Marine Cargo Insurance Market Still Not Profitable
Sean Dalton, Chair of the Cargo Committee of the International Union of Marine Insurance (IUMI) has said at the organization’s annual conference in Toronto, Canada, that there has been a 2.5 percent increase in 2018 global premiums to $16.6 billion but that this increase was largely attributable to growth in global trade and exchange rate fluctuations. He added that the marine cargo market was in a state of “accelerating change” driven by underwriters taking action to address unprofitable results and to improve performance.Dalton stated: “On a global basis…
Hapag-Lloyd Launches Quick Cargo Insurance
German-based global cargo container shipping line, Hapag-Lloyd AG is expanding its digital product portfolio. As one of the first container shipping companies, Hapag-Lloyd is now offering its customers an online marine insurance."Quick Cargo Insurance" provides customers with tailor-made insurance offers around the clock. The insurance cover takes effect immediately upon conclusion of the contract."Not every cargo transported by sea is insured, yet. For instance, small and medium-sized customers often do not take out insurance for cost reasons.
Maersk Intros Cargo Insurance Alternative
Maersk Line is expanding its commercial offering with the introduction of an extended liability solution, Value Protect, which will act as a substitute to regular cargo insurance, in protecting customers’ cargo."Maersk is expanding its commercial offering and introduces Value Protect, an extended liability solution. It offers customers an alternative to cargo insurance, increasing their chance of receiving full compensation in case of cargo damage in transit," said a press note from the Danish international container shipping company.Valid while the cargo is in the care and custody of Maersk…
IUMI Cautions about Global Marine Insurance
Against the backdrop of encouraging global economic growth and an improved outlook for the shipping industry, the International Union of Marine Insurance (IUMI) gives expert opinion on the current state of the hull, cargo and offshore energy insurance markets at its Spring Conference in Hamburg. The past three years has seen the frequency of total losses within the global fleet stabilise at 0.13% by number (0.05% by tonnage). This is largely attributable to an improved safety climate, improvements in naval architecture and marine engineering; and more effective regulation.
Recent Casualties Highlight Importance of Cargo Insurance - iContainers
The ocean freight industry has seen several major incidents over the past few weeks, including two fires on board two separate Maersk vessels, and a containership collision in Karachi Port that forced the temporary closure of the port. These incidents underscore the importance of always buying cargo insurance to protect merchandise and cushion damage, says Klaus Lysdal, Vice President of Sales and Operations at iContainers, a 100 percent online freight forwarder. The major fire…
U.S. Considers Venezuela Oil Sanctions
The Trump administration is considering sanctioning a Venezuelan military-run oil services company and restricting insurance coverage for Venezuelan oil shipments to ratchet up pressure on socialist President Nicolas Maduro, a U.S. official said. With Maduro running for another term in an April election that Washington and its allies oppose as a sham, the United States is weighing sanctions that would target Venezuela’s vital oil sector beyond what has been done before, the official told Reuters on Wednesday. Some measures could come before the vote and others could be imposed afterwards.
Marine Premiums Drop 10%, Could get Worse
The International Union of Marine Insurance – unveiling its annual statistical report on the marine insurance market at today’s conference in Genova, announced global underwriting premiums for 2015 of USD 29.9bn. This is a 10.5% reduction on the 2014 figure. Vice-Chairman of IUMI’s Facts & Figures Committee, Astrid Seltmann explains, “Part of the reduction can be attributed to the strong US dollar as compared with other currencies but this is not the whole picture, particularly for hull and offshore energy where much of the original business is written in USD.
What to Expect From Hanjin Fallout?
South Korea’s biggest shipping company, Hanjin Shipping Co Ltd filed for court receivership in South Korea on Wednesday 31 August 2016 after losing the support of its banks, setting the stage for what has now become a motley situation. Ince & Co's Knowledge Bank takes a look. Some jurisdictions are refusing to allow Hanjin’s vessels to berth at their ports (on concerns that Hanjin cannot pay the port fees) while some of Hanjin’s vessels have instructions not to berth (for fear of ship arrest). The risk of ship arrest is a real one. Hanjin Rome was arrested in the port of Singapore last week.
