Willis Towers Watson unveiled a new type of cyber insurance product for shipowners that redesigns standard cyber policies to better navigate the risks for ship operators in the digital era.The solution, CyNav, addresses cyber threats in the broadest sense, including losses that occur from cyber-related business interruptions, even when the cyber events originate with third party IT service providers…
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…
A new mobile app from North P&I is designed to make collecting evidence on incidents faster, easier and more accurate while enhancing reporting consistency in future claims. ‘The MRCE Handbook’ app from North is aimed to help senior officers…
About the Author: Captain Rahul Khanna is Global Head of Marine Risk Consulting at Allianz Global Corporate & Specialty. A marine professional with 26 years of experience within the Shipping and Maritime industry, Captain Khanna served more than 14 years on board merchant ships in all ranks…
With 90% of global trade moved by sea, shipping is a major contributor to climate change. The International Maritime Organization (IMO) estimated that the industry’s greenhouse gas emissions grew by 10% between 2012 and 2018, while the industry’s…
WTW has launched CyNav for Ports and Terminals, a cyber solution specifically designed to help address the escalating cyber risks faced by owners and operators in this strategically vital sector of the global maritime supply chain. The…
Britannia P&I and its Exclusive Correspondent in the US, B Americas P&I, announce the recruitment of Marcela Pizzaro. She joined B Americas P&I on 3 January 2022.Pizzaro worked for many years at one of the major international container lines…
The blocking of the Suez Canal by one of the largest container ships in service in the world – the Ever Given – in March 2021 caused huge delays to hundreds of vessels waiting to transit the canal, one of the biggest chokepoints on the critical East/West trade shipping route…
Speaking at the International Union of Marine Insurance (IUMI) annual conference, IUMI Data and Digitalization Forum Chair, Patrizia Kern discussed big data, the use of digital technologies, and how the COVID-19 pandemic has put digitalization on the fast track…
Port authorities tried to right a capsized ship on Monday to rescue thousands of sheep trapped below deck in the Black Sea off Romania.The Palau-registered Queen Hind flipped onto its side shortly after leaving Romania's Midia port en route to Saudi Arabia on Sunday…
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…
Survey respondents from 46 different countries around the world highlight ‘decarbonization of shipping’, ‘new environmental regulation’, ‘societal demands for sustainability’, and ‘failure of climate-change mitigation and adoption’ as four of…
