The Federal Government is to adopt a new shipping policy to replace the Cost, Insurance and Freight (CIF) system in national interest, it was gathered.
Reinsurance companies say they have little to smile about in the wake of the new marine insurance law. This is because the law, contained in Section 20 of the Insurance Act that makes it mandatory for local cargo importers to insure their goods with local insurance companies, has no provision compelling firms to re-insure marine cargo with local reinsurance companies.
New Delhi, Mar 26 (PTI) The apex consumer commission has directed an insurance company to pay over Rs 1.93 crore to a shipping firm for repair of one of its vessels which was damaged while sailing in bad weather.
German reinsurer Hannover Re reported that gross written premiums (GWP) for 2016 in marine within the p&c reinsurance sector declined to €277m, from €297m the previous year, equal to just over 10% of the €2.65bn (2015; €2.92bn) specialty lines book as a whole. Hannover Re’s total GWP was €11.92bn, down from €14.14bn in 2015.
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MEPs’ proposal to include shipping in the EU emissions trading system (ETS) from 2023, if the International Maritime Organisation (IMO) fails to agree a global measure to reduce shipping emissions, should be a wake-up call for the UN agency, a senior European Commission official has said. The remarks come as EU governments weigh up what’s described as a necessary ‘insurance policy’ in case the IMO again fails to act.
Resolution insurance has launched a comprehensive marine insurance cover dubbed ‘Resolution Marine Cargo’ in a move to offer affordable transit policy into the market that provides a one-stop shop solution for all marine insurance needs.
Norway has become the first country to become a Contracting State to a key compensation treaty covering the transport of hazardous and noxious substances (HNS) by ship.
The Financial Services Development Council (the "Council") issued an important report, titled: "Turning Crisis into Opportunities: Hong Kong as an Insurance Hub with Development Focuses on Reinsurance, Marine and Captive" (the "Report"). The Report aims to promote business in the Hong Kong insurance market with closer cooperation with China, particularly under the One Belt, One Road initiative.
In this case, a Louisiana federal court denied a motion for remand of a former machinist’s asbestos-related claim, finding that an English insurer’s removal from state court was appropriate and that the dispute could relate to an underlying arbitration agreement contained in an insurance policy.
The South Korean government has been in talks with a local trade association to get some 100 billion won (US$88.5 million) in insurance money to defray the cost related to the sinking of the Sewol ferry, an official source said.
In its continued efforts toward engaging the marine insurance and maritime communities, the General Insurance Association of Singapore (GIA) said it is organising its inaugural marine insurance conference, gathering international Industry leaders to discuss the latest developments and explore emerging topics from across the marine insurance and maritime-related industries.
Brexit and political uncertainty in Europe are likely to depress merger activity among European insurers this year, after a steep decline in deals in 2016, ratings agency AM Best said on Monday.
Rising energy claims against a reducing premium base; and the increased cargo accumulation risk onboard vessels and in port continue to challenge marine insurers.