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The P&I World in Transition Present Trends, Future Challenges and the Shape of Things to Come Joseph E. M. Hughes Shipo PowerPoint Presentation
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The Houston Marine Insurance Seminar 2010. The P&I World in Transition Present Trends, Future Challenges and the Shape of Things to Come Joseph E. M. Hughes Shipowners Claims Bureau, Inc. Managers of The American Club. September 21, 2010. Overview A brief retrospective

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slide1

The Houston Marine Insurance Seminar

2010

The P&I World in Transition

Present Trends, Future Challenges and

the Shape of Things to Come

Joseph E. M. Hughes

Shipowners Claims Bureau, Inc.

Managers of

The American Club

September 21, 2010

slide2
Overview

A brief retrospective

Dominant themes of the present

Major challenges of the future

The shape of things to come

Conclusion

slide3
A brief retrospective

30 years of geopolitical change

30 years of economic change

30 years of P&I change

But….an enduring business model

slide4
Dominant themes of the present

A fragile global economy

The rise of emerging markets, especially China

Volatile asset values

A spotty freight market

Leviathan rises: statism in the ascendant

Widespread regulatory intervention

Marine liability claims down

Healthier P&I results

A better balanced underwriting equation

No clear economic direction

slide5
Major challenges of the future

Global economy retreats into “double-dip” recession

Protectionism gains ground

Asset values slump

Shipping crisis provokes erosion of industry base

Unanticipated rise in claims costs

Pricing power weakens as deflation sets in

Burgeoning shipowner liabilities

Increasing regulatory/political intervention

Shipping industry expectations expand and regionalize

No clear systemic pattern

slide6
The shape of things to come

Political and regulatory challenges will grow and regionalize

Member/shipping industry expectations will continue to rise

Flexibility/value of system will continue to be recognized

The Club/Group business model will endure

Group will maintain its basic shape

Cooperative deployment of Group resources will strengthen

Growing emphasis on financial modeling

Group market share will be maintained

Regionalization of service delivery will expand

Specialist insurers will continue to have a role

slide7
Conclusion
  • P&I market texture much changed over years
  • Serious challenges persist, but no clear pattern/direction
  • P&I market fabric enduringly strong over years
  • Underlying Group business model will remain
  • Reflects desires/expectations of customer base
  • Plus ça change, plus c'est la même chose
slide8

The Houston Marine Insurance Seminar

2010

The P&I World in Transition

Present Trends, Future Challenges and

the Shape of Things to Come

Joseph E. M. Hughes

Shipowners Claims Bureau, Inc.

Managers of

The American Club

September 21, 2010