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Wednesday, July 16, 2025

Marine Insurance News

18 Jun 2025

War Insurance Costs to Israel Soar

Copyright thodonal/AdobeStock

War risk insurance premiums for shipments to Israel are as much as three times higher than a week ago as the war between Israel and Iran entered its fifth day, industry sources said on Tuesday.The cost of a seven-day voyage to Israeli ports was quoted between 0.7% and 1.0% of the value of a ship, versus around 0.2% a week ago, they said.War risk premiums to Israel are still below a peak of over 2% in November 2023 that were quoted after a Hamas attack on Israel killed 1,200 people and triggered the Israeli invasion of Gaza.Individual underwriters will price risk and rates differently…

27 May 2025

Insurer Tokio Marine Launches Green Unit

© Grispb / Adobe Stock

Japanese insurer Tokio Marine 8766.T has set up a unit to insure activities linked to the low-carbon transition such as green hydrogen, shipping and cement and is targeting $1 billion in revenues by the end of the decade, its chair told Reuters.The new unit, Tokio Marine GX, will provide advisory and risk transfer services to companies across a range of sectors looking to decarbonise, and build on the existing work of its GCube renewable energy team, Fraser McLachlan said.TMGX…

02 May 2025

Danish Shipping Welcomes Activation of War Insurance Move

Anne H. Steffensen, CEO of Danish Shipping

A new legislative proposal on war insurance will ensure that the Danish merchant fleet can remain insured and continue sailing in the event of war.In the extraordinary situation where Denmark and Danish shipping are severely impacted by war – and the commercial insurance market has collapsed – there is a need for a war insurance scheme that guarantees the Danish merchant fleet remains insured and operational. This benefits both Denmark and the shipping companies.A new government…

24 Apr 2025

More Russian Insurers Seek India's Approval to Provide Insurance for Oil Tankers

Three more Russian insurers, including a subsidiary of top lender Sberbank, have asked India for approval to provide marine insurance for oil shipments sent to Indian ports. Credit: Adobe Stock/24K-Production

Three more Russian insurers, including a subsidiary of top lender Sberbank, have asked India for approval to provide marine insurance for oil shipments sent to Indian ports, two sources with knowledge of the matter said, as Moscow looks to maintain deliveries despite Western sanctions.India has already approved five insurers from Russia, which has no insurance firms in the International Group of P&I Clubs, which provides liability cover for personal injury or environmental clean…

23 Apr 2025

EU Requires Insurance Details from Passing Ships

© dechevm / Adobe Stock

The European Commission has adopted a new measure to enhance maritime safety and environmental protection around the EU’s coasts via an amendment to the Vessel Monitoring Directive (2022/59/EC).It now requires all vessels, including those merely passing through EU waters without entering an EU port, to provide insurance information.By requiring that all vessels operating in the vicinity are properly insured, the EU’s ability to monitor and, if necessary, investigate maritime activities is strengthened…

09 Jan 2025

West P&I fully acquires Nordic Marine

Dan Lennhammer (c) Nordic

West P&I Club announced the full acquisition of Nordic Marine Insurance (Nordic), a leading provider of fixed premium insurance for the marine industry, specializing in Delay Insurance, Primary Loss of Earnings, Hull and Machinery (H&M), Loss of Hire, Maritime Lien solutions and other specialist insurance products.West P&I initially acquired a significant stake in Nordic in 2020. The two organisations have worked closely together since then, with Nordic’s specialist products expanding the services West provides its Members and the wider marine market.

17 Oct 2024

Insurer Releases Heavy Weather Alert Tool

Source: The Swedish Club

Maritime insurance specialist The Swedish Club reports that it registered claims exceeding $25million attributable to heavy weather over the past five years. In response, it has developed a Heavy Weather Alert tool as an addition to its existing loss prevention tool.Heavy weather can cause structural damage, shifted cargo, broken mooring lines, wet damage, lost cargo overboard, and more. The Club says it has also seen examples where vessels have failed to suspend cargo operations and depart port in a timely manner when severe weather is approaching…

17 Sep 2024

Global Marine Insurance Market Trending Upwards Since COVID

© donvictori0 / Adobe Stock

The International Union of Marine Insurance (IUMI) presented its analysis of the latest marine insurance market trends at its 150th annual conference in Berlin, Germany, on Monday.The global marine insurance premium base for 2023 was reported as $38.9 billion representing an uplift of 5.9% from the previous year. Development was seen across all lines of business with the offshore energy sector experiencing a 4.6% increase, cargo insurance a 6.2% increase and ocean hull a 7.6%…

