Allianz Global Corporate & Specialty SE (AGCS), through its Singapore Branch, has appointed Hydor Pte Ltd as a managing general agent (MGA) to support its marine liability insurance portfolio in Asia-Pacific. This strategic move coincides with the market introduction of a new general marine liability (GML) product specifically designed for regional maritime operators.
Comprehensive Coverage for Maritime Risks
The newly launched GML policy by Hydor targets operational risks across various maritime entities, including port operators, logistics and marina service providers, ship-repair firms, and marine consultants. The product addresses a broad spectrum of exposures such as liability for third-party injuries and property damage, losses related to cargo under custody, regulatory sanctions, and professional negligence. Additionally, coverage extends to marine property, equipment breakdown, and business interruption. Policyholders can access liability and property protection with per-risk limits of up to US$25 million, backed by Allianz’s underwriting capacity.
Regional Strategy and Leadership
The Asia-Pacific rollout is being led from Hydor’s Singapore base by Colin Fordham, who brings extensive experience in the marine insurance sector. Fordham’s role will focus on execution and engagement with brokers and clients across the region. Hydor CEO Folkert Strengholt emphasized that the partnership leverages both companies’ strengths, combining Hydor’s local market insight and underwriting expertise with AGCS’s global strength and stability to deliver meaningful protection to maritime businesses across the region.
Addressing Growing Demand for Specialized Liability Cover
The launch is timed to meet the rising demand for tailored insurance solutions in Asia’s maritime sector. As shipping operations expand and infrastructure investment grows, the need for comprehensive and flexible marine coverage continues to rise. The product aims to reduce complexity for policyholders by integrating multiple coverages under a single form, enabling streamlined risk management for maritime businesses.
Emerging Threats in the Maritime Industry
The announcement follows the release of Allianz Commercial’s annual Safety and Shipping Review, which highlighted emerging threats in the global maritime industry. These include the impacts of regional conflicts, sanctions, aging vessel fleets, and increased fire incidents on board large ships. The review raised concerns over unregulated tanker operations, often referred to as the ‘shadow fleet,’ with Allianz estimating that roughly 17% of the global tanker fleet may now fall into this category.
Cyber Risks and Navigation Challenges
The maritime sector is also facing increasing cyber incidents, particularly ransomware, which accounted for more than half the value of major cyber claims in the first half of 2024. Additionally, GPS interference, including jamming and spoofing, rose 40% compared to early 2023, creating operational risks for navigation and logistics.
