Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month after striking a deal to provide cover without involving U.S.-domiciled reinsurers, officials in Tokyo and London said.
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American Hellenic Hull Insurance exceeds targets...
American Hellenic Hull Insurance Company (AHHIC), the new marine insurance company formed by the American P&I Club’s alliance with Hellenic Hull Management, has enjoyed a highly successful first six months of operation.
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State effects marine cargo insurance law
Local insurance companies will be among the biggest winners this year as the government moves to implement the mandatory local underwriting for all imports.
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Nomination for IUMI President
The presidency of IUMI – the International Union of Marine Insurance – is for a four-year term. The present incumbent, Dieter Berg, ends his full term at this year’s IUMI annual conference in Cape Town and will formally hand over the position to his successor on Wednesday 19 September 2018.
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TT Club Emphasises Need for Cargo Integrity Ahead of IMO Meeting on Container Safety
The International Maritime Organization’s (IMO) latest meeting of the Sub-Committee on Carriage of Cargoes and Containers (CCC) takes place in London this week and the international freight insurance specialist, TT Club is calling for more urgent action on issues pertaining to the safety of container transport.
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Global marine premiums up by 2% but challenges remain for marine underwriting, says IUMI
Against the positive backdrop of a benign claims environment in some sectors, IUMI’s statistics show an increasing mismatch between premium income, covered risk and claims costs. On a global average basis, buffers to cover extraordinary single or accumulation losses are non-existent.
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Outlook for marine cargo insurance challenging but opportunities remain for underwriters, says IUMI
Sean Dalton, the International Union of Marine Insurance (IUMI) Cargo Committee Chair reported that the marine cargo market remained the largest commercial marine line of business in terms of premium income. IUMI’s 2017 statistics showed global cargo premiums amounting to US$16.1 billion. Globally, the cargo line has been unprofitable for several years with rising loss ratios and expense ratios and this is of great concern to underwriters.
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Clearwater works with Norway’s maritime war risk insurance club (DNK) to develop ground-breaking digital solutions for maritime insurance market
UK-based technology company, Clearwater Tracking, has teamed with DNK (Den Norske Krigsforsikring for Skib), the Norwegian maritime war risk insurance club, to provide DNK members with a state-of-the-art hardware and software solution that enables near real-time monitoring of ship positions and breach reporting, all fully integrated into the Clearwater Portal.
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The Standard Club Withdraws From Underwriting At Lloyd’s
The Standard Club (‘the club’), the world’s fourth largest P&I club, has today announced that it is withdrawing from underwriting at Lloyd’s from 2019. The club established a syndicate in 2015 to underwrite marine and energy risks. It represented one strand of the club’s broadly-based strategy to provide its members with a wider range of insurance covers to meet their needs and diversify the club’s source of revenues.
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Fender damage
Many factors can contribute to an unsafe berth, but a common focus after any berthing incident is whether the fenders were safe and fit for their intended purpose at the material time. Fenders have a simple remit: they should prevent the immovable object (the berth) from succumbing to the irresistible force (of the ship) without damage to either.
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