International Union Of Marine Insurers News

The Poseidon Principles for Marine Insurance initiative has been launched to provide transparency on carbon emissions and support the shipping industry’s green transition. Marine insurers that launched the initiative on Wednesday, said that the Poseidon Principles for Marine Insurance "are a framework to quantitatively assess and disclose the climate alignment of marine insurers’ underwriting portfolios. ""This pioneering initiative makes marine insurance the first line of business to establish a sector-specific methodology to support the ambition of the Net-Zero Insurance Alliance (NZIA)…

Ships exposed through GPS systems, have limited back-up; cyber insurance typically doesn't cover jamming, property damage. Shipping companies grappling with the threat of cyber attacks on vessels are finding insurance policies often fall short, officials involved in both industries say, a risk that could feed through into global prices. Digitalisation means electricity networks, emergency services, industry and agriculture are all vulnerable to hacking by criminal gangs for extortion or, for political reasons, by militant groups or foreign states. But ships are also exposed to interference through electronic navigation devices such as the Global Positioning System (GPS) and lack the backup systems airliners have to prevent crashes.

On Christmas day, the bulk carrier VINALINES QUEEN, carrying a cargo of nickel ore from Morowali, Indonesia to China, went missing. The ship and its crew of 22 must now be considered lost. Although it is certainly too soon to ascribe a known cause of sinking, it is probably fair to say, as an American judge did many years ago: “Sometimes circumstantial evidence can be very convincing, just as when you find a trout floating in the milk”. There continues to be a crying need for greater information, understanding and enforcement of regulations – as well as testing – of cargoes that may liquefy.