Marine Insurer News

Howden has started offering war risk cargo insurance to cover vessels sailing through the Red Sea against drone and missile attacks as geopolitical tensions escalate in the region, the UK-based insurance broker told Reuters on Tuesday.The cost of insuring a seven-day Red Sea voyage has risen by hundreds of thousands of dollars since Yemen's Iran-aligned Houthis began attacking shipping in the area in November in a show of solidarity with Palestinians in Gaza.Howden said the new…

BIMCO’s Director of Contracts & Support, Stinne Taiger Ivø, has been appointed Deputy Secretary General at BIMCO from January 1, 2024.Ivø joined BIMCO in early 2022 to lead the Contracts & Support department. Prior to working at BIMCO, Ivø headed the claims department of marine insurer Skuld (Copenhagen), worked at Danish Shipping (formerly known as the Danish Shipowners’ Association) and as a lawyer at Gorrissen Federspiel’s department for Shipping/Offshore/Transportation. She holds a PhD in international company law and a Master of Laws…

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…

Insurers are facing half a billion dollars in claims for up to 60 commercial ships still stuck in Ukraine a year after the start of the war with Russia, industry sources said.When the conflict started, more than 90 merchant ships - many with food cargoes onboard - and some 2,000 crew members were caught in Ukraine and unable to leave due to the fighting.Curtailed shipments from major grain exporter Ukraine played a role in the resulting global food crisis.According to shipping and insurance industry assessments…

Marine insurer North P&I Club announced it has joined the Maritime Anti-Corruption Network (MACN), a global business network that aims to tackle corruption and enable fair trade in shipping.As an MACN member, North joins more than 165 global companies in working toward the elimination of all forms of maritime corruption. The Network’s activities include raising awareness of the issue; implementing the MACN Anti-Corruption Principles and establishing best practices; collaborating with governments…

North P&I and Standard Club revealed they have entered formal discussions for a proposed merger to create a new global marine insurer and one of the largest providers of mutual cover in the maritime industries. The combined mutual insurer would provide cover for vessels equivalent to 400 million GT.The formal announcement follows the approval of the proposal by both clubs' boards and notification to principal regulatory authorities of their intention to merge. A joint North and Standard Club working group has been appointed to evaluate how a combined entity would maximize value for members.

The Poseidon Principles for Marine Insurance initiative has been launched to provide transparency on carbon emissions and support the shipping industry’s green transition. Marine insurers that launched the initiative on Wednesday, said that the Poseidon Principles for Marine Insurance "are a framework to quantitatively assess and disclose the climate alignment of marine insurers’ underwriting portfolios. ""This pioneering initiative makes marine insurance the first line of business to establish a sector-specific methodology to support the ambition of the Net-Zero Insurance Alliance (NZIA)…

The crippling ransomware attack against the Colonial oil pipeline in the U.S. in May 2021 should be a wake up call for the maritime industry. As a critical part of the global supply chain, the shipping industry could become an attractive target for cyber criminals and politically motivated attacks. Marine insurer Allianz Global Corporate & Specialty explores these challenges in its latest Safety & Shipping Review 2021.The 9,000km long Colonial Pipeline, which connects some 30 oil refineries and nearly 300 fuel distribution terminals…

North P&I Club has elected James Alexander Tyrrell as its new chair of the board, succeeding Pratap Shirke, in a change at the helm of the global marine insurer that also sees Ioanna Procopiou become the Club’s first female vice-chair.Tyrrell, a director of North member Arklow Shipping, takes up the role from February 4, having previously served as vice-chair of the North board. The formal announcement follows full approval by the Prudential Regulation Authority, which supervises around 1…

The record low 41 large shipping losses worldwide in 2019 represents a 20% improvement year-on-year and almost 70% over a decade, but the coronavirus crisis could endanger the long-term safety improvements in the shipping industry for 2020 and beyond, as difficult operating conditions and a sharp economic downturn present a unique set of challenges, according to recent report from marine insurer Allianz Global Corporate & Specialty (AGCS).Consequences of coronavirus and a sustained…

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…

Pollution fines for vessels in Turkish waters have significantly increased, marine insurer West of England said.In Turkish waters, environmental protection is developing and significant fines are applicable to vessels that violate Turkish anti-pollution regulations in accordance with the Turkish Environmental Code.According to new government notification, in addition, fines against persons and legal entities have been separated with the rates for fines against legal entities now between three and fourteen times higher than previously. Since vessels are invariably owned by legal entities a Member is likely to attract the higher rates of fine.In the event of a vessel being fined and detained for an alleged pollution incident in Turkish waters…

Global marine insurer provider North P&I Club has further strengthened its underwriting team with the appointment of a new U.K. based underwriter combined with some operational changes to a number of senior underwriting roles.Tom McLoughlin joined the team as an Underwriter last week, bringing with him a range of marine experience from his former roles with insurance brokers Marsh in London, and a significant tanker management company in Athens. Initially McLoughlin will work across all of the regional teams as he settles into his new role with the Club.Earlier in the year, Simon Main was recruited into the role of Technical Director…

New trading sanctions against Iran and  new fuel rules coming in 2020 for the entire maritime sector were the headlines of a seminar hosted by marine insurer North P&I Club yesterday in Dubai at the Taj Dubai.On the topic of sanctions against Iran, Mark Church, Director (FD&D), said that “practical issues will continue to impact on the ability to trade with Iran even where the trade is permissible. We encourage members to enforce their own due diligence and assess high-risk areas to avoid non-compliance.”Thus new fuel rules for maritime coming in 2020…

