Hellenic War Risks Club Reduces Member Premiums

Marinelink.com
Monday, June 03, 2013

Members of the Hellenic War Risks Club will be paying 50% less annual premium for their war risks insurance following a decision by Club Directors to waive the second instalment of the 2013 annual premium.

The Directors’ decision, advised to Members by circular on 31 May, has the effect of reducing 2013 annual rates by just over 50%. Annual premium is payable pro-rata daily, and the second instalment covers the period from July 1 - December 31, 2013.


The rate reduction reflects the Hellenic’s strong financial position. The Club’s Review of 2012 announces a surplus of $13.2 million for the year including investment income, with reserves increasing to $98.4 million. Although additional premium income fell, because of discounts given to Members for Gulf of Aden / Indian Ocean transits where security teams were deployed, reinsurance costs also fell. There was less claims activity and expenditure remained broadly the same as in 2011. By May 2013, reserves had increased to over $100 million.


Andrew Ward from the Hellenic Club Managers, Thomas Miller, commented, “The Directors have consistently emphasised the importance of maintaining financial stability and the Club’s results have strengthened its financial position. Just as important at a time when Members are facing difficult conditions across most sectors of the shipping market, they enable the Club to deliver a significant saving and benefit to Members.”


The Club’s Review of 2012 highlights the fall in pirate activity in the Gulf of Aden and the Indian Ocean. Hellenic Members declared over 3,200 transits of the area during 2012; only one entered ship was seized (compared to four in 2011).  It also highlights pirate activity off West Africa. In contrast to the general increase of pirate activity in the area, the number of West Africa claims on the Hellenic in 2012 fell to three: one attack off Nigeria and two off Togo. Commenting on the lower level of claims, Ward stresses that “although the number of attacks and seizures has fallen, the need for vigilance remains as high as ever”

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

FORAN for Pertamina's Future Ships

FORAN has been chosen by state-owned company PERTAMINA to review the design of their future oil product carrier ships, under construction in a shipyard with the FORAN System.

Finance

Grimaldi Orders Three PCTCs

After signing an order for the construction of five new ships two weeks ago, the Italian shipowner  Grimaldi Group has signed another contract for the construction

Caltex Replaces Australian Crew

The 36 Australian crew members of an Caltex tanker refusing to set sail after they were told their jobs would be gone after the next run. MR tanker Alexander Spirit (40,

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Maritime Security

Fincantieri to Supply Four OPVs to the Bangladesh Coast Guard

Fincantieri has been awarded the contract with the Bangladesh Coast Guard (BCG) for the supply of four Italian Navy “Minerva” class corvettes to be upgraded and

New Binding Law of The Sea Agreement Advanced

WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N.

Saab Bags $1 bln Order for Swedish Submarines

The Swedish Defence Materiel Administration (FMV) has awarded contracts worth Skr8.6bn ($1.03bn) to Saab AB for the construction of two new Type A26 submarines

Vessels

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

Bestobell Bags HHI's Valve Order

Bestobell Marine, a world leading supplier of cryogenic valves for ships, has won a major new order from Hyundai Heavy Industries (HHI) in South Korea to supply valves for two new vessels.

Insurance

Philippine Ferry Sinks, 36 Dead

A ferry carrying 189 passengers and crew capsized off the central Philippines in heavy waves on Thursday, killing at least 36 people but the majority of those on board were rescued,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1735 sec (6 req/sec)