CMA CGM: Book your Cargo Insurance online
With a one stop shop offer to facilitate your shipping experience, CMA CGM, in partnership with one of the largest marine insurance companies in the world, has developed a Unique Cargo Insurance Program to cover the unexpected and unforeseeable events that may lead to loss or damage of your cargo. CMA CGM press release says that, since June, 20th 2016, this offer is also available in the CMA CGM eBusiness Platform. This new feature gives you the possibility to insure your cargo online, during your e-booking process.
Crowley Adds Houston-Caribbean LCL Service
Starting July 1, Crowley Maritime Corporation will offer weekly, fixed-day, less-than-container-load (LCL) shipping services from Houston to 33 port destinations throughout the Caribbean Basin, the shipper announced today. The new logistics service is designed to enhance supply chain options for those shipping directly into the Caribbean Basin from the West and Gulf Coasts of the U.S., Crowley said. “Customers will be able to drop their cargo in Houston, and with our weekly, fixed-day service…
Industry Unprepared for New Container Weighing Rules, says IUMI
Helle Hammer, Managing Director Cefor & Chair of the International Union of Marine Insurance (IUMI) Political Forum discuss about Container Weighing Rules. As of 1 July 2016, only containers with a verified gross mass will be allowed to be loaded on board a vessel (although IMO is allowing a grace period of three months). Although the new SOLAS requirement was adopted in 2014, many shippers and forwarders are still unprepared, and masters will have little choice but to refuse unverified containers. In the short term, non-compliance is likely to affect the cargo insurance sector.
Crowley Combining Puerto Rico Facilities
Further reinforcing its commitment to the Puerto Rico market, Crowley Maritime Corp. is enhancing its total suite of shipping and logistics solutions for consumers and businesses with the consolidation of its Caribbean logistics services into a single new facility in Guaynabo, Puerto Rico. “By consolidating our non-vessel-operator-common-carrier (NVOCC) and less-than-container load (LCL) operations into a single logistics services center, we will be able to serve our customers more efficiently and handle increased cargo throughput…
XL Catlin Unveils Cargo Insurance Policy
XL Catlin’s Americas Marine business has introduced its first new marine product, an insurance policy to offer cargo insurance coverage on a domestic, foreign or worldwide basis. According to Anne Marie Elder, Chief Underwriting Officer of XL Catlin’s Americas Marine business, “To move assets, goods and products from point A to point B, businesses are contending with complex logistics, compliance issues and increasing threats of theft – to name a few. “Cargo risks are complex enough.
Swiss Re Establishes North America Marine Team
Swiss Re Corporate Solutions has expanded its marine business by opening a North America marine office. Beginning October 1, 2015, the New York-based team will provide ocean cargo insurance, with additional products to follow, the company said. Leading the marine North America team will be Graeme Schultz, who brings 18 years of industry experience to the role. Swiss Re Corporate Solutions said the new marine team will support its regional North American clients, enabling better service to midsized-to-large manufacturers, importers, exporters and logistics providers, among others. Swiss Re Corporate Solutions now has dedicated marine teams in Zurich, Genoa, London, Sao Paulo, Paris, Singapore, Mexico City and Shanghai.
Losses Impacting Marine Cargo Insurance Market
Speaking at this year’s IUMI annual conference in Berlin, Nick Derrick, Chairman of IUMI’s Cargo Committee warned that large cargo losses were having a significant impact on the marine insurance sector. “Tianjin port covers an area of around 125 sq km”, says Derrick, “but only a small part of the port was affected by the explosion. Even so, we are expecting to see cargo losses of at least USD1.5 billion with some reports stating that the final figure could be as high as USD6 billion.
