40 years in the marine re/ insurance industry
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After 40 years in the insurance industry, with the last 26 of those at Swiss Re, Gabriele Ebhardt, our Senior Marine Underwriter, is retiring this year. Ahead of her last visit to the IUMI conference we sat down with her to understand what's changed, and what hasn't in the world marine re/insurance.
Q1 Gabriele, you joined the industry in the 1980s! But what first drew you to the world of marine?
During my studies we visited Hamburg. On the trip we were really lucky to visit many of the historical landmarks associated with the maritime industry such as the historical sailing vessel the Rickmer Rickmers. The atmosphere, sense of history and gateway to the world through trade stuck with me, and I knew I wanted to play a role in this sector.
Q2 A lot has changed over the course of your career, what are the major developments that stand out in your mind?
There's a few topics that really spring to mind.
The first is how easy communication has become, and how this has enabled the marine world. You can book cargo passages online, last minute if needed. Captains can check the weather through an app. Though of course this has opened up new risk frontiers too.
The accumulation scenarios have changed a lot. When I started, container vessel capacity was around 5,000 TEUs – today the biggest ships in the world can carry around 25,000 TEUs. For insurers, this means that the potential value of goods on the ship are significantly higher, so the potential risks in a total loss scenario have also increased. When you add into that changing Nat Cat exposures, exposures both at sea and in port have increased exponentially.
The world of regulation has also changed. While sanctions and taxes have always been part of the picture, the frequency of how often we come across them has increased.
Q3 So a lot has changed, but is there anything that hasn't?
Certainly, the fundamentals of our business remain very similar. I remember my first boss gave me a brochure called “A 70% loss ratio is too much”, and that's still valid today.
Q4 Are there any memorable client visits that stand out from the years?
I remember one trip in particular. We were insuring an offshore wind project, but weren't able to get to the site to visit, so instead we took a trip to an onshore wind farm so we could understand and explore the turbines. We stood on top of the turbine – sadly I'm afraid of heights!
Q5 And finally, any advice for new joiners to our industry?
Be open, learn a lot, have fun with the work. New risks and new challenges are always on the horizon so be prepared for that. When you have experience and new knowledge - share it.
