OleWikborg

Information about OleWikborg

Published on November 7, 2007

Author: Naples

Source: authorstream.com

Content

Comments by a Hull Underwriter Crew Quality: The Greatest Blind Spot for Marine Underwriters:  Comments by a Hull Underwriter Crew Quality: The Greatest Blind Spot for Marine Underwriters Holmen Fjordhotell June 11, 2007 Ole Wikborg Norwegian Hull Club Punch Line:  Punch Line Crew recruitment, training and retention is no longer a problem, - Punch Line:  Punch Line Crew recruitment, training and retention is no longer a problem, - IT’S IN A STATE OF CRISIS Punch Line:  Punch Line Crew recruitment, training and retention is no longer a problem, - IT’S IN A STATE OF CRISIS and marine insurers have yet to understand the impact this will have on their bottom lines Issues:  Issues Nautical accidents is the fastest growing marine claim category in terms of costs Nautical accidents hurt the ship owners financially Nautical accidents may be reduced with increased focus on the recruitment and training of seafarers Issues (cont’d):  Issues (cont’d) Marine Underwriters are underestimating the future added insurance exposure and claims costs resulting from crew shortage, lack of training and seagoing experience 1st issue:  1st issue Nautical accidents is the fastest growing marine claim category in terms of costs 2nd issue:  2nd issue Nautical accidents hurt the ship owners financially H&M Underwriters’ estimated costs:  H&M Underwriters’ estimated costs Refloating / towing assistance USD 500.000 Damage repair 925 mt steel @ EUR 6,40 USD 8.000.000 Dry-docking / general expenses USD 400.000 Removal expenses / owners costs etc USD 300.000 Underwriters exp. and unforseen USD 300.000 USD 9.500.000 Ship owner’s exposures, not covered by insurance::  Ship owner’s exposures, not covered by insurance: Offhire / cash-flow Loss of management time Administrative costs Ship owner’s exposures, not covered by insurance::  Ship owner’s exposures, not covered by insurance: Offhire / cash-flow Loss of management time Administrative costs LOSS OF REPUTATION Ship owner’s estimated costs:  Ship owner’s estimated costs Offhire USD 1,800,000 Extra expenses USD 200,000 USD 2,000,000 Ship owner’s estimated costs:  Ship owner’s estimated costs Offhire USD 1,800,000 Extra expenses USD 200,000 USD 2,000,000 …and loss of reputation? 3rd issue:  3rd issue Nautical accidents may be reduced with increased focus on the recruitment and training of seafarers Ship owners’ historical attitude:  Ship owners’ historical attitude Weak freight market did result in scrutinization of all costs Crew was a commodity Cost of crew had to be minimized Short term employments without any long term employer commitments Ship owners’ position today:  Ship owners’ position today Booming market Newbuilding activity in all shipping sectors Little scrapping More advanced technology More cargo More complicated cargo More focus on time tables More rigid regulatory regime Nobody to fill the vacancies The Remedies:  The Remedies Seafarers have to be recruited and retained with a long term perspective Life at sea is a career, not a short term occupation Career development = takes time, efforts and cost money The Remedies:  The Remedies Seafarers have to be recruited and retained with a long term perspective Life at sea is a career, not a short term occupation Career development Quick fix: Improve communication onboard Slide29:  A happy ship is a ship where everybody feel included, important and part of the team A safer ship is a ship where everybody freely can speak their mind and contribute Slide30:  Leadership is to influence the crew through Human Relations and Communication to make them do what you want them to do Slide31:  Leadership is to influence the crew through Human Relations and Communication to make them do what you want them to do and still like it.. 4th issue:  4th issue Marine Underwriters are underestimating the future added insurance exposure and claims costs resulting from crew shortage, lack of training and seagoing experience Underwriters’ attitude:  Underwriters’ attitude Underwriters traditionally look back to determine the future Assessment of risk is often based on the historical performance of each individual client, not what the required total market premium should be Underwriting success is determined by::  Underwriting success is determined by: the Underwriter’s ability to apply historical information with care understand the changing nature of risk …and apply the premium consequences of these influence and encourage the ship owners to prioritize long term investment in and development of his sea going staff to the benefit of all stakeholders and to produce an underwriting profit …and the most important are::  …and the most important are: the Underwriter’s ability to apply historical information with care understand the changing nature of risk …and apply the premium consequences of these influence and encourage the ship owners to prioritize long term investment in and development of his sea going staff to the benefit of all stakeholders and to produce an underwriting profit

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