Maritime Industry, Marine Insurance, Difficult

After an inauspicious start, 2012 will be another difficult and uncertain year for the maritime industry faced with the aftermath of the Costa Concordia, further problems in the Euro zone, pirate attacks and increased sanctions. The latest report reveals the Hull market is in a state of flux following the Costa Concordiadisaster in January. Some underwriters in the London insurance market, which will bear the majority of the estimated USD 500m hull claim, are adamantly refusing premium reductions or even flat renewals.

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Titanic to Costa Concordia, has safety at sea improved?
When the Titanic struck an iceberg and sunk on April 15, 1912, it set into motion a chain of events that would forever change the shipping industry through the introduction of new rules and regulations intended to prevent such a disaster from ever happening again. But 100 years after Titanic slipped beneath the surface of the Atlantic Ocean, claiming the lives of more than 1,500 people, many of the risks remain very much the same.
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100 Years After Titanic, Safety Still a Concern

Discovery News
The Costa disaster raised questions about whether safety is still an issue for top-of-the-range, floating leisure palaces. In the 10 years prior to the Costa Concordia accident only 28 people had died in ship incidents, 22 were crewmembers. The Titanic was the pride of the industry when it went down off the coast of Canada on its maiden voyage a hundred years ago with the loss of 1,514 lives, a giant of a ship.

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