Marine Insurance

Smoothing trade across rough seas.

Although sea travel is statistically very safe, it is virtually impossible to guarantee that no loss or damage would befall ships, cargo, terminals, and between the origin and the final destination.

JR Global works with insurers to equip clients with high level protection to cover loss or damage to various types of ships or vessels and their equipment, as well as protection against all risks during the transportation of goods and merchandise.

Who needs a marine insurance? Why?

While a relatively safe venture with ever-expanding demand, there’s no telling when, in a freighting scenario, incidents disruptive to either cargo and/or vessel can happen… despite following all the safety regulations, e.g. natural catastrophes, piracy, and cross-border shootouts.

Whether you’re a shipowner or transporter, it is absolutely within your interest to invest in a watertight insurance coverage that reduces those inherent risks and guarantees compensation in the event of loss/damage of the ship and/or important cargo.

Statistics

Cargo throughput has increased 10.71% a year from 2018 to 333.4 million tonnes at local ports — the Malaysian freight and logistics market is expected to witness a CAGR of 11% between 2020-2025, much higher than the global average of 4.7%.
In 2018, the industry has committed USD16.6 billion (equiv. RM68.6 billion) to mitigating forwarding risks. In the Asia Pacific, that expansion has motivated growth in marine insurance premiums of 33.2% between 2016-2018.
While the frequency of claims has been on a downward trend (±22%), the maritime industry is seeing increasing volatility in risk of major losses with unprecedented cost, such as fires on large container vessels, hull-related problems with aging ships, natural catastrophes – which accelerates both stock and transit exposure.