Launched in December 2021, the Poseidon Principles for Marine Insurance set a benchmark for what it means to be a responsible insurer in the maritime sector and provide actionable guidance on achieving this. Shipping decarbonization is a challenge that can only be achieved through cross-value chain collaboration. As part of the shipping ecosystem, marine insurers have a part to play in promoting responsible environmental stewardship.

The Standard Club, a leading shipping protection and indemnity mutual insurer, has announced its renewal results for 2022. 98% of the existing membership has renewed and with significant organic growth from existing members, together with a number of new members joining, the club now insures 158m gross tons having grown by 11m at renewal.

The P&I sector has faced a difficult period experiencing the challenges of COVID-19, record International Group pool claims, surging crew claims and higher reinsurance costs.

All shipowners make sure that hull insurance is in place to cover physical damage or loss to their ships arising out of accidents or perils of the sea.

London’s marine insurance market on Tuesday added the Ukrainian and Russian waters around the Black Sea and Sea of Azov to its list of areas deemed high risk, a circular showed.

Redkik, a global software company with the mission to simplify and improve the marine cargo insurance industry with technology today announced the closing of a $3.3 million Seed funding round.

The club has seen an increase in ‘excess bunker’ claims in Turkiye[1] in recent months, causing delays to the member’s ships as well as the possibility of fines and criminal proceedings.

The International Group of P&I Clubs recently became a member of the Maritime Research Institute of the Netherlands (MARIN) Top Tier project. The project has been established to examine and assess the causes of container losses arising from at-sea incidents onboard various sizes of container ships with a particular focus on ultra large ships. The project has been approved by a cross-section of industry, academic and government interests and MARIN will produce a report of its findings including recommendations in due course. It is envisaged that the recommendations will eventually lead to operational and technical improvements that should mitigate the risk and underlying causes of container losses at sea.

Clubs are aware that shipowners continue to encounter cargo misdeclarations, unreliable test certificates and cargo shift, or liquefaction discovered during or at the end of a voyage. Raw mineral ores, including but not limited to nickel ore, iron ore fines and bauxite, are of particular concern because of their composition, and are often mined in remote locations lacking advanced testing and regulatory oversight. Recently, growing global demand for resources is driving development of new mining activity. In some cases, this has translated to increased commercial pressure to ship low-grade material not suitable for export, and/or shippers or regulatory authorities and local surveyors lacking knowledge of the mandatory IMSBC testing and declaration obligations. In addition, global climate change is expected to increase the risk; wet seasons which contribute to the liquefaction process have become longer in certain high-risk areas, and storms, which can cause vessel instability and facilitate cargo failure, are increasing in frequency and intensity.

Although war risks are excluded from standard P&I cover (Rule 30.4.1), Assuranceforeningen Skuld (Gjensidig) (“the Association”), in conjunction with other P&I Clubs in the International Group, continues to provide War Risks P&I Excess Cover on the same basis as in the 2020/21 policy year for Members entered on a full mutual basis.