Marine insurance and reinsurance

Document description

The only major area of insurance in the UK without substantial actuarial involvement is that referred to as MAT: Marine, Aviation and Transport. Incidentally this state of affairs seems to apply to most overseas countries also. The Institute library is practically devoid of literature on the subject although the Chartered Institute of Insurance does have a fair amount of related information. This paper provides a basic introduction to Marine Insurance and Reinsurance, emphasising aspects of particular interest to Actuaries. Although Marine insurance is international, the paper concentrates upon business written in the UK and so many similarities exist with London Market Non-Marine. Much detail that is common to both has therefore been left out entirely or dealt with briefly. Aviation has been omitted to preserve some brevity. The paper does not describe all the business written by Marine underwriters as this includes Incidental Non-Marine.