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Insurance Claims News

14 Mar 2023

Philippines Beefs Up Efforts to Contain Oil Leak from Sunken Tanker

(Photo: Philippine Coast Guard)

Philippine authorities have increased efforts to contain an oil spill from a sunken fuel tanker that has affected coastal towns and was still spreading, the environment ministry said on Tuesday, as the country grapples with cleanup challenges.Improvised spill booms made from cogon grass and coconut materials were helping to restrict oil leaking from MT Princess Empress, the Philippine-flagged tanker that encountered engine trouble in rough seas on Feb.

23 Feb 2023

Top Threats for the Marine Industry in 2023

Fire and explosion onboard ships remains the number one concern. Copyright Artem/AdobeStock

Allianz just released its 12th Risk Barometer, an annual corporate risk survey incorporating the views of 2,712 risk management experts in 94 countries and territories, including CEOs, risk managers, brokers and insurance experts. The overall global results reveal Cyber incidents and Business interruption as the biggest company concerns for the second year in succession. Macroeconomic developments such as inflation, financial market volatility and a looming recession rose to the third spot followed by the impact of the Energy crisis…

20 Sep 2022

Marine License Insurance: Do You Need It?

Sponsored Content:Every year, many professional mariners become involved in accidents that trigger a USCG investigation.Imagine working aboard a vessel and, suddenly, you’re involved in a maritime accident that triggers a Coast Guard investigation. In the blink of an eye, your career and USCG license are in serious jeopardy. Every year, this scenario is reality for professional mariners throughout the U.S. Fortunately, MOPS Marine License Insurance can change that.What is Marine…

19 Sep 2022

Marine License Insurance: Do You Need It?

Sponsored Content:Every year, many professional mariners become involved in accidents that trigger a USCG investigation.Imagine working aboard a vessel and, suddenly, you’re involved in a maritime accident that triggers a Coast Guard investigation. In the blink of an eye, your career and USCG license are in serious jeopardy. Every year, this scenario is reality for professional mariners throughout the U.S. Fortunately, MOPS Marine License Insurance can change that.What is Marine…

16 Sep 2022

Marine License Insurance: Do You Need It?

Sponsored Content:Every year, many professional mariners become involved in accidents that trigger a USCG investigation.Imagine working aboard a vessel and, suddenly, you’re involved in a maritime accident that triggers a Coast Guard investigation. In the blink of an eye, your career and USCG license are in serious jeopardy. Every year, this scenario is reality for professional mariners throughout the U.S. Fortunately, MOPS Marine License Insurance can change that.What is Marine…

09 May 2022

Ship Insurance Claims to Rise as Black Sea Remains High Risk Area - Allianz

© nskyr2 / Adobe Stock

Global insurers are expected to receive multiple marine insurance claims from ships damaged or lost as the conflict in Ukraine spills over into sea lanes, insurer Allianz Global Corporate & Specialty (AGCS) said in a report on Tuesday.Two seafarers have been killed and six merchant vessels hit by projectiles - sinking two of them - around Ukraine's coast since the start of Russia's invasion of its neighbor on Feb.

03 Feb 2022

Has Captain Cook’s Ship Endeavour Been Found?

WikiCommons/Illustration by Samuel Atkins

The Australian National Maritime Museum has announced a shipwreck found in Newport Harbor, off Rhode Island in the United States, has been confirmed as Captain Cook’s ship, HMB Endeavour.There have been very similar announcements made over the years but have they finally made a definitive case?By making its announcement, the Australian National Maritime Museum seems to have decided so, and there does seem to have been significant recent progress, centered on one shipwreck that matches the known details of the Endeavour closely.However…

14 Jun 2021

Saga Expects to Resume Cruises from June 27

(Photo: Saga Cruises)

British over-50s holidays group Saga Plc said on Monday it would likely resume its cruises on June 27, encouraged by high demand for tours despite repeated lockdowns and echoing similar projections from other cruise operators.A year after several cruise ships were hit by major coronavirus outbreaks, cruise lines including Royal Caribbean Group and Carnival Corp have been pushing ahead with plans to resume cruises this summer, especially as large numbers of Americans get vaccinated.As demand for tours picks up…

