The Maersk Group has established its own captive insurance company, Maersk Insurance.
This has led to a decline in the amount paid out to insurers of around $100 million per year.
Earlier this year, Maersk experienced what it called a “stark reminder” of the constant risk it faces after 517 containers were lost overboard and another 250 were damaged during a storm in the Bay of Biscay.
Although the financial cost of the incident is still being assessed, Maersk has stated that it could be as high as $15 million.
In 2010, it was estimated that the group was spending between $300 million and $350 million per year on insuring its assets.
“We have a big balance sheet and can retain a lot of risk ourselves,” explained Lars Henneberg, head of risk management for the Maersk Group.
“It means we don’t have to pay a premium to the external insurance market.”
Typically, losses below $1 million are taken on by the business unit, while the group will take on losses of up to $50 million.
An ongoing risk assessment programme has been put in place to examine areas of concern for Maersk on a yearly basis.
In 2014 its focus has been the security situation at oil assets in West Africa and how to mitigate the threat of piracy, according to the group.
A major study has also been launched into the risk picture surrounding the new breed of mega vessels entering Maersk Line’s fleet.
