In the early morning hours of March 26, 2024, Dali - a cargo ship registered in Singapore — lost power and crashed into a pillar of the Francis Scott Key Bridge in Baltimore, Maryland. The crash caused the immediate collapse of the bridge and death of six construction workers who were performing work on the bridge at the time of the accident (two others were rescued from the water). In addition to the tragic loss of life caused by the crash…
Insurance broker Marsh McLennan said on Wednesday it had met with U.S. officials to explore solutions for restoring maritime trade amid escalating fighting in the Middle East, as attacks in the region threaten energy shipments through the Strait of Hormuz…
London's marine insurance market has widened the area in the Gulf it deems as high risk as the conflict in the Middle East escalates, according to an advisory issued on Tuesday.Guidance from the Joint War Committee, which comprises syndicate…
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…
Skuld, a leading global marine insurer, announced a successful renewal of its protection and indemnity (P&I) policies for 2025/26. Skuld welcomes a notable number of new members, expanding its portfolio of entered mutual P&I gross tonnage (GT) on 20 February by 6%…
For the third consecutive year, member retention was over 99.5%, and the Club is encouraged to report continued support from existing Members, with strong organic growth at renewal and throughout the 2024/25 Policy Year. Several new Members were also welcomed to West on February 20…
The UK P&I Club has announced the successful completion of the P&I renewal for 2025. The Club attracted new tonnage during 2024, which it anticipates will lead to a small increase in the Club’s market share for the 2025 policy year. The UK P&I…
The Swedish Club announced the launch of its Passage Plan+ Guide, a resource designed to support shipowners, operators, and navigational officers. “As an insurance company, we handle many claims yearly, and issues regarding Voyage/Passage planning are a recurring theme…
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…
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…
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…
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…
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…
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…
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…
