A series of Russian missile strikes on Ukrainian Black Sea port infrastructure and commercial vessels has led to a jump in insurance costs and forced some shipowners to cancel bookings, insurance sources and a broker said on Thursday.Russian ballistic missiles attacked the port infrastructure of Ukraine's southern Odesa region on Wednesday, becoming the third such attack in the past four days.'Russia is deliberately intensifying its attacks on the port infrastructure of the Ukrainian south…
The UK P&I Club has announced the appointment of Ms. Jeong-Sook Kim as Senior Underwriting Director, with initial responsibility for the Korean market. Based in the Club's London office, she will work closely with William Beveridge, Chief Underwriting Officer…
The maritime industry continues to improve its safety record, but the challenges confronting shipowners, operators, insurers and regulators have never been more complex.According to Allianz Commercial's Safety and Shipping Review 2026, global shipping losses remain near historic lows…
Rising temperatures and humidity are increasingly compromising cargo integrity during transit, making prevention essential for operational resilience.Climate change is no longer a distant concern for shipping. Across Southeast Asia, rising temperatures and humidity…
Lockton, the world’s largest privately held insurance brokerage, has announced the appointment of Jake Byrne as U.S. Marine Risks & Liability Practice Leader. Since joining Lockton in 2020, Byrne has served in a dual role for Lockton’s Global Marine Practice and as a representative of Lockton P…
Artificial Intelligence (AI) is set to transform -- among many industries -- the marine insurance sector, presenting both significant opportunities and pressing challenges, a message delivered at the International Union of Marine Insurance (IUMI) annual conference in Singapore…
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…
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…
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…
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…
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 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…
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 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'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…
