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Tuesday, June 15, 2021
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Insurance Industry News

01 Apr 2021

Suez Canal Must Upgrade Quickly to Avoid Future Shipping Disruption

Illustration of the Ever Given blocking the Suez Canal - Credit: Corona Borealis/AdobeStock

Egypt's Suez Canal must move quickly to upgrade its technical infrastructure if it is to avoid future shipping disruption, shipping industry sources said, as the major trade route tries to bounce back from a costly six-day closure.International supply chains were thrown into disarray on March 23 when the 400-meter-long (430-yard) container ship Ever Given ran aground in the canal, with specialist rescue teams taking almost a week to free her after extensive dredging and repeated tugging operations.Egypt will get two new tugboats…

25 Sep 2020

IUMI: Insurers, Underwriters Must Jump Onboard Maritime's Digital Transformation

“Digitalization is not an option anymore - it is here to stay - and the marine insurance sector needs to keep pace" said Patrizia Kern, IUMI Data and Digitalization Forum Chair.

Speaking at the International Union of Marine Insurance (IUMI) annual conference, IUMI Data and Digitalization Forum Chair, Patrizia Kern discussed big data, the use of digital technologies, and how the COVID-19 pandemic has put digitalization on the fast track.“Digitalization is not an option anymore - it is here to stay - and the marine insurance sector needs to keep pace," said Kern. "For some time now, the shipping industry has been seeking cost-effective ways to operate and key logistics players have already begun to partner and digitalize the global marine supply chain.

11 Jun 2020

Insurance Company Launched to Focus on Maritime Cyber Threats

© momentscatcher / Adobe Stock

A new insurance services business has been launched to protect maritime companies from cyber threats. Offering risk management, underwriting and analytics, Astaara Company Limited said it aims to modernize this area of the insurance industry."The insurance business is behind the times when it comes to cyber threats to maritime companies. It is only by listening to and responding to what the maritime community needs that you can create a solution that is relevant and necessary…

10 Apr 2020

Coronavirus: Cargo Loss Prevention Measures

© Suriyapong / Adobe Stock

The pandemic has brought about sudden changes for cargo transportation, impacting shippers and transport companies around the world and potentially increasing the risk environment, particularly for high-value and temperature-sensitive goods. In a new risk bulletin AGCS highlights steps for cargo owners to consider when developing contingency plans.While in most cases initial government directives have established cargo transportation as an essential activity, permitted during any quarantine period…

21 Nov 2019

Interview: Boriana Farrar, Ship Owners Claims Bureau

Boriana Farrar is a familiar face in maritime circles, the Vice President and Counsel and a Senior Claims Executive and Business Development Director for the Americas at the Ship Owners Claims Bureau, Inc. managers of the American P&I Club.

Boriana Farrar is a familiar face in maritime circles, the Vice President and Counsel and a Senior Claims Executive and Business Development Director for the Americas at the Ship Owners Claims Bureau, Inc. managers of the American P&I Club. We met with her in her NYC office to discuss her path from her native Bulgaria to a top maritime professional position.When Boriana Farrar moved from her native Bulgaria to the United States in 2001, she did so to be close to family, her mother and her sister who had already established a life in the U.S., some 5,000 miles from her homeland.

10 Oct 2019

New Online Marine License Insurance Program

Mariners looking for insurance have a new option that is touted as being fast and affordable, cared for immediately in an online format that is designed to be more expedient than ever.360 Coverage Pros launched a new Marine License Insurance Program for mariners that offers an entirely online buying experience combined with low monthly payment options and instant proof of coverage.Until now, the process of securing a marine license insurance policy involved requesting quotes,…

05 Jun 2019

Shipping Losses Declines by 65%

The international shipping industry is responsible for around 90% of world trade. There are around 60,000 merchant ships, transporting every kind of cargo.The world fleet is registered in over 150 nations, and manned by over a million seafarers, meaning the safety of vessels is critical. The maritime industry saw the number of total shipping losses of vessels over 100GT plummet during 2018 to 46 ‚Äď the lowest total this century. To put this into context there were 207 total losses reported in 2000.The figures are published by the Safety and Shipping Review from Allianz Global Corporate & Specialty (AGCS) incorporating the statistics from the past 10 yearsShipping losses declined by a record level of more than 50% year-on-year from 98 in 2017‚Ķ

17 May 2019

London P&I clubs Widen Middle East Threat Zone

A typical fleet oiler in support of U.S. Naval operations (CREDIT: USN)

London's marine insurance market has extended the list of waters deemed high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday, in a move that could push up premiums.The London insurance market's Joint War Committee said in a statement that the additions cover areas of perceived enhanced risk for marine insurers and reflected enhanced regional risk."The situation will be kept under close review," said the Joint War Committee…

