- Marine Protect
Australia's largest marine specialist insurer marks major milestone
With an annual insured portfolio of $150 billion worth of cargo, nearly 4,000 vessels and thousands of transport companies, Australia’s largest specialty marine insurance team has reached a major milestone, celebrating five years.
NTI’s speciality line, Marine Protect is one of the largest of its kind in the Asia-Pacific, with Australia's largest team of marine experts and being the country's only insurer with local marine risk engineering expertise on the ground.
NTI CEO Tony Clark said Marine Protect was founded in April 2017 when shareholders GCU and Vero made the decision to transfer their marine portfolios to NTI.
“NTI was trusted with the marine portfolios because of our proven experience of more than 45 years providing specialist insurance to our transport and logistics customers,” Mr Clark said.
“Our team took significant measures to update the marine offering to ensure it more accurately fitted with what our customers need today. Last year we paid out more than 99 per cent of claims and we are committed to providing our customers with the greatest level of support in an ever-changing environment.”
Acting Head of Marine Portfolio Dan Morrison said it was an exciting field to be in.
“Last year we covered billions of dollars’ worth of Australian cargo being shipped all around the world, and our customers took out coverage for a huge range of items, from a single bottle of pasta sauce through to a vessel load of cars,” Mr Morrison said.
“Marine cover doesn’t just protect what’s on board a ship and commercial vessels. Everything that needs to be transported from port across land also comes under our responsibility, so that might include truckloads of fresh fruit or pharmaceuticals.”
Mr Morrison said the last few years have shown us just how much we rely on the global supply chain and the impact delays in shipping can have.
“As part of our service, we make sure our customers are up to date with the latest advice on events which might impact them. We were the first in market to offer laid-up cover to tourist operators impacted by COVID, we’ve had staff on the ground checking in with flood-affected customers and have recently provided our customers information on Russian sanctions with the war in Ukraine affecting global shipping routes.”
Mr Morrison said he looked forward to the future of NTI’s Marine Protect.
“I’ve been in the marine insurance space for 24 years and have seen the greatest changes to the industry in the last three years. There’s a move to digitisation and we’re prioritising greater communication with customers, while always reviewing our policies and maintaining a watch on global events.
“We’re incredibly proud of what we have offered, and continue to provide, to our customers, and look forward to the next five years and beyond of Marine Protect.”