Overview of Hong Kong marine insurance

Costa-Concordia-capsize-MHAs of 30 June 2015, there were 86 marine insurers registered in Hong Kong. Of that number 53 were local operations and 33 were international insurers including nearly all members of the International Group of P&I Clubs and Lloyd’s syndicates. Amongst the 85 insurers all classes of business are available including:

  • Ship’s hull and ship’s liability
  • Yacht hull and liability
  • Marine cargo
  • Charterer’s insurance
  • Bareboat charters
  • Vessels under construction
  • Mortgagees’ insurance
  • Mortgagees’ interest insurance (MII)
Mortgagee additional perils (MAP)
Mortgagee’s financial loss
  • Kidnap and ransom (vessels and ship’s crew)
  • Carrier’s liability
  • Ship’s crew personal accident cover

In 2014, Hong Kong’s marine insurers made a collective underwriting profit of HK$50.1m, from gross premiums of HK$2.36bn. During the same period net claims paid amounted to HK$941.7m and net claims incurred stood at HK1.079bn.

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