Maritime Business Services
The unparalleled tradition of excellence in legal, arbitration, insurance, P&I, shipbroking and finance makes the UK the first choice for those in the international shipping community seeking maritime business services of the highest quality.
The UK is able to offer businesses a ‘one-stop shop’ for maritime services because the City of London is home to a wealth of companies providing expertise across all sectors:
In insurance, the UK leads the world with a 35% share of global marine insurance premiums, and 60% of P&I insurance.
26% of global shipbroking is undertaken in the UK significantly more than any of its rivals.
English law is the global industry standard and the UK boasts unrivalled legal and judicial expertise on shipping, insurance and international trade matters with 25% of maritime legal partners practicing in the UK.
Significantly more maritime disputes are settled by English arbitration than the rest of the world in total.
London is home to the leading source of market information on the trading and settlement of physical and financial shipping derivatives in the Baltic Exchange, with the majority of the Exchange’s members based in London
It is testament to this thriving maritime business services and financial sector that a recent survey by Norton Rose Fulbright found that nearly half of industry respondents said London was the financial centre most able to meet their financing needs.
The UK cluster is supported by a highly skilled pool of expertise available in the form of shipping professionals and former seafarers, not to mention the vast wealth of knowledge available across the financial sector – in which the City of London leads the world.
The interaction between the various professions is a key advantage, enabling quick and expert solutions to shipping related challenges. This cross fertilisation of expertise underpins continual improvement in a competitive market and the creation of a culture of excellence.
This experience and knowledge is unmatched by any other maritime centre.
Maritime business services sector in numbers
|Contribution to UK GDP||£3.5bn|