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For two hundred years, the modus operandi of the insurance industry has been to follow the status quo. Today, protecting and growing your business demands a new perspective. It is time for a different way of looking at risk.
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Koru offers peace of mind by building and managing efficient risk management solutions that align with our clients’ business objectives.
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Cargo and transit insurance, often referred to simply as cargo insurance or marine cargo insurance, is a specialized type of insurance coverage designed to protect goods and merchandise while they are being transported from one location to another, whether domestically or internationally.
Types of Policies:
Cargo and transit insurance policies can vary in scope and can be tailored to suit the specific needs of the shipper or cargo owner. Common types of policies include:
All Risk: This provides the most comprehensive coverage, protecting against a wide range of perils, with certain exceptions clearly specified in the policy.
Named Perils: These policies cover only specific risks that are explicitly listed in the policy. Common named perils might include fire, theft, collision, and certain natural disasters.
Inland Transit Insurance: Designed for goods being transported within a country, this coverage typically includes both land and waterway transportation.
Ocean Marine Insurance: Primarily focused on goods transported by sea, ocean marine insurance is crucial for international shipping.
Additional Considerations
Cargo and transit insurance is a crucial safeguard for businesses involved in the movement of goods, whether domestically or internationally. It provides protection against a wide range of risks that can occur during transit and ensures that businesses can recover financially in the event of loss or damage to their cargo.
The intricate field of insurance is often challenging for businesses to navigate. The emergence of Insurance Risk Purchasing Group (IRPG) or more commonly known as Risk Purchasing Group (RPG) offers a collaborative approach for organizations to streamline their insurance procurement processes.
AM Best recently shifted its outlook on the global reinsurance market to positive for the first time in history, reflecting improved market conditions and potential profitability. The last significant change was in 2018 when the outlook was upgraded to stable, with no record of a previous positive outlook. This notable change, coinciding with AM Best's 125th anniversary, highlights the enhanced return potential driven by higher pricing and stricter coverage terms in the reinsurance sector, benefiting both traditional reinsurance and insurance-linked securities (ILS) markets.
Artemis Update: AM Best has upgraded its outlook on the global reinsurance sector from stable to positive for the first time in over a decade, highlighting robust profit margins and improved underwriting conditions. The rating agency now views insurance-linked securities (ILS) as strategic partners rather than competitors, emphasizing their role in supporting traditional reinsurers. Despite a deceleration in reinsurance pricing, AM Best notes that underwriting discipline and healthy profit margins are expected to be maintained.
Exciting news in the world of finance and risk management! May is set to break records as the biggest month of catastrophe bond issuance ever. According to a recent article from Artemis, the market is experiencing unprecedented growth, highlighting the increasing demand for innovative risk transfer solutions.
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