The commercial shipping industry is more complex than ever, constantly evolving amidst a backdrop of volatility and risks, from oil pollution to losses. International operations worth millions of dollars are conducted every day and shipping accounts for about 90% of global trade, and an extremely specific level of expertise is essential in order to effectively manage the risks involved.
As global trade stretches into more remote corners of the world, the entire maritime industry enjoys new growth opportunities. It also faces new challenges, unpredictable costs, and the ever-present potential for catastrophic loss. The speed of change keeps accelerating, requiring swift responses and greater operational efficiencies.
Marsh’s Marine Practice is a leading adviser to the maritime industry on risk, liability and insurance issues. Our globally coordinated team of nearly 600 maritime specialists places approximately USD 3 billion in marine premiums globally, identifying cost-effective, often hard-to-find insurance solutions. We help clients differentiate their risk profiles, enabling them to better compete for insurer capacity.
With specialized marine expertise backed by industry-leading data, analytics, and benchmarking, we help determine and prioritize exposures and determine how much risk your balance sheet can comfortably retain. We use technology to develop innovative risk management solutions specifically for the maritime industry. And our dedicated marine claims staff helps to accelerate claims payments to maintain cash flow.
Our global service approach is dynamic and ample, providing expertise and innovation in the likes of hull and machinery, marine liability, protection and indemnity and marine cargo. With Marsh’s Marine Practice, you can minimize total cost of risk, help protect your balance sheet amid business challenges, and stay competitive in an increasingly global marketplace.