AXA XL is the property and casualty and specialty risks arm of AXA, partnering with US Marine Insurance Group (USMIG) to provide shipper interest insurance in response to market changes in the logistics sector.
The cooperation between the two parties will begin in 2024, with USMIG serving as the project manager of AXA XL.
This enables AXA XL to provide specialist underwriting expertise and tailored underwriting options to meet the needs of transport, logistics and construction customers.
Driven by this service, shippers are now increasingly offering insurance to their customers through domestic and international certificates or special policies.
At the same time, digital platforms now enable logistics providers to offer the above coverage at the point of sale, embedded in route or freight management systems. AXA XL explains that these solutions allow per-shipment coverage and instant certificate issuance via API or portal.
Finally, freight forwarders also offer shipper benefit insurance as a value-added service, allowing shippers to be protected without having to obtain a separate policy.
Ken Mueller, Head of Inland Marine at AXA
USMIG President Joseph DiPaola added: “Our partnership with AXA XL reflects how we are adapting to the changing supply chain landscape. By focusing on shipper benefit insurance, we are helping to fill the gap left by traditional inland ocean shipping policies, giving shippers and consignees peace of mind on domestic and international routes.”
