Leading global marine insurer North P&I Club has announced its annual results, confirming a 4.6% increase (US$20 million) in free reserves to US$451 million, a 2.6% (5M GT) rise in total entered tonnage to 195M GT, and a combined ratio of 104% for the year ended 20 February 2018, along with a stable 99% member retention rate. North’s results reflect their consistently robust approach to underwriting and risk management and should also see the long term combined ratio of the Club remain in the upper quartile of the International Group ...

The Board reviewed the policy year balances and the Club’s overall financial position as at 20 February 2018 at their meeting on 16 May 2018. FINANCIAL POSITION Underwriting result Closed policy years continued to develop favourably and within expectations. For 2017, whilst attritional claims remained at similar levels as were recorded for 2012-2016, the number of large claims above $3m was unprecedented. At the same time, costs for other Clubs’ Pool claims also experienced an increase from the exceptionally low levels reported in 2016 with two large claims notified in ...

According to advice received from our local correspondents, security restrictions will be in place in certain Russian ports in the period leading up to and during the FIFA 2018 World Cup. An advisory issued by the Harbour Master of the Port of St. Petersburg states that the security restrictions imposed in the port include the suspension in the carrying and handling of dangerous cargoes, including bunkering operations. Owners and operators of vessels calling at the port of St. Petersburg in the period of 25 May 2018 and 25 July 2018 ...

We all encounter stressful events in our personal, professional or social life. It is important to remember that not all stress is negative, some stress is positive, motivating us to maximise our productivity and creativity. In contrast, ‘distress’ is negative stress, which, “is evident when a person perceives himself as lacking the ability or the resources to control a stressful situation” (Selye, 1976). Stress is defined as, “a negative emotional experience accompanied by physiological, cognitive and behavioural changes and responses aimed to reduce or change the stressful event or effects ...

Britannia reports another strong financial performance, with an aggregate USD80.6m post-tax surplus for the year. The Board approves a further USD20m capital distribution, to be paid to P&I mutual Members with ships on risk as at midnight 15 May 2018. Members have now benefited from USD61m of deferred call waivers and capital distributions since October 2016. Financial overview: In the past 18 months, Britannia’s Members have benefitted from USD61m (or 32.8% ETC) of deferred call waivers and capital distributions, as well as nil General Increases for both P&I and FD&D ...

On 8 May 2018, the Ministry of Health (MOH) of the Democratic Republic of the Congo (DRC) declared an outbreak of Ebola virus disease (EVD) in the Equateur Province in the North-Western part of the country. This is the ninth outbreak of Ebola virus disease in the DRC over the last four decades, with the most recent outbreak occurring in May 2017, see our alert of . According to the WHO’s dated 14 May 2018: A total of 41 EVD cases, including 20 deaths, have been reported. The majority of ...

Personal injury and illness claims are of course very different from property claims and besides the actual injury or illness sustained the “human element” can vastly alter the outcome of the recovery period and thus making the matters somewhat unpredictable to deal with. In this article we briefly consider what effects mental well-being and outside influences, such as pre-existing psychological illness, family problems, depression, relationship troubles, loneliness and financial hardship can have on the seafarer. Experience and research suggests that these factors may enhance an injury or illness and most ...

At their Board Meeting held in London on 15 May 2018, the Directors of Steamship Mutual approved the Clubs’ Report and Accounts for the 2017/18 policy year and authorised publication of the following key points in advance of the release of detailed results. Financial Results Free reserves increased by US$5.7 million to US$516 million Financial year combined ratio was 112.8% – or 102% excluding the return of premium credited in November 2017 – reflecting a higher level of retained and Pool claims in the 2017/18 policy year. For the 2017/18 ...

On 8 May 2018, President Trump announced his decision to cease the United States’ participation in the Joint Comprehensive Plan of Action (JCPOA). The US will reimpose the US nuclear-related sanctions that were lifted to effectuate the JCPOA sanctions relief, following a 90-day and 180-day wind-down period. At the end of the 90-day and 180-day wind-down period, the applicable sanctions will come back into full effect. For background information on the lifting of sanctions under the JCPOA see our . US secondary sanctions, i.e. US sanctions applicable to non-US citizens, ...

Skuld is in robust financial health and in an excellent position to continue to serve the global marine markets as it has done for 121 years. Therefore, Skuld is delighted to announce the Members’ Performance Bonus programme which is intended to reflect our commitment to members contributing to the success of Skuld’s P&I business. Skuld’s chosen path of diversification is also bearing dividends and we are dedicated to support our members in today’s challenging shipping and offshore markets. This new Members’ Performance Bonus programme comes in addition to the existing ...

Skuld announces a positive bottom line result of USD 58 million (USD 51 million in 2016 before members’ credit) for its 2017 financial year ending 20 February 2018, as well as a total combined ratio of 97%. Gross earned premium in 2017 amounted to USD 413 million. For a record 15th consecutive year Skuld has reported a positive underwriting result. Added to that was a strong 7% return on investments. With this positive result Skuld will for the third consecutive year propose to the AGM a members’ premium credit to ...

Introduction The Maritime Labour Convention, 2006 (MLC) entered into force on 20 August 2013. The convention establishes minimum working and living standards for all seafarers working on ships and aims to ensure seafarers’ rights to decent employment conditions at sea. The MLC has been ratified by 82 International Labour Organization (ILO) member states – together “responsible for regulating conditions for seafarers on more than 90% of the world’s gross tonnage of ships”. In April 2014, the ILO agreed several amendments to the MLC (the 2014 amendments) which entered into force ...

Oil tanker owners are facing a nervous wait to find out whether they can carry on doing business with Iran after President Trump said on Tuesday he was reinstating a raft of sanctions against the Persian Gulf country. The return of sanctions is likely to have “significant ramifications” for maritime trade with Iran, International Group of P&I Clubs, an umbrella organization whose members cover 90 percent of the global tanker fleet against risks including oil spills, said on Wednesday. Those impacts will only become apparent once America’s partners give their ...

The Boards of Directors of Gard P. & I. (Bermuda) Ltd. and its subsidiaries (together, the “Association”), have noted that the Association’s financial position continues to strengthen, and are pleased to report that no Deferred Call for the 2017 policy year will be levied against the Members. • As at 20 February 2018, total equity for the Gard group stood at USD 1,249 million (compared to USD 1,135 million as at 20 February 2017), after reduction of the Deferred Call from USD 79 million to nil. The original forecast Deferred ...

President Trump announced on 8 May 2018 that the United States will terminate its participation in the Joint Comprehensive Plan of Action (JCPOA) that was agreed with Iran in July 2015 and will re-impose the sanctions that were lifted in January 2016 under the agreement. Parties which had been on the SDN list but were removed as part of the JCPOA will again become SDNs. The reaction of the other partners to the agreement – France, Germany, the UK, China and Russia – is awaited and efforts may be made ...