Claims related to the Ever Given grounding in the Suez Canal during 2021, could amount to $2 billion, French insurer Scor SE estimates.

Claims related to the infamous grounding of the boxship Ever Given last year could amount to a staggering $2 billion, according to French insurer Scor SE, and the massive cost will largely be borne by the reinsurance sector.

North and Standard Club have received approval to merge the organizations after separate member meetings resoundingly back plans to create a market-leading global marine insurer and one of the largest providers of mutual cover in the maritime industries.

The growing use and reliance on information technology, of data networks, transmissions and connectivity in the daily work within the marine and energy sectors increases exposure to cyber related risks. Ransomware attacks may result in economic loss or costs of rebuilding lost data. The consequential damages to hull, cargo and third-party liabilities from a cyber-attack on board a vessel or mobile offshore unit poses a different and more costly risk. The limited data on the frequency, severity of loss or probability of physical damage, is a challenge to underwriters.

Russia expects to get around the EU ban on insuring and financing seaborne deliveries of Russian oil to third countries by using state guarantees, Dmitry Medvedev, deputy chairman of the Russian security council said June 6, in a post on his official Telegram channel.

In the first four months of 2022, several ships faced serious operational issues caused by contaminated HSFO bunkers stemmed in Singapore. The question we need to ask ourselves is, are we better positioned to respond to such issues today than in the past?

The UK P&I Club, one of the leading providers of P&I insurance and other services to the international shipping community, has appointed William Beveridge as its new Chief Underwriting Officer. He joins the UK Club on completion of his current employment obligations.

Insurance premiums are doubling or more for some aviation and marine business particularly exposed to the war in Ukraine, increasing costs for airline and shipping firms, industry sources say.

Approval is given to merging North and Standard Club after separate member meetings resoundingly back plans to create a market-leading global marine insurer and one of the largest providers of mutual cover in the maritime industries.

Members of the North and Standard Clubs have voted to approve the merger between the two marine insurance firms, creating one of the largest providers of mutual cover in the maritime industries.