31 Mar 2021

Investigator Boards Ever Given in Suez Canal Blockage Probe

(Photo: Boskalis)

Divers inspected the hull of the Ever Given on Wednesday as the man tasked with investigating how the giant container ship ran aground, choking off international trade through the Suez Canal for almost a week, boarded the vessel.Lead investigator Captain Sayed Sheasha, who boarded the Ever Given on Wednesday afternoon, told Reuters that the investigation would include examining the seaworthiness of the ship and its captain’s actions to help determine the causes.Divers had gone to check the hull of the ship while it is anchored in the Bitter Lakes area…

31 Mar 2021

Lloyd's of London Sees 'Large Loss' Due to Suez Canal Blockage

(Photo: Suez Canal Authority)

The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.The Canal is working to clear the backlog after the refloating this week of a stranded giant container ship. The blockage threw global supply chains into disarray.Bruce Carnegie-Brown told Reuters it was too early to estimate the exact loss…

31 Mar 2021

Investigation Begins Into How Ever Given Got Stuck in Suez Canal

© Cnes2021, Distribution Airbus DS

Formal investigations into how the giant container ship Ever Given ran aground in the Suez Canal, shutting down shipping in the major global waterway for almost a week, begin on Wednesday, a canal official told Reuters.The six-day blockage threw global supply chains into disarray after the 400-metre-long (430-yard) ship became jammed diagonally across a southern section of the canal, the shortest shipping route between Europe and Asia.Egypt’s Leth Agencies said on Wednesday that a total of 163 ships had transited the Suez Canal since its reopening and that a total of 292 ships were currently w

30 Mar 2021

Suez Canal: 140 More Ships to Pass Through on Tuesday After Ever Given Unstuck

(Photo: Svitzer)

The Suez Canal expects 140 ships to pass on Tuesday after the freeing of a container ship stranded for nearly a week allowed it to reopen, but experts warned that disruptions to global shipping and at ports could take months to resolve.The blockage threw global supply chains into disarray, threatening costly delays for firms already wrestling with COVID-19 restrictions, and nearly doubled rates for oil product tankers.Shipping convoys through the canal resumed on Monday evening…

24 Mar 2021

Stranded Suez Ship's Owner, Insurers Face Millions in Claims

(Photo: Suez Canal Authority)

The owner and insurers of one of the world's largest container ships stuck in the Suez Canal face claims totaling millions of dollars even if the ship is refloated quickly, industry sources said on Wednesday.The 400-metre, 224,000-tonne Ever Given ran aground on Tuesday morning after losing the ability to steer amid high winds and a dust storm, the Suez Canal Authority (SCA) said in a statement, threatening to disrupt global shipments for days.GAC, a Dubai-based marine services company…

10 Aug 2020

Brokers Calculate Marine Insurance Losses from Beirut Blast

(Credit: VOA)

Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on Monday.Overall insured losses - including property damage - from the August 4 port warehouse detonation of more than 2,000 tonnes of ammonium nitrate may reach around $3 billion, sources told Reuters last week.The explosion killed at least 163 people, injured more than 6…

15 Jul 2020

Total Shipping Losses Are Declining, But Challenges Persist -Report

The car carrier Golden Ray sits capsized in St. Simons Sound, Ga. (U.S. Coast Guard photo by Brian McCrum)

The record low 41 large shipping losses worldwide in 2019 represents a 20% improvement year-on-year and almost 70% over a decade, but the coronavirus crisis could endanger the long-term safety improvements in the shipping industry for 2020 and beyond, as difficult operating conditions and a sharp economic downturn present a unique set of challenges, according to recent report from marine insurer Allianz Global Corporate & Specialty (AGCS).Consequences of coronavirus and a sustained…

11 Jul 2019

Shipping Losses Lowest This Century as New Dangers Emerge

The Allianz Global Corporate & Specialty AGCS) Safety & Shipping Review 2019 provides a unique and in-depth look at the emerging risks facing international shipping stakeholders.Large shipping losses are now at their lowest level this century having declined by over 50% year-on-year, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2019. The annual study analyzes reported shipping losses over 100 gross tons (GT). AGCS provides global marine and shipping insurance for all types of marine risk, from single vessels and shipments to the most complex fleets and multinational logistics businesses. All told, the Marine Line of Business contributed 11% to AGCS overall premium volume of EUR 8.2bn in 2018.

