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…
North P&I Club has elected James Alexander Tyrrell as its new chair of the board, succeeding Pratap Shirke, in a change at the helm of the global marine insurer that also sees Ioanna Procopiou become the Club’s first female vice-chair.Tyrrell…
Mutual P&I insurer The Standard Club said it has enhanced its data and insight capabilities as part of a two-year upgrade program.'We have looked hard at how we can use technology and data to better serve our members, with a particular focus on supporting risk selection and pricing…
A rapid escalation in pool claims and unsustainable premium rates have led North P&I Club to declare its intention to seek a 10% General Increase in P&I rates for the 2021/22 policy year.In its 2020 Pre-Renewal Report, North says its retained claims so far this year declined…
P&I insurer The Shipowners' Club announced it has appointed its chief information officer, Mark Hamblin, to its management board.Hamblin’s appointment comes after eight years working for the club, in which time he has become integral to the successful IT function…
The American P&I Club and ABS have worked together to produce a new e-learning module on chemical tanker operations, brought to life by state-of-the-art animations by IDESS IT, a frequent contributor to the American Club’s loss prevention capabilities…
Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on Monday.Overall insured losses…
A combination of factors including stowage deficiencies likely led to the loss of containers from the U.K.-flagged containership Ever Smart off the coast if Japan in 2017, according to U.K. investigators.On October 30, 2017, the 300-meter, 7…
The Freight Unit of the National Vehicle Crime Intelligence Service (NaVCIS) has been involved in numerous theft cases related to cargo crime in the UK; most recently acting to recover £200,000 ($252,000) of stolen goods. Through the recent period of lockdown in the U…
Collaboration between risk management and insurance sectors will focus on education, training and guidance to reduce maritime cyber riskABSG Consulting Inc. (ABS Consulting), a subsidiary of ABS focused on safety and risk management, and American…
North P&I Club announced it has completed the integration of the Sunderland Marine Insurance Company Limited business into parent company The North of England Protecting and Indemnity Association Limited.The formal transfer of business, which takes effect Tuesday…
A new offering from North is designed for larger ocean-going vessels and will complement the H&M insurance already available from Sunderland Marine for fishing vessels and other small craft. WeThe P&I club expects the new line will be taken up by a number of Members…
Britannia P&I has established a new exclusive correspondent, B Americas P&I, to be based in New York.B Americas P&I will be headed by Michael Unger, a maritime lawyer with extensive litigation and arbitration experience.B Americas will enhance…
A cargo ship collided with the shore in Istanbul's Bosphorus strait on Friday, according to the governor's office and a witness, prompting authorities to close the picturesque and crowded waterway running through Turkey's largest city.There were no injuries or casualties…
