Insurance News


War Insurance Costs to Israel Soar

Jun 18, 2025

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…

PORT RISKS: Manage Mobile Equipment Fire Risk

Mar 06, 2025

TT Club is warning cargo handling and terminals operators that fire remains a major cause of damage and losses to port and terminal equipment.The insurance specialist’s analysis of a 10-year claims history shows that of the near 1600 fire-related claims it has received over that period…

Offord Named Chief Executive UK P&I Club Singapore Branch

Nov 27, 2024

The UK P&I Club appointed Richard Offord as the new Chief Executive of the Club’s Singapore Branch. Richard will replace Yiah Soon Ng (YS) on December 1, 2024, as YS will retire after leading the Singapore office for more than 27 years. Offord…

AI-Powered Vessel Tracking and Monitoring

Oct 09, 2024

A partnership between Iceland's TM Insurance and Hefring Marine promises to bring the 'big brother is watching' mantra foward faster in marine operations.Touted as an AI -driven ‘digital assistant’, the primary target for this offering are the helm stations of fast craft…

Brokers Launch Port Disruption Insurance Amid Shipping Chaos

Sep 20, 2024

Broker Marsh and Lloyd's underwriter Tokio Marine Kiln (TMK) have set up business interruption insurance for ports to provide cover against growing trade disruption risks such as threats to shipping in the Red Sea, executives involved said.Ports…

Marsh Launches $50M Port Blockage Insurance Facility

Aug 21, 2024

Marsh launched a $50 million port blockage insurance facility, covering shipping ports and terminals around the world.Created by Marsh following the collapse of the Francis Scott Key Bridge and subsequent disruption at the Port of Baltimore…

Kevin King Takes Over as TT Club CEO

Aug 01, 2024

Transport and logistics insurer TT Club announced Thursday that Kevin King has stepped into the role as CEO, succeeding Charles Fenton effective August 1.Originally based in the U.S., King has long held positions within Thomas Miller managed businesses…

Lloyd's Insurers Expect Moderate Baltimore Bridge Claims

May 02, 2024

Lloyd's of London insurers Hiscox and Lancashire do not expect large insurance claims from the collapse of Baltimore's Francis Scott Key Bridge in March that caused widespread disruption, they said on Thursday.Some estimates for the total insured…

Russia Reinsurer Backs Firms to get India Marine Insurance Permit

Apr 25, 2024

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…

Crumbling Great Lakes Ports Infrastructure Makes Port Insurance Even More Critical

Apr 04, 2024

The state of Great Lakes port infrastructure is one of the biggest issues facing the U.S. and Canadian maritime industries. According to the America Great Lakes Ports Association, “Due to years of inadequate funding, the U.S. Army Corps of Engineers…

Wallenius Wilhelmsen Sees Up to $10 Million Hit from Baltimore Disaster

Apr 03, 2024

Norwegian car shipping firm Wallenius Wilhelmsen estimates a $5 million to $10 million hit to core earnings from last week's U.S. Baltimore bridge collapse and expects the key ship channel to be closed for weeks, it said on Wednesday.The company…

Ukraine Expands Ship War Insurance with Marsh & Lloyd's to Iron Ore, Steel

Mar 01, 2024

Insurance broker Marsh and Lloyd's of London underwriters have expanded a marine war insurance program backed by Ukraine from grain shipments to all non-military cargo, such as iron ore and steel, Marsh said on Friday.Marsh, Lloyd's and Ukrainian…

Maersk debuts Israel Shipments Surcharge to Cover Insurance

Dec 07, 2023

A.P. Moller-Maersk said it will introduce a risk surcharge next year on container shipments to Israel to cover rising insurance premiums due to the security situation.'Moving into 2024, insurance premiums continue to be raised for vessels bound for Israel…

Marsh, Lloyd's, Ukraine Launch War Risk Ship Insurance to Cut Grain Costs

Nov 15, 2023

Insurance broker Marsh MMC.N, Lloyd's of London insurers and Ukrainian state banks have launched a programme to cut the cost of claims for damage to ships and crew transporting grain through the Black Sea corridor, Marsh said on Wednesday.Kyiv…

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