Global marine insurer North P&I Club said that Gagan Dhillon will take over Michael Asherson’s responsibilities for the Greek Membership and lead the claims team based in Newcastle.Gagan, a Master Mariner, first sailed in command of a tanker in 2007 before joining North in 2010 and gaining a First Class (Honours) degree in law.Michael Asherson will take up a position as partner with leading South African law firm Shepstone and Wylie in Durban and will leave the Club at the end of August.After 18 years with the Club, Michael a qualified South African attorney and registered solicitor in England and Wales, leaves with our best wishes for his relocation home to Durban and future legal career.Paul Jennings…

North P&I Club and 24Vision announced today that they have entered into a partnership agreement, with effect from 1 July 2018, to provide P&I insurance to charterers and small ship operators. As part of 24Vision’s wider service proposition to their marine industry clients, the partnership agreement provides for North P&I Club to be the insurance carrier for 24Vision’s marine liability products. “An alliance with North P&I Club puts us in an excellent position to provide our clients with top-rated security,” says Rocco Bozzelli, Managing Director of 24Vision Insurance Solutions. Paul Jennings, Chief Executive Officer of North P&I Club, highlights the importance of the partnership. “We are happy to work with 24Vision to develop our business through a professional and specialist partner.

Seas where Sanchi collision incident has taken place are leading region for maritime accidents. East/South East Asian waters have been identified as the top worldwide hotspot for shipping losses, with 34 ships lost in this region in 2016 alone – 40 percent of all shipping losses globally – according to a report from marine insurer Allianz. Analysis of global shipping losses over the last decade has highlighted East/South East Asian seas as an accident hotspot, with the collision of the oil tanker Sanchi with another ship off the coast of Shanghai as the latest major shipping incident in the region. Sanchi is currently on fire as a result of the collision, with its cargo of condensate raising concerns around the potential for explosion and pollution.

Marine insurer Skuld ended the first nine months of the 2017/18 reporting year (as at 20 November) with a positive bottom-line result of USD 27 million (up 68.7%, from USD 16 million year-on-year) with the contingency reserve standing at a record high of USD 421 million (up 15.6%, from USD 364 million year-on-year). Ståle Hansen, Skuld president and CEO, said: "The first nine months have been challenging for some of our members who have experienced major losses. The number of small claims is low, but after nine months Skuld has experienced a few large claims and one confirmed pool claim. Hurricanes Irma and Harvey also had an impact on Skuld's loss estimates although the effect has been limited compared with other insurers in the market.

North P&I Club has appointed a new Global Director of People as part of a company-wide focus on driving forward leadership and development. Dawn Robinson has joined the global marine insurer following three years in a world-wide role at Nomad Digital and previous appointments with Sage PLC as well as Finland based Outotec. Dawn brings with her a wealth of experience in change management, leadership and development, operations and employee relations. Working with the senior operations team, Dawn will initially focus on delivering a leadership and development programme for North’s 370 staff over the next 18 months, 255 of which are based at North’s headquarters on Newcastle Quayside.

Harry Diamond, Vice President and Chief Claims Officer at WQIS, is celebrating 21 years with the company this year. Diamond is a graduate of LaSalle University with Bachelor of Arts degrees in social studies education and history; he also holds an Associate degree in Risk Management. He began his insurance career right out of college when he was hired by a brokerage firm whose main client was Keystone Shipping Company. Diamond continued with the firm for four years until he changed his career path because of “an itch that needed to be scratched” – his desire to be a teacher. For the next six years, Diamond taught eighth grade at St. Mary’s Interparochial School in the Society Hill area of Philadelphia, Pennsylvania.

Norwegian marine insurer Skuld delivered a result of USD 20 million in the first nine months of the year, a USD 5 million increase from the same period last year. Overcapacity is still putting pressure on premium levels, says CEO. Skuld president and CEO Ståle Hansen said: "After nine months the bottom-line ended at USD 20 million, which includes provision for a mutual members' credit of USD 5 million. This is a USD 11 million improvement since the six months figures and a USD 15 million improvement compared with the same period last year. "Skuld's chosen path of diversification is bearing dividends and we are seeing a positive contribution from the commercial lines of business and a positive run-off on older claims years.

The Saudi Arabian-led coalition of anti-Houthi forces attacking Yemen has tightened the blockade on Yemen's ports affecting shipping activity including the delivery and loading of oil and gas shipments. Ships are unlikely to be able to access ports in areas that the coalition deems to be under Houthi rebel control. Navigation in Yemen’s territorial waters has been banned and ships are not allowed into Yemen unless inspected and approval by the Saudi-led coalition forces. The Grace Acacia, a Bahamas-flagged liquefied natural gas tanker, was scheduled to load cargo at the Balhaf LNG terminal on Friday, but the loading has been delayed and the tanker is currently anchored at the Fujairah port in the United Arab Emirates, a trader said.

2014 was the safest for world shipping in a decade according to the Allianz Global Corporate & Specialty SE’s (AGCS) third annual Safety and Shipping Review 2015. Global shipping losses continued their downward trend with 75 reported in last year. The big Allianz insurance group said that only 75 ships over 100 gt were lost to sinking, grounding, or fire/explosion last year - down 32% on the previous year, making 2014 the "safest year in shipping in 10 years". According to the German marine insurer the long-term trend looks even better, with last year's level of total losses 41% below the 10-year average of annual total losses (127). Since 2005 shipping losses have declined by 50%, AGCS said.