Shortage of domestic marine expertise is a major challenge

The education of local insurance practitioners needs to be addressed if Asia is to establish itself as a marine insurance centre

A report on the global marine insurance market by broker Aon says that Asia has seen a significant increase in underwriting capacity for liability and cargo risks. For example, Singapore is now able to provide up to US$180mn in local hull and machinery underwriting capacity. However, while the Asian markets compete for more local, regional and global business, the larger, more complex risks in the region still rely on the London and Norwegian markets.