Insurance companies have notified charterers of ships operating in Russia's Black Sea ports of an increase in additional payments known as 'war risk premiums', four traders said.A war risk premium was added to the common insurance costs for tankers last year after the start of Russia's military action in Ukraine, which Moscow calls a special military operation.Military actions in the Black Sea area…
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…
Members of the North and Standard Clubs have voted to approve the merger between the two marine insurance firms, creating one of the largest providers of mutual cover in the maritime industries.The P&I clubs, which revealed plans to merge earlier this year…
Global insurers are expected to receive multiple marine insurance claims from ships damaged or lost as the conflict in Ukraine spills over into sea lanes, insurer Allianz Global Corporate & Specialty (AGCS) said in a report on Tuesday.Two seafarers…
After 27 years’ service as Chief Executive Officer of Shipowners Claims Bureau, Inc. (SCB), the Managers of the American P&I Club, Joe Hughes will stand down from that role on August 1, 2022. Dorothea Ioannou, currently Deputy Chief Operating Officer of SCB…
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…
At its meeting on December 9, The Swedish Club's Board of Directors made the decision to appoint Thomas Nordberg to succeed Lars Rhodin as Managing Director from January 1, 2023, when Rhodin retires.'The Board of Directors is delighted to have recruited Nordberg…
West creates a Charterers and Traders team as a new center of excellence within the Club, further enhancing the West’s popular tailor-made liability insurance products.The West of England P&I Club announced the creation of a dedicated Charterers…
North P&I Club has announced the appointment of Michael Asherson as Claims Director, in a return to the Club after three years in private practice in his native South Africa.Asherson, who spent 18 years with North in the period up to 2018, returns…
The use of data and technology in the marine insurance industry has taken great forward steps in the last decade. In an industry often portrayed as being more comfortable with tradition rather than disruption, there is a realization that the…
The head of the Suez Canal Authority (SCA) said on Monday he hoped talks would soon yield an agreement with the owner and insurer of a giant container ship which is still being detained since it blocked the waterway for six days last month.The…
UK P&I Club, an insurer of the Ever Given cargo ship which ran aground in the Suez Canal in March, said on Friday it had filed an appeal in an Egyptian court over the detention of the vessel by authorities.The Ever Given has been anchored in…
A ship that blocked the Suez Canal for almost a week in March has not been given clearance to leave the waterway as discussions continue over a compensation claim made to the vessel’s owner Shoei Kisen, an official from the Japanese company said on Tuesday…
The blockage of the Suez Canal is likely to lead to large reinsurance claims, adding to upward pressure on marine reinsurance rates, James Vickers, chair of reinsurance broker Willis Re International, told Reuters.Formal investigations began…
The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic…