14 May 2019

Risk Management on the Inland Waterways Evolves

The subchapter M towboat rules, safety management systems, and an emerging culture shift on the inland waterways brings with it a fresh look at how to manage risk. Is it time for P&I clubs to return to brown water? And should inland operators welcome them home?A mass exodus from the inland marine sector by P&I clubs in the mid-1990’s was precipitated by many things. Today, these very same vessels have been put under the subchapter M regime, and most are adapting SMS as a culture in the process. Moreover, and without a doubt, the environmental record of this sector has improved 99% since the 1970’s. As all of that unfolds, the P&I clubs have begun to look at this sector more closely and…

01 Mar 2019

Insuring the Marine Industry’s Risky Work Environment

File Image / CREDIT: AdobeStock / © Currahee Shutter

From high-traffic ports to bustling boatyards, and busy shipyards to expanding marinas, marine professionals operate in a challenging environment. They work on land, on or around water, and are exposed to all kinds of weather. And the challenges won’t ease up any time soon. Our nation’s ports continue to expand as trade surges. Add in increased commercial vessel traffic and recreational boating, and it’s clear that marine businesses have to be in shipshape condition. It means that the marine insurance industry has to stay on its toes too…

07 Nov 2018

Preventing Maritime Vessel Explosions ‚Äď The Role of the Marine Chemist

Image: Used with permission, National Fire Protection Association

With advances in technology, increased regulatory requirements for training, and an industry that has been committed to improving working conditions, especially those associated with confined space entry and fire prevention, why are we still seeing maritime related fires and explosions that often include serious injury or loss of life? HistoryFollowing the First World War, as cargo vessels, particularly tank ships, were being converted to carry larger cargos, the incident rate of fires and explosions during shipbuilding, repair, and conversion began to rise.

12 Oct 2018

Interview: Jeong-kie Lee, Chairman, Korean Register & IACS

Jeong-kie Lee, Chairman and CEO, Korean Register

This month we caught up with Jeong-kie Lee, Chairman and CEO of the Korean Register and also the Chairman of the International Association of Classification Societies (IACS), for his insights on the dominant trends moving the maritime industry into the future.The maritime industry has been challenged, to say the least. Today, where do you see challenge? Where do you see opportunity?The maritime industry is in a state of extreme upheaval, with private and public organizations having to deal with a wide range of ever changing…

19 Sep 2018

Naval Dome Call on Insurers to Revoke Clause CL 380

Itai Sela  (Photo: Naval Dome)

Naval Dome has called on marine insurers to revoke the controversial Clause CL 380 and implement policies that insure against the risk of cyber-attacks on ship systems.Speaking in Cape Town, South Africa, today during the International Union of Marine Insurance’s (IUMI) annual conference, Naval Dome CEO Itai Sela said that with the maritime industry increasingly moving towards connected, cloud-based technologies and autonomous operation, a 15-year-old Clause that excludes damage to computer systems…

18 Jun 2018

Marine Insurance’s Risk Rating Revolution

© zegendos / Adobe Stock

Why insurers cannot afford to be left behindAccording to Maersk, ‚Äúeverything that can be digitized will be digitized‚ÄĚ, and there is no doubt that the world of shipping is currently undergoing a digital revolution. From vessel movement data to port statistics and engine diagnostics and data, the latest technology empowers insurers to segment and optimize their existing portfolio, identify new opportunities and offer truly connected policies.However, risk measurement and ratings remain an issue.

14 May 2019

Staying Afloat with Strong Workboat Insurance

© donvictori0 / Adobe Stock

When it comes to insuring your assets, changing markets and risk variables demand better understanding of the underwriting process, as well as a long-term, stable relationship with an insurer who ‚Äď like you ‚Äď is in for the long run.U.S. inventor Thomas Edison once said, ‚ÄúThere is no substitute for hard work.‚ÄĚ Nobody knows this better than the men and women who operate diverse and industrious workboat fleets.Ferrying commuters, towing dry and liquid bulk, and assisting larger ocean‚Ķ

16 Nov 2017

ABS Raises Cyber Awareness to Marine Insurance Industry

ABS Chairman, President and CEO calls upon insurance industry and class to work closer together in addressing the next-generation safety system. Christopher J. Wiernicki, Chairman, President and CEO of ABS, addressed the American Institute of Marine Underwriters (AIMU) today, describing the future of maritime safety and risk mitigation as it relates to cyber safety as well as outlining how the classification and insurance industries can strengthen their collaboration as the progression of cyber and autonomy propel maritime safety into new waters. ‚ÄúBuilding on our safety and risk control focus, class and insurance are in a unique position to lead in several areas ‚Äď specifically‚Ķ

20 Oct 2017

Legal Limbo: Risk Management in a Modern Marine Economy

© Currahee Shutter / Adobe Stock

Technology helps maritime companies do more with less. But today, technological advances are outstripping legal developments. As a result, many marine-based businesses operate in a legal limbo with many lawyers and insurance professionals confused about what laws will apply to what claims. While sometimes philosophical, the problem of what law will apply becomes stark and very real when a worker is injured. We live in a golden age of maritime technological development as we learn to use our oceans, lakes, rivers and coastlines in new and unique ways.

