Tokio Marine Kiln expands APAC team as global marine insurance risks surge

Tokio Marine Kiln expands APAC team as global marine insurance risks surge | Insurance Business Asia

Marine

Tokio Marine Kiln expands APAC team as global marine insurance risks surge

Industry veteran to lead company’s growth strategy

Marine

By
Roxanne Libatique

Tokio Marine Kiln (TMK) has appointed Stephanie Hong as marine underwriter for the Asia-Pacific (APAC) region, effective immediately.

Hong, an industry veteran with over two decades of experience in marine insurance across APAC, will focus on expanding TMK’s market presence in key areas throughout the region.

Hong joined TMK from Great American Insurance, where she held the position of senior manager for marine cargo. Her career includes previous roles at Starr Insurance, Chubb, and Federal Insurance Company, part of The Chubb Corporation.

The appointment is part of TMK’s ongoing strategy to strengthen its team and increase its marine insurance business across APAC, a region that spans from Australia to the Middle East.

Pavlos Spyropoulos, TMK’s regional managing director for APAC, emphasised the importance of Hong’s appointment given the expansion of the company’s marine portfolio.

“Combined with our reputation for being market-leaders in the class, the marine team is well placed to seize the significant growth opportunities in the APAC market as we look to meet our ambition of doubling the size of our Lloyd’s Asia platform by 2027,” he said.

Hong expressed enthusiasm about joining TMK during a period of rapid expansion.

“It’s a really exciting time to be joining the team, and the ambition of the business is impressive. I’m looking forward to bringing my expertise to expand TMK’s already market-leading offering,” she said.

Larger ships and more intricate systems are leading to greater exposure for marine insurers, particularly when significant claims arise.

According to the International Union of Marine Insurance (IUMI), only 2% of marine hull claims from 2013 to 2021 exceeded $10 million, yet these losses accounted for 29% of the total claims value during that period. Such major losses significantly influence how premiums are calculated, impacting insurers globally.

TMK’s focus on strengthening its marine team in the APAC region aligns with the broader industry trend of preparing for increasing volatility.