05 Jun 2019

Shipping Losses Declines by 65%

The international shipping industry is responsible for around 90% of world trade. There are around 60,000 merchant ships, transporting every kind of cargo.The world fleet is registered in over 150 nations, and manned by over a million seafarers, meaning the safety of vessels is critical. The maritime industry saw the number of total shipping losses of vessels over 100GT plummet during 2018 to 46 – the lowest total this century. To put this into context there were 207 total losses reported in 2000.The figures are published by the Safety and Shipping Review from Allianz Global Corporate & Specialty (AGCS) incorporating the statistics from the past 10 yearsShipping losses declined by a record level of more than 50% year-on-year from 98 in 2017…

17 Aug 2018

Container Shipping Bankruptcy Lends Insight on Potential Fallout from Trade War

© MAGNIFIER / Adobe Stock

Global trade tensions have captured headlines in recent months, as the imposition of a series of tariffs and counter-tariffs by various global trade counterparts has raised questions about the possibility of a trade war. Such development could potentially have an impact on global trade flows, and, consequently, the companies which facilitate international movement of goods.Though the situation is still developing and the final impact is uncertain, Gregory Draco, the Chief U.S. Economist at Oxford, predicted in July that the tariffs would create an 0.1 percent to 0.2 percent drag on U.S. GDP.

18 Jul 2018

Shipping Losses Continue to Fall

Large shipping losses have declined by 38 percent overall in the past decade, according to the Safety & Shipping Review 2018 by Allianz Global Corporate & Specialty (AGCS).Further, the number of total losses declined by 4 percent to 94 last year, the second lowest number in a decade.“Insurance claims have been relatively benign, reflecting improved ship design and the positive effects of risk management policy and safety regulation over time,” says Baptiste Ossena, Global Product Leader Hull & Marine Liabilities, AGCS.Sinking was the most common cause of the loss of a vessel, with 61 foundering events recorded for 2017. Wrecked or stranded vessels were the second major cause…

13 Jun 2017

Shipping’s ‘Perfect Storm’ is Brewing -Allianz

© Tim Mueller-Zitzke / Adobe Stock

Large shipping losses have declined by 50 percent over the past decade, mostly driven by the development of a more robust safety environment by ship owners, according to Allianz Global Corporate & Specialty SE’s (AGCS) fifth annual Safety & Shipping Review 2017. In 2016 there were 85 total shipping losses reported, down 16 percent from 101 a year earlier. The number of shipping incidents declined slightly year-on-year by 4 percent with 2,611 reported, according to the review, which analyzes reported shipping losses over 100 gross tons.

07 Dec 2016

The Training Implications of Subchapter M

(Photo: Drew Arenth)

It’s a major understatement to say that Subchapter M is top of mind for workboat operators. While most would agree that the new regulations will raise the level of safety and operational sophistication, most would also likely agree that with change comes uncertainty, cost and effort. Thus it was no surprise that at October’s national meeting of the American Waterways Operators, discussions were dominated by Subchapter M and its implications for operators. As a former faculty member at a large research university and someone very focused on training in the maritime industry…

02 Jun 2017

Human Failure Affecting Shipping Safety Performance

© Sergii Figurnyi / Adobe Stock

Data from maritime safety specialist Propel shows huge potential to reduce risk of serious accidents. “Human failure tops the agenda of many companies though few know how to address it in a proper way. Collaboration, trust and engagement of all personnel -ship and shore- are vital to reduce major accidents. The whole industry needs to change its focus when it comes to improving maritime safety,” said Benedikte Wentworth, CEO of Propel. According to Propel, despite the continuing downward trend in total vessel losses…

28 Oct 2016

New Plan Pledges Ferry Safety Lead

File photo: Eric Norcross

Interferry has unveiled a strategic plan promising to put safety issues at the heart of its work as the voice of the worldwide ferry industry. The pledge came at the global trade association’s 41st annual conference in Manila – a venue chosen to spotlight the challenges of domestic ferry safety in developing nations. According to Interferry, the plan signals its overriding ambition to help lift ferry safety in all parts of the world to the very high standard already in place in North America and Europe, where casualties in recent decades have been extremely rare.