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Insurance Classes News

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…

21 Nov 2012

Strong Demand for Strike Club's Protective Covers

General Increases of 10% and 5% are Maintained for 2013/14 Mutual Entries. The Strike Club, the market leader in the niche area of delay insurance for the marine trades, reports continuing strong demand for its mutual and fixed-premium covers. Shipowners and charterers are boosting the club’s mutual entries as shipping operations are stamped by uncertainty resulting from the widening economic crisis and growing civil unrest, such as the protests by millions against government austerity measures seen in some of Europe’s largest countries last week. All this is fomenting industrial action which can and often does disrupt the maritime supply chain. Bill Milligan, chairman and chief executive of S.C.

11 Sep 2003

North of England P&I Club’s Accounts Confirm Strong Year

The North of England P&I club confirmed its emergence as one the world's strongest maritime insurers today (12 September 2003) with publication of its accounts for the 2002/2003 financial year. The A- rated shipping mutual reported another 12 months of solid growth in tonnage, income and reserves. Chairman George Procopiou confirmed in the club's 2003 'Management Report' that entered tonnage at the February 2003 renewal grew by 10% to 43 million GT, with 35 million GT owned and 8 million GT chartered. Gross premium income for all insurance classes rose by 25% in 2002/3 to US$ 133.1 million and the overall free reserve increased by 14.5% to US$ 99.6 million. Most growth came from existing members but Procopiou said the North of England would continue to look for suitable new members.