marine insurance
1988 General Insurance Convention
M A R I N E
I N S U R A N C E
R E I N S U R A N C E
A N D
GISG 1988
Working Party Members:Chairman:
Colin J.W. Czapiewski
David H. Craighead
Peter A.G Green
David M. Hart
Peter N. Matthews
Chris Mellor
Hugh Rice
Peter D. Smith
David I. Tomlinson
Marine Insurance & Reinsurance - An Introduction
Page
Index
1.
Introduction
2
2.
Classes of Marine Business
3
3.
Types of Insurance and Reinsurance
6
4.
Organisations and systems
7
5.
Claims
12
6.
Rating
14
7.
Data Problems
21
8.
Reserving
23
9.
Summary and Conclusion
31
10. Bibliography
31
- 1 -
Marine Insurance and Reinsurance - An Introduction
The only major area of insurance in the UK without substantial actuarial involvement is that referred to as MAT: Marine, Aviation and Transport. Incidentally this state of affairs seems to apply to most overseas countries also. The Institute library is practically devoid of literature on the subject although the Chartered Institute of Insurance does have a fair amount of related information.
This paper provides a basic introduction to Marine Insurance and
Reinsurance, emphasising aspects of particular interest to
Actuaries. Although Marine insurance is international, the paper concentrates upon business written in the UK and so many similarities exist with London Market Non-Marine. Much detail that is common· to both has therefore been left out entirely or dealt with briefly. Aviation has been omitted to preserve some brevity. The paper does not describe all the business written by Marine underwriters as this includes Incidental Non-Marine.
1·
Introduction
Marine business is one of the oldest areas of insurance. The current working environment has been created by historic case law with the 1906 Marine Act formulating much additional regulation and securing some standardisation of definitions. The
M A R I N E
I N S U R A N C E
R E I N S U R A N C E
A N D
GISG 1988
Working Party Members:Chairman:
Colin J.W. Czapiewski
David H. Craighead
Peter A.G Green
David M. Hart
Peter N. Matthews
Chris Mellor
Hugh Rice
Peter D. Smith
David I. Tomlinson
Marine Insurance & Reinsurance - An Introduction
Page
Index
1.
Introduction
2
2.
Classes of Marine Business
3
3.
Types of Insurance and Reinsurance
6
4.
Organisations and systems
7
5.
Claims
12
6.
Rating
14
7.
Data Problems
21
8.
Reserving
23
9.
Summary and Conclusion
31
10. Bibliography
31
- 1 -
Marine Insurance and Reinsurance - An Introduction
The only major area of insurance in the UK without substantial actuarial involvement is that referred to as MAT: Marine, Aviation and Transport. Incidentally this state of affairs seems to apply to most overseas countries also. The Institute library is practically devoid of literature on the subject although the Chartered Institute of Insurance does have a fair amount of related information.
This paper provides a basic introduction to Marine Insurance and
Reinsurance, emphasising aspects of particular interest to
Actuaries. Although Marine insurance is international, the paper concentrates upon business written in the UK and so many similarities exist with London Market Non-Marine. Much detail that is common· to both has therefore been left out entirely or dealt with briefly. Aviation has been omitted to preserve some brevity. The paper does not describe all the business written by Marine underwriters as this includes Incidental Non-Marine.
1·
Introduction
Marine business is one of the oldest areas of insurance. The current working environment has been created by historic case law with the 1906 Marine Act formulating much additional regulation and securing some standardisation of definitions. The
Bibliography: (i) Marine Textbooks by the CII. (ii) Marine Reinsurance Principles and Basic Practice - Brown. (iii) Marine Reinsurance - Brown and Reed. (iv) JIA 113 - Reserves in Lloyd 's and the London Market Benjamin & Eagles. - 31 -