Reinsurance News
shipping
Report warns of potential “tipping point” for shipping insurance costs in 2020
22nd January 2020
2020 might well be the tipping point for shipping industry insurance costs, while market trends suggest that Clubs need to increase premiums, according to the latest report by international P&I insurance broker, P.L. Ferrari, a wholly owned subsidiary of re/insurance broker Lockton. Over the last two years, global shipping industry insurance ... Read the full article
Reinsurers likely to review rates amid US / Iran fallout: S&P
7th January 2020
Analysts at ratings agency S&P Global Ratings have said that reinsurance firms are likely to review rates for war coverage in the Gulf following the U.S. killing of Iran's top military commander, General Qassim Soleimani. Advisory warnings of the possibility of Iranian attacks on US ships and infrastructure have been observed ... Read the full article
Swiss Re partners with EF Marine on P&I cover for ships visiting India: Reports
23rd July 2019
A new partnership has been announced between reinsurance giant Swiss Re and Singapore-based managing general agent EF Marine Pte Ltd, to provide Protection & Indemnity (P&I) cover to foreign ships that call at Indian ports, reports the Hindu BusinessLine. According to a report online from the Hindu BusinessLine, India's maritime administration, ... Read the full article
Salvage underway after Gulf of Oman attacks, but situation still worrisome
17th June 2019
Taiwan's state-owned oil supplier, CPC Corp. has said that it expects last week's attack on oil tanker Front Altair in the Gulf of Oman to drive losses of just NT$ 8 million (USD 253, 968). Chiu Chia-shou, Vice President of CPC Corp., which chartered the Front Altair to deliver naphtha, said ... Read the full article
Insurers can expect $65m in exposure value from stricken oil tankers: Russell Group
14th June 2019
Risk management company Russell Group has warned that cargo insurance companies can expect to experience a high exposure value following recent attacks on two oil tankers in the Gulf of Oman. The explosions that hit Japanese product tanker, Kokuka Courageous and the Norwegian tanker, Front Altair on Thursday occurred just weeks ... Read the full article
UK P&I Club’s Rotterdam subsidiary receives licence ahead of Brexit
27th March 2019
The UK P&I Club has received approval from the Netherland's financial regulator for a licence for its Rotterdam domiciled subsidiary, UK P&I Club N.V. (UKNV), ensuring continuity for its clients post-Brexit. Combined with other Thomas Miller managed Clubs for which UKNV is fronting, the new Rotterdam-based unit provides UK P&I Club, ... Read the full article
International Group secures lower rates for 2018 reinsurance renewal
15th December 2017
For the fourth consecutive year, the International Group of Protection & Indemnity Clubs has secured reinsurance renewal premium reductions on the Group programme, after finalising its 2018/2019 General Excess of Loss (GXL) reinsurance contract and the Hydra reinsurance programmes. The Group has announced that in spite of uncertainty in the global insurance ... Read the full article
UK P&I Club the latest to announce post-Brexit subsidiary plans
24th November 2017
Provider of P&I insurance and related services to the global shipping industry, UK P&I Club, has announced plans to establish a subsidiary in the Netherlands amidst continued uncertainty surrounding the UK's vote to leave the European Union (EU). The announcement comes shortly after North P&I Club and Sunderland Marine announced ... Read the full article
Allianz warns against complacency despite 50% decline in global shipping losses
15th June 2017
Analysis by Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, reveals that worldwide shipping losses declined by 50% in 2016 over the last ten years. However, with areas of concern appearing to be on the rise and budgets coming under increasing strain, the insurer warns against ... Read the full article
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