Why Not Become a Marine Insurance Specialist?

Marine Insurance is a Specialised Area of the Worldwide Insurance Market

Why Might I be Interested in Marine Insurance?

Marine Insurance is a legal contract, which promises to pay a set sum following the loss of, or damage to, a vessel and its cargo from a range of perils that would be expected at sea.

Marine Insurance also includes cover for cargoes which are transported on land.

As Marine Insurance is a specialised area of insurance, people working in the insurance industry generally make a career choice as to whether they work in the Marine sector or the General Property and Casualty sector.

Presently, there is a worldwide shortage of new people entering the Marine Insurance sector. This is a problem for the Marine Insurance industry when world trade is growing expedientially.

Some History

Marine Insurance in Europe has its origins going back to 350BC when the Greek Orator Demosthenes described what was called a "sea-loan" for a 20-oar ship carrying 3,000 jars of wine from Mende to the Pontus, more familiarly known as the Black Sea, then back to Athens with a cargo bought out of the profits.

The Principle, inelegantly known as "bottomry", was that a moneylender would make an agreed loan to the shipowner for the voyage. If the ship and cargo had a safe arrival, the shipowner would return the loan with interest. If not, the loan would not be returnable and the loss would be borne by the moneylender.

Records of marine insurance during medieval times showed that prudent merchants would not send their ships uninsured. The earliest named insurer was an Italian, Francesco Datini, who was a Tuscan cloth-merchant who moved on from insuring his own ships with moneylenders to underwriting risk for others, possibly because he found claims not easy to collect when he had insured his own ships.

The earliest British risks were written by expatriate Hanseatic traders and by the refugee merchants from Lombardy who wrote insurance policies alongside their main trade of moneylending.

During the late 1600's the coffee houses in London became places where insurance transactions for ships and cargo were undertaken.

During the 18th century, with the Industrial Revolution, Britain boomed with its exports and so did the growth of the Marine Insurance market.

During the 1700's a coffee house, known as the Lloyd's Coffee House, was established which later grew to become Lloyd's Insurance Market where Marine Insurance was transacted worldwide.

Marine Insurance Career Paths

Marine Insurance, being a specialist area, is generally well remunerated with fairly long and varied career paths. Possible career paths in Marine Insurance are outlined as follows:

MARINE INSURANCE TRAINEE school leaver, university graduate shipping industry maritime qualification holders		MARINE UNDERWRITER
		MARINE CLAIMS TECHNICIAN
		MARINE SURVEYOR / MARINE LOSS ADJUSTER

The Marine Insurance industry allows those who are willing to obtain additional qualifications, such as the Marine Institute exams and other related qualifications, to move through a career path that will take them to management level fairly quickly, where remuneration levels are high.

Marine Insurance is a 'hands-on' business that requires active involvement on the part of marine underwriters and claims technicians. Each insurance risk has to be understood, priced accordingly, and placed with the relevant insurers or reinsurance market. Often this involves dealing with international customers and insurers.

Marine Insurance is very much a relationship-type business.

For more information on Marine Insurance see the International Union of Marine Insurers' website www.iumi.com [careers information], or refer to Australian & New Zealand Institute of Insurance & Finance website www.theinstitute.com.au

Marine Insurance May Suit You

If you are looking for a sustainable and challenging career, as a specialist in the insurance and finance industry, it may be worth you considering employment in the Marine Insurance sector.

There is a growing demand now for specialist marine insurers worldwide.

Many people in the New Zealand Marine Insurance market have worked their way around the world, such as the US, the UK, Europe and Australia.

Once you are qualified, Marine Insurance effectively gives you a passport to work around the world.

Insurance allows you to enjoy life and take risks

- why not come and join us?

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