Strike Club Results Reflect Growing Labor Unrest
The early months of 2013 have been marked by damaging labor strike action in several countries which has punished shipowners and charterers even though they are innocent parties, says The Strike Club, the market leader for delay insurance for the marine trades. Some of the worst trouble spots in recent weeks have been in South America, particularly Chile where a three-week strike crippled the country’s key ports, blocking exports of copper (Chile is the world’s largest producer of this metal), fruit and wood products. Chile’s business leaders estimated the country lost more than $200 million a day due to the conflict. There has been a miners’ strike in Colombia…
Strike Club: Strong Growth in Mutual Membership
Managers of The Strike Club were able to give an upbeat report to the club’s directors when they met in Istanbul. Ongoing increased demand for the club’s various insurance covers has resulted in strong growth and a very positive renewal in February for the 2012/13 year. Further, free reserves rose by $2.5m. during the latest financial year, and the club has maintained its S&P rating at BBB+ with a stable outlook. The mutual renewal was stamped by a 92% retention rate despite the…
Strike club Reports Demand for War Risk Cover
General Increases of 10% & 5% are Maintained for 2012/13 Year Mutual Entries. The Strike Club, the market leader in the niche area of delay insurance for the marine trades, reports continuing strong demand from both owners and charterers for its fixed-premium war risks insurance that offers cover to a limit of $200m. This is partly because the club is able to offer a ‘one stop shop’ war risks insurance to cover traditional hull & machinery risks, with tailored extensions as required; for example, loss of hire due to piracy even in the absence of a hull & machinery incident, or charterers’ loss of bunkers resulting from a hijacking etc.