28 May 2024

When War Risk becomes War Reality: Growing Insurance Complexity

© Sofiia / Adobe Stock

Marine insurers and legal practitioners are grappling with unresolved challenges even two years after the outbreak of the Russia-Ukraine war. The conflict had brought chaos “not only in the lives of those in the region, but for the maritime industry trying to make sense of the shock,” said Burkhard Fischer, 2023-24 chairman of the Association of Average Adjusters, in his address to the body’s annual conference in London on May 9, 2024.Headlining his talk When War Risk becomes War Reality…

21 May 2024

New Chair of Association of Average Adjusters Says Communication is Key

© biancia / Adobe Stock

Ann Waite has been elected to chair the Association of Average Adjusters for the year 2024-25. She is the first woman to hold the office in the history of the association, which was founded in 1869.At the annual general meeting of Fellows on May 8, 2024, Waite was also elected an Honorary Fellow of the Association, which she has served as secretary for 11 years.She succeeds Burkhard Fischer, a director of Albatross Adjusters, Limassol.Waite runs a London-based independent claims management company…

07 May 2024

Bean Tapped to Succeed Ian Gooch as London P&I Club CEO

James Bean will succeed Ian Gooch as London P&I Club CEO, subject to regulatory approval.
Credit: London P&I Club/James Bean

The London P&I Club said that Ian Gooch will be stepping down during the year from the role of CEO after 15 years as CEO and 21 years as a Director of A.Bilbrough & Co., the company that manages The London P&I Club.Subject to regulatory approval, Ian Gooch will be succeeded by James Bean, from NorthStandard P&I Club.A qualified Solicitor, Bean has worked within the marine insurance industry since 2005 and was appointed to the NorthStandard’s senior leadership team in February 2023. Prior to that he was the Group Managing Director at the Standard Club.

25 Apr 2024

Russia Reinsurer Backs Firms to get India Marine Insurance Permit

By Maksym Yemelyanov

Russia's state-owned reinsurer has given financial backing to three Russian insurance firms, allowing them to get Indian approval to provide marine insurance cover to tankers, two sources said, as Moscow seeks to facilitate trade with India amid Western sanctions.A raft of sanctions by the U.S. and allies against Moscow over its Ukraine invasion, along with tighter scrutiny of Russian oil trade, has almost cut Russia off from the global network of service providers such as insurers and brokers.Russian companies Sogaz Insurance…

07 Apr 2024

ITIC Highlights Importance of Vessel Design Reviews Following $5 Million Claim

Mark Brattman (Source ITIC)

The International Transport Intermediaries Club (ITIC) has highlighted the importance of robust vessel design reviews and related insurance coverage throughout the construction process following a recent dispute between a naval architect, a shipowner and a shipyard regarding a vessel’s operational performance post-delivery.The vessel, a 24-metre catamaran servicing the offshore oil and gas industry, faced considerable operational limitations. This was attributed to unexpected vibration issues in the vessel's rudders…

15 Oct 2023

Gard: Increase in Stern Tube Damage Concerning

Source: Gard

The number of stern tube-related damage claims has increased considerably over the last few years, and this is causing marine insurer Gard some concern.In the past, damage to a stern tube was often considered a relatively straightforward casualty by surveyors. The cause was often obvious – contact with a floating object such as ice, fishing nets or ropes, for example.These causes still exist, but the significant increase in frequency over the past years, without any apparent explanation…

11 Oct 2023

IUMI Encouraging Diversity, Equity, Inclusion and Belonging

Patrizia Kern-Ferretti, Chair of IUMI’s Nominating Committee (Source: IUMI)

During this year’s annual conference held in Edinburgh, the International Union of Marine Insurance (IUMI) took the opportunity to explore and debate the question of diversity, equity, inclusion and belonging (DEIB) with the ambition of taking concrete steps to enhance its own representation and that of the marine insurance community more generally.Patrizia Kern-Ferretti, Chair of IUMI’s Nominating Committee, is driving the initiative and explained: “In 2010, after IUMI having been in existence for more than 135 years, I was only the second woman to chair an IUMI Technical Committee.

