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Shipping insurance rates soar on Red Sea missile attacks

Attacks by Yemen’s Houthi rebels on commercial ships in the Red Sea have sent insurance premiums surging, exacerbating costs already stretched by soaring freight rates and longer alternative trade routes. The Houthis have carried out relentless attacks since November on shipping transiting the Red Sea, a maritime hub through which 12 per cent of global trade usually passes. Maritime container transport has sunk by almost one third so far in 2024 compared with a year earlier, according to IMF data. The Iran-backed Houthis argue the attacks are in solidarity with ...

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Continued Member support results in another positive renewal for West

The Club is delighted to confirm that 99% of Members renewed with mutual tonnage increasing to 100 million GT due to a combination of strong organic growth and selective new business transferring to West. We are pleased to announce a successful 2024 renewal across all West business lines, with the combined ratio for the year forecast to be below 100% for the second consecutive year. The Club maintained its selective approach to new business and was also pleased to see strong organic growth from existing Members throughout 2023 resulting in ...

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The London P&I Club shares positive 2024 renewals outcome

The London P&I Club has reported a strong outcome for its annual renewals for 2024, with a growth in mutual tonnage of 8.9% year on year. This positive outcome and strengthening of rating and deductible levels for the London Club has fallen in line with the Club’s target to improve its financial performance following a favourable claims experience and a positive investment return in the 2023/24 policy year. Reto Toggwiler, Chief Underwriting Officer at The London P&I Club, said: “We are delighted to see year-on-year growth in our mutual tonnage, ...

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Strong Member support results in another positive renewal for West

The West of England P&I Club (West) is pleased to announce a successful 2024 renewal across all business lines and expects a combined ratio of below 100%. West has maintained its selective approach to new business. Strong organic growth from existing Members throughout 2023, combined with targeted new business development at the renewal, means the total Mutual tonnage of the Club will be in excess of 100 million GT, up from 96 million GT 12 months ago. The Club has achieved strong and continued growth across other lines of the ...

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High waves, high claims: New study on container losses

In a comprehensive new study, we delve into the impact of weather on container stack collapses. Our findings show the impact of progressively increasing wave height, the quantified risk of high waves, and variance in weather exposure among different operators. Hopefully, the study sets the stage for a deeper dialogue within the industry about mitigating the impact of adverse weather on container safety. As the world economy develops, the volume of containerized trade increases steadily. Last year, the global container shipping fleet grew by almost four per cent according to ...

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NorthStandard posts strong renewal result one year on from merger

NorthStandard confirms strong renewal results across the board, in its first year of operation. NorthStandard reports a rise in premium income with positive market responses to its post-merger scale and global operating structure, as well as its continuing service excellence. Premium revenues exceeded $825 million for the insurance year ending 20 February 2024, against a combined $796 million at the point of merger 12 months ago. The mutual poolable tonnage increased to 256M GT as of 20 February 2024. Specialty business lines which contribute about 20% of the club’s total ...

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UK P&I Club announces strong results for 2024 renewals season; reinforcing platform for growth as maritime market demands evolve

The UK P&I Club has announced the successful completion of the P&I renewal for 2024. The 2024 renewal focus has been on portfolio management, providing strong support to the Club’s high-quality membership and a fair outcome for all Members, in line with Board expectation. The Club’s consistent approach saw positive gains from it’s core Mutual membership and it’s overall year-on-year growth in entered Mutual tonnage is approximately 2m GT. The Club is also encouraged by the excellent volume of newbuilding commitments from current and new Members. The Club’s robust underwriting ...

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Skuld delivers strong growth in 2024/25 renewal

Skuld today is pleased to report a successful renewal of its protection and indemnity (P&I) policies for 2024/25. This success illustrates the significant growth achieved in line with Skuld’s strategy. Skuld’s mutual P&I gross tonnage (GT) has risen by 11% and achieved an unprecedented high of GT 116 million, fulfilling all mutual P&I renewal targets set by the Skuld board. Skuld also experienced substantial growth in other lines of business, including hull & machinery, charterers, energy and FDD, further emphasising the successful execution of the growth strategy through diversification. Consequently, ...

