Insurance

  • West Reports Significantly Improved Operating...

    West of England P&I Club is pleased to announce that the Club has returned an underwriting surplus for the first time in five years in its 20 August financial results, with a combined ratio of 97.9% at the mid-year point.

  • International Group of P&I Clubs lays out...

    The International Group of Protection and Indemnity Clubs (IGP&I) has set out its Sustainability report and updated Correspondents Guidelines to the global network of Protection and Indemnity (P&I) Correspondents listed by its constituent Clubs during its 2022 Correspondents Conference in London, United Kingdom. Both frameworks seek to leverage the collective strength of the IGP&I’s 13-member Clubs and the 65,000 ship owners they represent to further enhance sustainability, safety and best practice across the marine industry.

  • IUMI reports rising cargo insurance premiums

    The International Union of Marine Insurance (IUMI) reports an increase in the 2021 cargo insurance premium base (from 2020) of 8% to USD 18.9 billion alongside an improvement in overall loss ratios.

  • Marine insurance adapting to a world in...

    Opening this year’s IUMI (International Union of Marine Insurance) annual conference in Chicago, President Richard Turner introduced “Adapting to a World in Transition” as this year’s conference theme, highlighting the impact of climate, asset, macroeconomic and geopolitical changes on marine insurers, the clients they support and IUMI itself.

  • Maritime insurance premium, claims norms to...

    Parameters and criteria for providing maritime insurance will change in the coming years, as the shipping industry moves towards decarbonization and as regulations on reducing emissions become mandatory, several executives involved in the process told S&P Global Commodity Insights.

  • U.S Court of Appeals victory for West’s Defence...

    Owners, the Club’s Member, time chartered their vessel to Bostomar Bulk Shipping Pte Ltd. As is usual under the terms of a time charter party, charterers were responsible for supplying and paying for bunkers and the charter (which was subject to Singapore arbitration) also included a clause stating “Charterers will not suffer, nor permit to be continued, any lien or encumbrance incurred by them or their agents, which might have priority over the title and interest of the owners in the vessel.”

     

  • Standard Club updates guidance for new entrants...

    The Standard Club, a leading provider of insurance services for the offshore marine industry, is warning ship operators looking to enter the rapidly expanding offshore renewable energy sector of key differences in liability related regimes around the world and specific contractualrisks. The S&P ‘A’ rated club, which has provided specialist marine cover to the oil and gas sector since the 1970s, and renewables sector since the early 2000s, has updated two detailed guides which examines issues in offshore contracting and analyses various offshore jurisdictions.

     

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TT Club signs up to the Principles for Sustainable Insurance Initiative

Through Transport Mutual Insurance Association Limited (TT Club) is acutely aware of the requirements of all enterprises to take responsibility for achieving a sustainable future for the natural environment and to go further by adhering to the wider environmental, social and governance (ESG) aims. By applying the principles of this United Nations’ initiative, TT Club is underlining its commitment in a way that is relevant to its global risk management and insurance operations.

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International Group of P&I Clubs lays out Sustainability report and updated Correspondents Guidelines to global network

The International Group of Protection and Indemnity Clubs (IGP&I) has set out its Sustainability report and updated Correspondents Guidelines to the global network of Protection and Indemnity (P&I) Correspondents listed by its constituent Clubs during its 2022 Correspondents Conference in London, United Kingdom. Both frameworks seek to leverage the collective strength of the IGP&I’s 13-member Clubs and the 65,000 ship owners they represent to further enhance sustainability, safety and best practice across the marine industry.

English

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