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Navigating the Rising Seas of Maritime Insurance Costs: AI and Data-Driven Solutions for Safer, More Efficient Shipping Operations
By Sea and Coast | 07/11/2023
In the lead-up to Christmas 2022, shipowners received unsettling yet anticipated news: impending hikes in premiums due to inflationary pressures driving up steel, spare parts, and labour costs. This cautionary prediction materialised as most P&I clubs implemented approximately a 10% increase in rates during the latest round of renewals in February 2023.
 
While inflation plays a part in these rate hikes, another significant factor is the heightened risk of hull and machinery breakdowns stemming from the size of modern vessels. Over recent decades, container ships have ballooned by nearly 1,500%, while crew numbers have remained stagnant. This discrepancy increases seafarers' workloads, resulting in a greater likelihood of incidents, leading to potentially expensive and time-consuming claims processes as larger vessels inherently come with higher risks.
 
Efficiency is paramount for maritime companies when moving goods globally, but crewmembers are grappling with an ever-increasing workload on today's massive cargo ships. This, in turn, elevates the risk of incidents, contributing to a mounting backlog in claims reporting and increased insurance costs, which are eventually passed on to shipping companies via higher premiums.
 
The Nordic Association of Marine Insurers' data reveals that the costliest 1% of claims account for at least 30% of total claims value in any given year. However, shipowners are frequently burdened by high-volume, low-value claims such as cargo damage from leaking hatch covers or fires sparked by misdeclared containers.
Other common incidents include cargo losses due to heavy weather, fatal falls from ladders and stowaways, machinery failures, collisions, groundings, and piracy attacks. With premiums on the rise, shipowners can't afford the added expense of claims for incidents at sea.
 
Sharing data is a crucial step in loss prevention by averting incidents before they occur. For instance, West P&I operates Neptune, an online system that offers a global view of weather and security data, allowing crew and fleet managers to plan safer voyages. Leveraging technology is another loss prevention avenue. For example, AI-powered platforms plugged into a vessel's CCTV can alert shipowners, managers, and seafarers to onboard events in real-time, enhancing safety and efficiency. These systems also help quickly identify the causes of incidents at sea, which is typically challenging due to limited contact with shoreside teams.
 
AI technology simplifies the claims process by swiftly determining what happened following an incident, thus enabling shipowners and managers to streamline their responses. While it's improbable to eliminate all risks, integrating intelligent systems, utilising data for operational improvement, and fostering transparent communication between owners and insurers can help mitigate the ever-growing risk of maritime incidents. This proactive approach not only prevents incidents at sea but also optimises efficiency, ultimately managing rising incident and insurance costs for shipping companies.
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LAKings.net: Exactlty what can you say to Leaders enthusiasts concerning the continuing development of Schenn?

McEwen: The most important running he's got produced is within the team connected with readiness. He is usually a twelve months more mature and then he is twelve months more knowledgeable than once we drafted them. You are able to see your talents in his game – a chance to make takes on and he carries a authentic edge against their competitors. You verify him get older along with experience which readiness process that a young child undergoes off their set up twelve months. You furthermore see it from your cultural perspective.

LAKings.org: Along with what regarding Jackson?

McEwen: You are free to see him or her finish one more year and that he has been the highest goalie in the European Little league this current year. His advancement from when many of us produced him to help camping immediately after being a non-drafted gambler and deciding upon him or her has become incredible. He has been a actual steady person with regard to Calgary and the man is just about the large good reasons they can be within this contest.

ABOUT BRENT McEWEN
Brent McEwen continues to be a newbie hunt for your Noblemen due to the fact 04. Prior to be able to signing up for the actual Leaders, McEwen loved the diverse track record to be a gm, instructor in addition to tutor.

From 1997-2004, McEwen helped your Saskatoon Mower blades with the American Dance shoes League, in which he organised this subject connected with general manager, hockey as well as company procedures. He also ended up being mixed up in the Category exactly where they ended up being chairman from the workforce companies board; affiliated with the officiating and schooling committees; as well as different governor.

Prior to help joining this Mower blades, McEwen used 4 years within The european countries. For a single year this individual had been the national staff go coach for your Norwegian Ice Baseball Federation. Within 1995-96, this individual seemed to be the actual top mentor for Rogle BK from the Remedial Top notch League, along with before he provided for just two months because the brain mentor intended for Vita Hasten of the Remedial Department Just one little league.

Before enrolling in your expert rates, McEwen pertaining to Decade did wonders for the College or university of Saskatchewan where by their duties integrated instruction the College Tennis System; Growth and Management of the particular Baseball School; as well as educating.

A own associated with Whitewood, Saskatchewan, McEwen, Fifty four, graduated from your School connected with Saskatchewan with 1983. He with his fantastic better half, Ellen, have a couple of children: a new child, Duncan, and also a girl, Kirsten. They are now living in Saskatoon, Saskatchewan.