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.

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.

The Poseidon Principles for Marine Insurance create a common global baseline for assessing and disclosing the alignment of marine insurance portfolios with climate goals.

The marine insurance industry needs to embrace data better if it is to successfully implement ESG aspirations, says Patrizia Kern, Chairperson of IUMI’s Data & Digitalization Forum.

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.

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.

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.

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.”

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.

The UK P&I Club announced that William Beveridge will officially begin his role as Chief Underwriting Officer on 17 September.