Seminar Highlights Freight Liability in Russia
International freight insurer TT Club convened a special seminar at the recent conference on transport and logistics, Trans Russia in Moscow. Lead by TT Club’s General Manager, EMEA, Kevin King and Kirill Berezov from the insurer’s long-established Russian network partner Panditrans, the seminar outlined both the changing nature of the transport operator’s liability in Russia and the idiosyncratic nature of insurance conventions applicable in the region. TT Club believes that there is an urgent need for international freight forwarders…
BHM Penlaw, Tactique Unite to Offer Arctic Solutions
BHM Penlaw and Tactique Ltd have now joined forces to support their clients in exploiting an alternative sea route which reduces sailing distance by 4,300 nm and 10 days on transits between Europe and Asia. The Northern Sea Route, also known as the NSR, or Northeast Passage, is a burgeoning waterway between Europe and Asia cutting through roughly 3,500 nm of frigid waters off Russia’s northern coast. As sea-ice recedes and Arctic technology improves, traffic along the NSR will increase, making this region one of chief economic and strategic importance.
New Maritime Cargo Insurance – 'Undercover'
Willis Group Holdings has launched a new insurance facility, called Undercover, to protect cargo in transit and in store against all types of political violence, terrorism and war risks, informs shipping trade association Maritime London. The global risk adviser, insurance and reinsurance broker says that, in recent years, cargo losses worth more than one hundred million dollars have not been recovered under traditional cargo insurance policies due to critical exposures being excluded.
Saltchuk Acquires Tropical Shipping
A subsidiary of Saltchuk Resources, a transportation and petroleum distribution company, has entered into a binding purchase and sale agreement to acquire Tropical Shipping and its related companies. The acquisition includes the premier shipping and logistics company for the Bahamas and Caribbean, Tropical Shipping and all of its related transportation, consolidation and cargo insurance companies. As an international foreign flagged shipping and logistics operation, Tropical and its related companies will become Saltchuk’s sixth line of business.
Saltchuk to Acquire Tropical Shipping
A subsidiary of Saltchuk Resources, one of the nation’s leading transportation and petroleum distribution companies, has entered into a binding purchase & sale agreement to acquire Tropical Shipping and its related companies. The acquisition includes the premier shipping and logistics company for the Bahamas and Caribbean, Tropical Shipping and all of its related transportation, consolidation and cargo insurance companies. As an international foreign flagged shipping and logistics operation, Tropical and its related companies will become Saltchuk’s sixth line of business. Tropical will continue to operate as a standalone operation. The addition of Tropical Shipping to the Saltchuk family of companies furthers the company’s commitment to the Caribbean market.
BMT Surveys Expands Into Switzerland
BMT Surveys (BMT), a subsidiary of BMT Group Ltd, an international design, engineering and risk management consultancy, has announced the opening of a new office in Geneva, to support its rapid expansion across Europe. Providing further support to clients in Switzerland, the office will focus on P&I, Hull and Machinery, Cargo Insurance and maritime law through BMT’s global survey network, based in more than 250 ports worldwide. Initially, the Geneva office’s primary function will be to manage immediate survey actions and offer advice to clients using the surveyors’ network…
BMT Expands Into Central London
BMT Group opened of a new central London office to support its rapid growth. The new complex, close to St Katherine’s Dock and the City of London will house elements of subsidiary companies, BMT Hi-Q Sigma, BMT Surveys, and BMT WBM under one roof. Both new and existing clients will benefit further from the collective skills and wealth of knowledge available within the BMT group of companies. Peter French, Chief Executive of BMT Group said: “Our new central London location brings the subsidiary companies into close proximity with clients and partners in government…
Crowley Launches New LCL Service from Chicago
To better serve customers making smaller shipments to Puerto Rico, the Caribbean, and Central America from the U.S. Midwest, Crowley Maritime Corporation’s logistics group is launching a new weekly less-than-container load (LCL) service from Chicago today. The new service utilizes Crowley vessels and a single point of contact within the company to ensure accountability and that the movement of customers’ cargoes is managed and monitored effectively and reliably. “The addition…