Marine Insurance News

16 Dec 2019

VIKING's HydroPen System for V.Ships

Photo: VIKING

VIKING has secured a contract with V.Ship Hamburg to protect over 40 container ships with the HydroPen System.The alarming rise in the number of container fires has brought calls for urgent action from the International Union of Marine Insurance (IUMI), with stakeholders urged to encourage IMO to strengthen fire protection and review firefighting equipment onboard existing ships. Fighting a fire high up in the stack from the deck is often ineffective, with containers dowsed on the outside while materials inside continue to burn.

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.

20 Nov 2019

North P&I Club Sets 7.5% General Increase

Pratap Shirke (Photo: North P&I Club)

Directors of North P&I Club have decided to set a general increase of 7.5% on P&I and FD&D premiums for the 2020/21 Policy Year. The increase is considered necessary to maintain the Club’s financial strength and stability in a climate of rising International Group Pool claims and premium erosion.According to North’s Chairman, Pratap Shirke, “The marine insurance landscape has been challenging, and during this time we have persisted with our strategy of preserving a balance between reliable financial management and our desire for controlled growth.

18 Oct 2019

Boxship Fires: Time for Action, says IUMI

Helle Hammer, IUMI Policy Forum Chair

This year has already seen an alarming number of container ship fires including Yantian Express, APL Vancouver, Grande America, E.R. Kobe and KMTC Hong Kong.The escalation is of growing concern to IUMI (International Union of Marine Insurance) who used a recent forum to call for an urgent improvement to onboard firefighting systems.At a conference in Arendal, Norway, organised by marine insurer and P&I Club, Gard, and attended by IMO, flag states, shipowners, salvors, class, and insurers…

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,…

20 Sep 2019

IUMI Reports Cut in Offshore Insurance Premiums

James McDonald. Photo: IUMI

International Union of Marine Insurance (IUMI) Offshore Energy Committee reported a further reduction in global offshore energy premiums.Global premiums in this sector were reported to be USD 3.4 billion which represented a 3% reduction from 2017. This continued the downward trend: premiums in 2017 were down 5% on the previous year and premiums in 2016 were down 21% on 2015.James McDonald, Chair of the IUMI Offshore Energy Committee said: "The drop in premium income has largely followed the oil price which has dipped by around 20% over the past year.

17 Sep 2019

Marine Cargo Insurance Market Still Not Profitable

Sean Dalton, IUMI Cargo Committee Chair: “Exposures will continue to increase for the cargo underwriter.” (Photo: IUMI)

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…

11 Sep 2019

Hapag-Lloyd Launches Quick Cargo Insurance

Pic: Hapag-Lloyd

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.

09 Sep 2019

UK Risks Losing Edge in Maritime Services

Adobestock / © magicbones

Britain's position as a top hub for maritime services is being eroded by competition, a loss of shipping finance business and the removal of tycoon-friendly tax breaks, a report said, deepening uncertainty for its financial sector as Brexit nears.The UK has been a pivotal global shipping centre for centuries, especially the City of London, and has dominated marine insurance, ship broking, shipping finance and other maritime services.These contribute $5.6 billion a year to Britain’s economy…

11 Jul 2019

Shipping Losses Lowest This Century as New Dangers Emerge

Captain Andrew Kinsey, Senior Risk Marine Consultant with Allianz Risk Consultant (ARC)

The Allianz Global Corporate & Specialty AGCS) Safety & Shipping Review 2019 provides a unique and in-depth look at the emerging risks facing international shipping stakeholders.Large shipping losses are now at their lowest level this century having declined by over 50% year-on-year, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2019. The annual study analyzes reported shipping losses over 100 gross tons (GT). AGCS provides global marine and shipping insurance for all types of marine risk…

05 Jun 2019

Shipping Losses Declines by 65%

Image: Allianz Global Corporate & Specialty (AGCS)

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 – the lowest total this century. To put this into context there were 207 total losses…

31 May 2019

Japan Oil Industry Braces for Higher Middle East P&I Costs

Image CREDIT: AdobeStock / © Jose Gill

The costs of buying crude oil from the Middle East could rise as war insurance for ships travelling in the region will be expanded to include vessels travelling off the United Arab Emirates and Oman, the head of Japan Petroleum Association said on Friday.Japan is the world's fourth-largest oil importer and imports 90% of its crude from the Middle East, government data showed.Asian shippers and refiners had put ships heading to the Middle East on alert and were expecting a possible rise in marine insurance premiums following attacks on Saudi oil tankers and pipeline facilities earlier in May.Ta

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…

17 May 2019

London Marine Insurers Widen Middle East Threat Zone After Ship Attacks

London's marine insurance market has extended the list of waters deemed as high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday.The London insurance market's Joint War Committee issued a statement saying that the additions detail areas of perceived enhanced risk for marine insurers and reflect the enhanced regional risk.Its guidance is watched closely and influences underwriters' considerations over insurance premiums. (Reporting by Jonathan Saul Editing by David Goodman)

