime law and transports law.
Member of the McLEAN Group, McLeans SA is the P&I Correspondent acting for the P&I Clubs of the International Group and other P&I Insurers in France and the French overseas territories. Through its subsidiaries the Group has an important P&I activity in the Maghreb countries (McLEANS-TMCS, McLEANS-ALPIS, McLEAN MARITIME MAROC, McLEANS MAURITANIA), in Africa (WAMS) and is also present in Greece (SHIPSERVE INTERNATIONAL).
With its strong team of maritime lawyers, the McLean Group has been a major player in the Marine & Transport Insurance Industry since 1973.
Marine Insurance Broking
Marine insurance brokers negotiate risk cover with insurance companies. In particular, they negotiate ship related risk cover on behalf of shipowners, and cargo related risk cover in behalf of shippers. They act as an intermediary placing risks on behalf of customers (hull of course and risks associated, in terms of volume and accidents, mainly with relatively high cost high frequency goods transport) and sometimes even on behalf of the insurer.
The French market is composed of some major players who are also CMF members, most affiliated to UCAMAT, the Union of Maritime and Transport Insurance Brokers (CMF member), which has developed a strong relationship with others players in the industry, shipowners, shippers and insurers. UCAMAT is also actively involved in working groups adressing technical issues, hull and cargo.
Marine Insurance Brokers
A leading insurance broker in Monaco and throughout Africa, long-established in 23 countries, the ASCOMA Group develops insurance solutions tailored to the requirements of the shipping and yachting communities.
Cap-Marine is a leading marine and cargo insurance broker.
The company produces approxima tely 70,000,000 € of premium.
Placings for the account of its clients are made with the main marine insurance markets: French, English, Norwegian, Swedish, Danish, Russian, Korean, Japanese markets.
I t s customer por t folio consist s mainly of shipowners, operators of specialised vessels, leading industrial or distribution firms, trading companies, freight forwarders, private and mutual insurance companies for which Cap- Marine is placing reinsurance.
The slogan “In the heart of international trade” reflects the vision of Filhet-Allard Maritime, specialist in maritime and transport, hull and cargo risks: to contribute, alongside the buyer, the seller, the charterer / the shipowner, in the same measure as the banker, to the success of international trade operations.
• “client teams” assure constant responsiveness, professionalism and proximity,
• a strong international presence, both through branch offices (Geneva, Luanda, Abidjan, Singapore and Santiago) and thanks to the mobility of its team,
• organisation: a technical and logistical platform in Bordeaux and commercial branches, as of today, in Bordeaux, Geneva, Abidjan, Luanda, Singapore and Santiago,
• a large handling capacity and the confidence of the main dedicated insurance markets,
• a policy for the continued technical, linguistic and in-the-field training of its 65 international collaborators.
• One of the leading French brokers specialising in marine & transport insurance.
• In 2011, € 60 million in premiums collected / € 8.8 million in total brokerage.
• A staff of 55 people, split between offices in Paris, Marseilles and Athens. • Direct access into the London market with Lloyd’s broker accreditation.
• Lead partner of Gras Savoye, the largest French insurance broker.
The full range of marine and transport risks are covered by GUIAN, backed up by specialists in hull, cargo and related liabilities and a long tradition of brokerage.
Among its traditional capabilities that have earned it an excellent reputation are:
• blue and brown water,
• fishing industry, hull, cargoes and liabilities,
• construction risks,
• logistics, ports and terminals,
• gas industry: hull and cargoes,
• offshore and subsea activities.
It provides a full range of brokerage, administrative and claims handling services worldwide.
Marine & Transport Risk Management (MTRM)
Dedicated to marine insurance, MTRM provides insurance solutions and services to ship owners, charterers and shippers.
MTRM is active in Hull & Machinery, Cargo and liability insurance.
In particular, the company is developing P&I, Charterers Liability Cover and Crew Insurance.
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