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Red Sea Buyback – Charterers’ Liability Cover

We refer to Member Circular No. 19/2023 (the Circular), issued by Gard P. & I. (Bermuda) Ltd., Assuranceforeningen Gard – gjensidig -, Gard Marine & Energy Limited, and Gard Marine & Energy Insurance (Europe) AS (together referred to as the “Insurers”), regarding Notice of Cancellation for war risks in the Red Sea area in respect of specified insurance covers. We are pleased to announce that we now have a solution to buy back war risks in the Indian Ocean, Gulf of Aden and Southern Red Sea for the Charterers’ Liability ...

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Cover position and recommendations for Charterers transiting or trading in the Indian Ocean, Gulf of Aden, Southern Red Sea and the RUB Excluded Area

Following the issuance of a Notice of Cancellation by the Association’s reinsurers, on 12 February 2024 Skuld issued a Notice of Cancellation to the War Risk Cover to all fixed premium assureds, including Charterers (“Skuld Notice of Cancellation”). From noon GMT on 20 February 2024, cover for War Risks will be excluded for trading or being within the geographical region described in the Skuld Notice of Cancellation (“Red Sea Excluded Area”). This is the second Notice of Cancellation provided by the Association’s reinsurers, following the cancellation of War Risks cover ...

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The Polar – you don’t always get what you pay for

In this article we discuss one of the issues decided by UK Supreme Court in The Polar case – the practical and legal effect of charterers’ payment of additional premium to an owner’s insurer and whether this shields the charterer from subrogated claims arising from the risks insured. In the recent case, Herculito Maritime Ltd and others v. Gunvor International BV and others (the Polar), the UK Supreme Court ruled that cargo underwriters are not excused from contributing in General Average (GA) towards a ransom payment, notwithstanding the fact that ...

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Cefor G7: Price-cap per-voyage attestation

The G7 price cap coalition has published an update on the application of the price cap rules. The rules will take effect on 19 February 2024 (UK and US) and for cargoes loaded on or after 20 February 2024 (EU)[1]. Key changes There are two key changes: • Per-voyage price cap attestation – A requirement that attestations are provided on a per-voyage basis rather than on an annual basis as has previously been the case. If ship-to-ship (STS) transfer takes place, this is deemed to be a new voyage and ...

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Buy-back cover available in respect of certain war risks

We refer to our Circular dated 12 February 2024, where we issued a Notice of Cancellation in respect of certain war risks. Understanding the urgent need to offer a buy-back solution, we are happy to advise that Skuld can now provide a cover reinstating the exclusion in respect of war risks in the Indian Ocean, Gulf of Aden and Southern Red Sea waters as defined in our Circular 12 February for our Charterers, Fixed P&I and Yacht covers. The cover has a limit of USD 150,000,000 in the aggregate any ...

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Charterers War Risks for the Red Sea

The Managers are pleased to advise the Club can now offer Charterers cover to reinstate the exclusion the Club was recently required to impose for Chartered entries in respect of war risks in the lower part of the Red Sea. The cover has a limit of US$100m, with an option for US$150m and is charged on a per transit lumpsum basis. It is a condition precedent of cover being available that: i) the Member ensures the owner maintains appropriate Hull War & War P&I insurance, ii) such coverage is inclusive ...

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Notice of cancellation for war risks

Gard P. & I. (Bermuda) Ltd., Assuranceforeningen Gard – gjensidig -, Gard Marine & Energy Limited, and Gard Marine & Energy Insurance (Europe) AS (together referred to as the “Insurers”) have received Notice of Cancellation from their reinsurers in respect of war risks. As a result, it is necessary for the Insurers to issue Notice of Cancellation in respect of the affected insurance covers. You are hereby notified that the cover against war risks as defined and as afforded under the following insurance cover(s): Charterers Liability Cover • Extended Liability ...

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