Insurance
Keep informed with daily analysis and insight into shipping insurance to reduce risk, support reinsurance decisions, manage investments and identify exposure within the maritime industry
Banks divided over climate ambition as Paris goals are postponed
The Poseidon Principles were supposed to foster agreement about the subject of IMO emission targets. However, alignment to the 1.5°C Paris targets has quietly been shelved after a vocal minority of signatories pushed back against the potential cost and risks associated with this plan
Shoreline offers to insure against costs of US pollution investigations
Niche insurer Shoreline’s new policy covers initial legal and inspection costs incurred in a US vessel pollution case, and operational expenses from the ongoing care of innocent seafarers held as witnesses by US authorities. Insureds are also offered ‘uninterrupted’ access to Marpol specialist law firm Chalos & Co
Alex Vullo to head Gallagher P&I practice
Broker’s book quadruples over past decade
Miller open to enquiry on Ukraine war risk cover
Vessel tracking will let underwriters monitor exposure despite Russian threat to treat merchant shipping as military targets
Gard alone accounts for vast majority of P&I club underwriting profits
Shipowners seeking stability should insure with larger International Group affiliates, while smaller marine mutuals will ‘continue to struggle’, marine broker argues
The week in charts: Frenzied trading grips new Shanghai container futures | Tanker values may have peaked | Marine insurance recovery continues
Asset values for crude and product tankers fall, insurance premiums jump 8.3% in 2022 and new containerised futures exchange reports strong trading volumes during opening
Marine insurers ‘lack resources’ to know beneficial owner
Insurance costs ‘would go through the roof’ if it crosschecked everything that’s said, according to chair of International Union of Marine Insurance’s legal and liability committee
The Lloyd’s List Podcast: Everything you always wanted to know about marine insurance, but were afraid to ask
The International Union of Marine Insurance conference is an annual health check for the shipping industry’s risk cover and as such offers an important, if not at time impenetrably complicated view of the sector as a whole. This week’s podcast offers up a clear explanation of everything you need to know about marine insurance from the people who understand it best. Consider this week’s edition your best, and perhaps only opportunity to learn the marine insurance sector in under 25 minutes
Marine insurance talks with Ukraine falter as two ships test alternative Black Sea grains corridor
International Union of Marine Insurance says ‘grey areas’ surround Ukraine government proposal to reinsure marine risk
Autonomous shipping revolution will slash P&I claims and payouts, IUMI told
The coming MASS revolution has huge implications for marine insurance, with fewer people on ships meaning fewer ‘people claims’, delegates hear
Questions raised over UK government claims Odesa-docked ship was Russia target
If the bulk carrier Primus was deliberately targeted in failed Russian cruise missile attack on August 24, as stated by the UK government, why did they reveal inside intelligence? Asks Herminius, which advises Lloyd’s Market Association
Inflation will eat into hull & machinery profits, IUMI told
‘The underwriting community has not applied inflationary increases to the premium base and this may lead to a reduction in overall profitability over the coming year or two,’ warns American Hellenic’s Tsakiris
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