The possible total constructive loss of the X-Press Pearl stands to be the latest in a line of container ship losses for the insurance industry.
As part of a concerted industry effort to ensure higher ship standards, the International Group of P&I Clubs continues to implement survey triggers for seagoing vessels of 10 years of age or more carrying HFO.
A challenging claims environment including increased claims on the IG pooling system and the effects of the coronavirus pandemic were factors which impacted The London P&I Club’s result for 2020/21. In a recent update to the membership, the Club reported a combined ratio of 136.8% and an overall operating deficit of US$20.3 million for 2020/21. The year-end free reserve stands at US$153.6m.
The UK Defence Club, a leading provider of marine legal costs insurance and other services to the international shipping community, has launched its own podcast series, Sound Waves, bringing listeners the most important issues, insights and debate in the maritime industry.
We are pleased to report that as at 20 February 2021, after a year with exceptional challenges related to the Covid-19 pandemic and claims under the International Group Pool, the financial position of Gard P. & I. (Bermuda) Ltd (the “Association”) and its subsidiaries (together, “Gard” or the “group”), remains strong.
The Club’s financial position remains strong with free reserves of $507 million as at 20 February 2021. The Club continues to comfortably meet all its regulatory capital requirements. Standard & Poor’s reaffirmed the Club’s A rating in December 2020.
Recent changes to regulations in Russian law now make it possible for forwarders and road hauliers to access full liability cover, similar to that enjoyed by those in the global supply chain. However, most insurance products on the market don’t offer comprehensive protection. Executives from Panditrans, TT Club’s Network Partner in Russia, have outlined the improved regulatory situation but emphasized the inferiority of the cover available in the market. Valuable risk management advice on temperature controlled and tank container cargoes was also presented at the recent TransRussia trade show in Moscow.
Your Managers are pleased to link to the American Club’s Annual Report and Accounts for the year ended December 31, 2020. As will be seen, they are in an electronic format. They were approved at the one-hundred-fourth Annual Meeting of the Members of the Club which was recently conducted remotely from New York. Hard copies of this document will also be available from the Managers over the forthcoming period.
In recognition of the extra demands and pressures facing the crew who work on board its Members’ ships, and the crucial role played by seafarer charities in supporting crew welfare during the pandemic, Britannia P&I Club has made one-off donations to four charities.
The Swedish Club ended its 2021 AGM on a high note as it looked ahead and welcomed the future. For the second time in its history the AGM was run virtually from Gothenburg, with members and business partners joining the event remotely. This closes a chapter for The Swedish Club, as plans are already in place for the 2022 AGM, which will take place in Gothenburg and will be a celebration of the Club’s 150th Anniversary.
Further to the club’s article on ‘smuggling fines, breach of customs regulations and operational best practice’, the local correspondents in Brazil (Proinde) have reported a surge of drug smuggling incidents, particularly on bulk carriers out of Brazil.
In the recent renewal, 93% of the membership renewed their Strike & Delay cover, with an overall increase of 6.5% on expiring rates achieved through a combination of premium uplift and adjustment of terms. Despite the notable challenges caused by the COVID-19 pandemic, the class attracted new owners and members throughout 2020 and added more at the start of the 2021/22 year. The Class now has more than 2,000 ships are on risk.
In collaboration with I.M.E.Q., Sophia Bullard, Crew Health Director at UK P&I Club, discusses the prevalence of stress and panic attacks for seafarers, and looks into how anxiety disorders can be alleviated: