A global insurance powerhouse has made a new appointment to its business in Asia-Pacific.
Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month after striking a deal to provide cover without involving U.S.-domiciled reinsurers, officials in Tokyo and London said.
American Hellenic Hull Insurance Company (AHHIC), the new marine insurance company formed by the American P&I Club’s alliance with Hellenic Hull Management, has enjoyed a highly successful first six months of operation.
North P&I Club has strengthened its loss prevention team this month with the appointment of loss prevention executive John Southam, a master mariner with global experience in container, offshore, shipbuilding and consultancy roles. Together with the recruitment of survey executive Stephen Maclennan from the Royal Navy earlier this year, his appointment boosts the Club’s international loss prevention department to 14.
A regional shipping agency has now focused on East and Southern African countries to make shippers buy marine insurance in their respective countries. Kenya has already set the pace, with the Insurance Act requiring that all imports are insured by Kenyan underwriters.
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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A recent study done by 1Cover Travel Insurance has found that a staggering 30 per cent of Australian travellers did not take out travel insurance on their last cruise.
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.
UK regulated ship insurers are preparing plans to open new outposts in European Union jurisdictions such as Luxembourg and Cyprus, fearing that Brexit will hinder access to the EU's financial market, industry sources involved say.