Insurance

  • Challenging claims environment impacts London P...

    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.

     

  • North’s diversification strategy rises to...

    Following a challenging period for the global economy and shipping in a year which saw a record level of International Group (IG) pool claims, North is reporting positive returns for its 2020-2021 financial year.

     

  • UK Defence Club launches Sound Waves podcast

    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.

     

  • GARD: Status report as at 20 February 2021

    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.

     

  • UK Club: Financial strength maintained despite...

    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.

     

  • North P&I Club partners with Petredec and...

    Orca AI, Petredec and North P&I Club have announced a partnership to revolutionise marine insurance pricing and claims through an enhanced data model for ships that more accurately reflects their risk profile.

     

  • Russian transport operators must insist on...

    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.

     

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The American Club’s Annual Report And Accounts For 2020

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.

 
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Britannia P&I makes donations to four seafarer charities

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.

 
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Virtual AGM closes a chapter for The Swedish Club

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.

 
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Drug smuggling on bulk carriers out of Brazil on the rise

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.

 
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Standard Club: Review of open policy years

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.

 
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