11 Sep 2017

‚ÄúBlockchain‚ÄĚ and the World of Marine Insurance

© the_lightwriter / Adobe Stock

If you‚Äôve been working in the marine insurance industry lately, you will have heard about ‚Äúblockchain‚ÄĚ at some point; it is the electronic, distributed ledger, notoriously known for enabling the use of cryptocurrencies such as Bitcoin and Ether. But the blockchain technology‚Äôs utility goes beyond cryptocurrencies, potentially offering creative ways to solve other real-world problems. Within blockchain ledgers, the use of ‚Äėsmart‚Äô contracts essentially converts contractual obligations into lines of computer protocols, which facilitate, verify, or enforce its performance.

17 Jul 2017

AHHI Insures 1,900 Vessels in First Year

Cyprus-based American Hellenic Hull Insurance (AHHI) surpassed key targets during its first year of operation: 1,900 insured vessels, written premium income exceeded $10 million and covered 35 million GT on 100% basis, said a press statement. During its latest Board meeting in June 2017, American Hellenic Hull Insurance Company appointed two new Directors, Angelos Kostakos of Oceanstar Management Inc. and . Panagiotis Christodoulatos of Ikaros Shipping & Brokerage Kostakos is Legal, Insurance and Claims Director of Oceanstar Management Inc. and a member of the Board of Directors of the American P&I Club since 2008. Christodoulatos is Managing Director of Ikaros Shipping & Brokerage with 30 years of experience in Shipmanagement…

01 Jun 2017

Lax SMFF Enforcement a ‚ÄėDisaster Waiting to Happen‚Äô -ROR

(Photo: Rapid Ocean Response Corp.)

A top U.S. Coast Guard official said at a recent congressional oversight hearing that the Coast Guard ‚Äúhas not been aggressively enforcing the compliance‚ÄĚ of vessel response plans filed under federal Salvage and Marine Firefighting (SMFF) regulations. The rules, derived from the Oil Pollution Act of 1990, are meant to prevent a worst-case discharge resulting from fire or explosion aboard a vessel. ‚ÄúThe shocking admission by the Coast Guard that it cannot, and is not, enforcing its own marine firefighting rules should be a warning to all ship owners‚Ķ

24 May 2017

Denmark Tightene Water Scooter Regulations

Danish Ministry of Industry will launch a set of new initiatives to enhance safety at sea when operating water scooters, jet skis, speed boats and the like. The new initiatives are to prevent accidents at sea by securing, inter alia, that those riding water scooters have the skills needed and are familiar with current regulations. At the same time, the new initiatives are to make it easier to identify water scooters and their owners and to hold somebody responsible and intervene when the rules are not observed and others' safety is jeopardised. Minister for Industry, Business and Financial Affairs Brian Mikkelsen said: "It is important that everyone can feel safe in Danish waters and in our ports.

13 Mar 2017

The Perfect Storm of Digitalization and Commoditization

Frank Coles, Transas CEO (Photo: Transas)

Frank Coles, Transas CEO, delivered the keynote speech at the Transas Global Conference in Malta. We are faced with the perfect storm in the next few years. Many will conclude it is all the fault of President Trump, but in fact it is actually nothing to do with him. If anything he is going to enable the industry to think smarter because he is also bringing change. The perfect storm is the one confronting the maritime industry. It is one which will disrupt all elements of the shipping industry ‚Äď is technology-driven and in some cases is also self-inflicted.

11 Nov 2016

Hanjin Commences Layoffs

Hanjin Shipping Co. has notified 560 shipping crew that their service with the company ends on Dec. 10, reports the Pulse. The rest of 2,000 on the company payroll are expected to get dismissal notice within next month. The troubled shipping giant has started laying off its employees as part of and ahead of measures to find a buyer for its Asia-US assets. Korea Ship Owners’ Association and Korea Maritime Institute estimate as many as 10,000 in related port, ship maintenance, and insurance industry would lose job when Hanjin Shipping goes under. Of them 23,000 jobs would be lost in the port city of Busan. Hanjin Shipping that had been…