18 Sep 2023

Marine Insurance Market is “Strength and Stability in Turbulent Seas”

President Frédéric Denèfle (source  IUMI)

Opening this week’s International Union of Marine Insurance (IUMI) annual conference in Edinburgh, Scotland, President Frédéric Denèfle explained the conference theme of “strength and stability in turbulent seas” saying it is essentially “business as usual” for marine underwriters.“As marine underwriters, we are used to managing an array of casualties and losses onboard a variety of vessels and in ports and other shoreside facilities. Dealing with the fall-out from natural catastrophes such as earthquakes and weather events are also workaday issues.

06 Sep 2023

UK Insurers Join Cargo Safety Initiative

Source: Lloyd's Register

Safetytech Accelerator, a non-profit established by Lloyd’s Register, has confirmed that UK maritime insurers, the UK P&I Club and TT Club, have signed up for its Cargo Fire & Loss Innovation Initiative (CFLII).The Initiative, launched in February 2023, is a multi-year collaborative technology acceleration program focused on reducing cargo fires and loss in maritime and its impact. It is already supported by anchor partners COSCO Shipping Lines, Evergreen Line, HMM, Lloyd’s Register…

31 May 2023

Shadow Tanker Fleet Poses New Safety Challenges

© momentscatcher / Adobe Stock

Ongoing and new threats posed by the ripple effects of the Ukraine conflict will create challenges to the shipping sector over the next 12 months and beyond, according to insurer Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2023.Every year AGCS analyzes reported shipping losses and casualties involving vessels over 100 gross tons. During 2022, 38 total losses were reported globally, compared with 59 a year earlier. This represents a 65% decline in…

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…

06 Jan 2023

Black Sea Shipping Rates Soar 20% as Reinsurers Cut Cover

Lifting cargo cranes, ships and grain dryer in Sea Port of Odessa, Black Sea, Ukraine. Copyright Oleksandra/AdobeStock

Costs for hiring ships to transport commodities from the Black Sea have risen by more than a fifth since the start of the year, reflecting higher war risk insurance rates, industry sources said.The Black Sea is crucial for the shipment of grain, oil and oil products. Its waters are shared by Bulgaria, Georgia, Romania and Turkey, as well as Russia and Ukraine. Since Jan. 1, when policies are renewed, reinsurers that provide financial protection for insurance companies have added exclusions for ships and planes for Belarus…

27 Dec 2022

Japan Insurers in Talks with Reinsurers to Resume Coverage in Russian Waters

Credit:  Evgeny/AdobeStock

Three Japanese insurance companies that are set to halt marine coverage of risks related to the war in Ukraine starting next month are in talks with reinsurers to resume those operations, they said on Monday. Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance on Friday told shipowners that they would stop offering marine war insurance, which covers damage to ships from war in Russian waters, from Jan. 1, spokespeople at the companies said. Their comments confirmed local media reports on Saturday.

12 Dec 2022

North P&I Launches Mobile App to ease Evidence Gathering

“Once the facts are known, they can be used to demonstrate compliance or determine liability, but also to learn and help prevent similar incidents from happening in the future,” said Mike Salthouse, Global Director (Claims), North. “Establishing what really happened and how it happened is critical and, as well as making it easier for mariners to fulfil evidence-gathering duties, The MRCE Handbook app will also help to base safety recommendations on more accurate evidence." Photo courtesy North P

A new mobile app from North P&I is designed to make collecting evidence on incidents faster, easier and more accurate while enhancing reporting consistency in future claims. ‘The MRCE Handbook’ app from North is aimed to help senior officers, surveyors and shore-based technical and marine personnel gather evidence quickly and efficiently, using standardised formats on mobile phones and tablets.The MRCE Handbook app has been developed by North’s in-house Loss Prevention Team using proven methodologies established in The Mariner’s Role in Collecting Evidence Handbook.

03 Oct 2022

Lithium-ion Batteries: Fire Risks and Loss Prevention Measures in Shipping

Copyright JustSuper/AdobeStock

About the Author: Captain Rahul Khanna is Global Head of Marine Risk Consulting at Allianz Global Corporate & Specialty. A marine professional with 26 years of experience within the Shipping and Maritime industry, Captain Khanna served more than 14 years on board merchant ships in all ranks, including Master of large oil tankers trading worldwide. Although shipping losses have more than halved over the past decade fires on board vessels remain among the biggest safety issues for the maritime industry.