In this Insurance Institute of London (IIL) marine & energy webinar, Sam Kendall-Marsden will talk about why the Large Casualty Subcommittee was formed, its analysis of major shipping casualties, and the work the International Group has been doing to improve major casualty claims handling and control costs.
The International Group’s Large Casualty Subcommittee (then working group) was established in 2012 because of concerns about the rising cost of wreck removal, particularly in light of very large claims including the Costa Concordia.
The Subcommittee is composed of senior claims handlers with considerable experience of major casualty management from across the International Group. Since its inception, it has conducted three triennial reviews of major casualties involving significant wreck removal elements, to identify and assess the factors which have caused or contributed to the significant cost escalation, and to formulate practical claims handling recommendations and guidance for clubs.
The Subcommittee’s recommendations have been disseminated to clubs and have led to a number of important initiatives, including in relation to outreach with major maritime administrations, quantitative risk assessment, risk transfer, contracting, training and information-sharing across the Group.
By the end of this webinar members would have gained an insight into:
• The work of the International Group’s Large Casualty Subcommittee
• Cost drivers in major casualties
• Strategies to improve the management of major casualties and control costs