Dear All,
This is with reference to marine insurance claim trends over the years and factors leading to these severity and frequency of marine claims.
Fire & explosion emerges as the biggest challenge for marine underwriters over the world like engine room fire and fire caused by Li-on(Lithium Ion battery).
Other causes which have major impact in marine claims have been presented in detailed in attached PDF for your reference.
Below data presents an overview of the same:-
| Top Causes of Claims by Value | |
| Types Of Marine claims | Value(%) |
| Fire & Explosion | 18 |
| Shipping Incidents(Sinking, Collision etc.) | 17 |
| Damaged Goods(Including handling & Storage) | 12 |
| Machinery Break-down(Including engine failure) | 12 |
| Natural Catastrophes(Storms, Hurricane, Floods and wildfires) | 9 |
Feel free to contact in case of any further query into this regard.
Marine Claim Trends: Document