26 Apr 2019

IUMI Concerned about Global Marine Underwriting

Pic: International Union of Marine Insurance (IUMI)

The increased risk of large, more complex and costly claims has the potential to impact all marine underwriting sectors in 2019, said the International Union of Marine Insurance (IUMI).Although the global fleet continued to grow at around 3% in 2018, the number of total losses (vessels over 500GT) stood at a 20-year low. Only 21 total losses were recorded last year and this is on the back of a general downward trend witnessed since 2010. The reduction was seen across all vessel classes.Serious casualties (excluding total losses) have stabilised over the past three years but are still higher…

18 Apr 2019

Autonomous Ship Tech: Opportunity & Risk

There have been numerous articles and opinion pieces speaking of the potential application areas of maritime autonomous technology, the elimination of “human error”, and the resulting safer operations that will supposedly be realized. The question of whether autonomous ships will offer safer solutions than crewed ships remains to be answered, and will not be resolved today. However, there is an important issue regarding levels of autonomy in vessel operations that needs to be addressed.Many vessel operators feel that this technology will not impact their particular operating environment, and therefore there is no reason for them to worry about it. But the reality is that all vessel operators should stay abreast of developments in the arena of autonomous vessel operations.

26 Mar 2019

UK P&I Club Gets Regulator Clearance for Dutch Brexit Hub

British ship insurer UK P&I Club has received approval from the Dutch regulator for a new subsidiary in Rotterdam to ensure continued access to trade in the European Union in case Britain loses single market access, it said on Tuesday.UK Club is the second specialist Protection and Indemnity (P&I) club to announce regulatory approval for Brexit trading arrangements in the EU. Rival club North said in January it got the green light for its Dublin subsidiary from Ireland's central bank.P&I clubs - mutually owned by their members which are shipping companies - have been an integral part of the City of London for nearly two centuries, insuring ocean going ships against pollution and injury claims…

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…

14 Feb 2019

European Marine Insurance Firms Join Forces

Image: Cambiaso Risso Marine S.p.A.

Italian worldwide leading broker for marine insurance Cambiaso Risso Group has signed a strategic partnership agreement with French insurance broker Siaci Saint Honore to foster a strong positioning in their markets.The deal will be subject to approval by the competition authorities in some of the 42 countries in which the two companies are active and will come into effect in the second quarter. It will give birth to the world’s top three marine insurance broker in the world,…

23 Jan 2019

Singapore Solidifies Maritime Hub Status

Dr Lam Pin Min. File Photo: Maritime and Port Authority of Singapore

Singapore has introduced two initiatives for the maritime industry - the Singapore War Risks Insurance Conditions (SWRIC) and the development of an inter-operability framework for electronic trade documents for the maritime and trade industries, which will strengthen Singapore’s standing as a leading global maritime hub.According to Dr Lam Pin Min, Senior Minister of State for Transport, the SWRIC is an enhancement to the Singapore War Risks Mutual (SWRM), Singapore’s first national…

18 Jan 2019

BREXIT: North P&I Gets OK for Dublin Brexit Hub

Paul Jennings (Photo: North P&I)

British ship insurer North has received regulatory approval from Ireland's central bank for a new subsidiary in Dublin to ensure continued access to trade in the European Union in case Britain loses single market access, the firm said on Friday.North, which has its headquarters in the northern England city of Newcastle, is the first specialist Protection and Indemnity (P&I) club to announce regulatory approval for Brexit trading arrangements in the EU. It said a team of senior…

20 Dec 2018

Ships: Deciphering the Autonomous Vessel Debate

Rolls-Royce and the European Space Agency (ESA) have signed a ground-breaking cooperation agreement aimed at pursuing space activities in support of autonomous, remote controlled shipping and promoting innovation in European digital logistics.
Image: Courtesy Rolls-Royce Marine.

By Captain Andrew Kinsey, Senior Marine Risk Consultant, Allianz Global Corporate & SpecialtyConfusion reigns in the ongoing debate on autonomous and remotely operated vessels. Before constructive dialogs can take place, the parameters of the discussion need to be agreed upon. Bottom line: in order to understand each other, we need to be speaking the same language.There are two recent publications that I strongly advise all maritime professionals review, as they offer valuable guidance and insight into this rapidly developing segment of the Marine Transportation Industry.

19 Dec 2018

Crowley Promotes Harrison

Parker Harrison was named Crowley Maritime's SVP of procurement and risk management. (Photo: Crowley Maritime)

Crowley Maritime appointed Parker Harrison to its leadership team as senior vice president of procurement and risk management, effective Jan. 1, 2019. Harrison, former VP of procurement, will continue to be based at the company’s headquarters in Jacksonville, and will report to Bill Pennella, vice chairman and executive vice president.In her new role Harrison will work across all of Crowley’s business units to strategically align risk management functions while continuing the company’s procurement transformation into a strategic center-led competency.

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