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Article: Few insurers agree to participate in database for marine claims; Some markets voice concerns over confidentiality issues.(NEWS)
- Article from:
- Business Insurance
- Article date:
- October 5, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MICHAEL BRADFORD
A proposed database of major marine claims that the International Union of Marine Insurance says would provide insurers with more accurate rating models has attracted only a handful of commitments.
IUMI already has received commitments from Swiss Reinsurance Co. and Munich Reinsurance Co. to participate in the database, but the association needs more involvement by insurers, reinsurers and IUMI members, said Cedric Charpentier, chairman of IUMI's facts and figures committee and chief underwriting officer of cargo at AXA Corporate Solutions in Paris.
Unprofitable years in the marine market, particularly on the hull side, ...