Home / Shipping News / Marine Insurance P&I Club News (page 4)

Marine Insurance P&I Club News

Best’s Market Segment Report: P&I Clubs Improve Underwriting Results but Further General Increases Needed to Keep Up With Inflation

Despite a relatively benign year for pool claims in 2023, Protection and Indemnity (P&I) clubs will seek further price improvements at the February 2024 renewal, to keep up with claims inflation, according to a new report from AM Best. The Best’s Market Segment Report, “P&I Clubs: Improving Underwriting Results but Further General Increases Needed to Keep Up With Inflation,” notes the general increases announced by P&I Clubs for 2024 are slightly below those of the previous year (when some of the clubs applied increases up to 10%). AM Best considers ...

Read More »

General notice of cancellation in respect of certain war risks

Skuld (Gjensidig) (“The Association”) has received a Notice of Cancellation from reinsurers in respect of certain war risks that are reinsured by the Association in the commercial market. As a result, it is necessary for the Association to issue corresponding Notice of Cancellation in respect of those same war risks. This Circular constitutes such Notice of Cancellation to the War Risk Cover in accordance with the following clauses in our Terms & Conditions: Fixed: Cancellation clause to the Cover Extension for War (Primary / Excess Hull Value) Risks in the ...

Read More »

Special risks of BESS (Battery Energy Storage System) for cargo insurers

To achieve the Paris Agreement goals, the adoption of renewable-energy sources has increased significantly in recent years and BESS (Battery Energy Storage System) has played an important role. According to a report by Rystad Energy, global BESS installation had grown by 59% in 2022 and it is forecast to grow tenfold between 2022 and 2030. Although this will bring significant opportunities to cargo insurers, some key points should be noted when writing cover for such goods. There will be a very high risk accumulation. In extreme cases, over 200 BESS ...

Read More »

US, UK ship investors hit by soaring Red Sea insurance – sources

War underwriters have raised the premiums they charge to U.S., British and Israeli firms by as high as 50% for ships transiting the Red Sea and some providers are avoiding such business due to targeting of the vessels by Yemen’s Houthis, sources said. Attacks by the Iran-aligned Houthis since November have slowed trade between Asia and Europe and alarmed major powers. The Houthis say they are acting in solidarity with Palestinians as Israel’s war against Hamas militants in Gaza grinds on. Many companies have opted to re-route ships around southern ...

Read More »

Damage of main engine crankshaft and the importance of the Planned Maintenance System

Over the years, we have seen many incidents regarding damage to main engine components such as the crankshaft, main bearing, and other components of the main engine. The main engine damage claims are one of the most expensive claims. The causation is often down to poor lube oil quality, and as per the lube oil analysis reports, it is often found that the lube oil has high levels of insolubles and the presence of contaminants. We also see damage to the crankshaft that may be attributed to an in-service material ...

Read More »

Shipyard working conditions and the Norwegian Transparency Act

Recent media reports have focused on allegedly poor working conditions at Turkish shipyards. The law firm Wikborg Rein reminds Norwegian shipowners who are contracting with foreign yards to be prepared to disclose what they are doing to ensure decent working conditions. Disclosing such information is required under the Norwegian Transparency Act, which entered into force on 1 July 2022. In this article, Gard shares some of the advice given by the law firm Wikborg Rein in their recent update on the topic. Bad working conditions According to recent media reports, ...

Read More »

Houthi attacks on Red Sea shipping: Charterparty implications

The shipping community is still coming to terms with the disruption following attacks by Houthi rebels on merchant vessels transiting the Red Sea, in particular when passing the Bab al-Mandab Strait, one of the most frequently used sea passages and a “chokepoint” for international trade. We consider below some of the important charterparty implications arising out of the unrest in the area for vessels transiting the Red Sea and provide some practical guidance both to owners and charterers. What route must the vessel take? The starting point is the charterparty ...

Read More »

Marine insurers continue to support trade in the Red Sea and Black Sea, says IUMI.

At its annual winter meeting in London, the International Union of Marine Insurance (IUMI), confirmed that the global marine insurance market is continuing to support trade in the Red Sea and the Ukraine/Black Sea area. Since the cessation of the Ukraine grain corridor in September 2023, some 10 million MT of grain has been successfully lifted from Ukrainian ports using international tonnage insured by marine underwriters. This is despite Russia damaging Ukrainian shore-side facilities and mining local waters. Insurance cover has contributed to much of the Ukrainian grain harvest being ...

Read More »

Somali pirates are back on the attack at a level not seen in years, adding to global shipping threats

Somali pirates are back on the attack, with piracy around the Horn of Africa rising sharply in recent months and adding to concerns for shipping vessels, government forces and private security already locked in a battle in the Red Sea with Houthi rebels. Over the past three months, there has been more piracy in the Horn of Africa region than at any point in the last six years, according to Royal United Services Institute (RUSI), an independent think tank, with high ransoms for seafarers or vessels, and robbing of ship ...

Read More »

EU ETS: Shipping companies now know who to deal with

Further to our previous articles on the EU’s Emission Trading System (ETS), shipping companies have now been informed which Administering Authority they will have to deal with when surrendering their EU emission allowances (EUAs). On 31 January 2024, a list was published showing which shipping companies have been allocated to which Member State’s Administering Authority within the EU ETS. Shipping companies can now find their allocated country by searching the list for their name or IMO identification number. The list will be updated by the EU every two years. Who’s ...

Read More »

Russian sanctions update

The Price Cap Members should refer to our Notice to Members No.15 2022/2023 – (Updated) of December 2022 and updated in February 2023 for details of the Price Cap scheme which regulates the transport and insurance of Russian CN 2709 and CN 2710 cargoes. Retention and sharing of attestations have been a feature of compliance with the Price Cap scheme since it was introduced. Changes to this attestation model have now been announced. The Price Cap Coalition (G7, Australia and the EU) has published a statement of updates to the ...

Read More »

Shipping firms call for Red Sea vessels to have armed guards

Dutch shipping firms have urged the defence ministry to permit armed guards on their vessels to counter the threat of attacks from Houthi fighters in the Red Sea. The ship owners’ association KNVR says the Netherlands is out of step with other countries in not arranging armed guards or escorts by naval vessels. The problem is compounded by restrictions in Dutch law that ban ship owners from hiring private security teams if there is no military support available, which they say put them at a competitive disadvantage. In a letter ...

Read More »

Reduce Claims in 2024 with Swedish Club’s Cargo Advice Series – Now Available to All

When it comes to new year resolutions, reducing cargo claims must surely come top of many operators’ wish lists. To celebrate the arrival of 2024, The Swedish Club is sharing its popular Cargo Advice factsheets with the shipping community. Previously available only to Club members, the series focuses on those cargoes with a high claims frequency and aims to answer the most common questions that have been asked of the Club over the last few years. The Club has collaborated with cargo experts CWA International to provide the latest intelligence ...

Read More »

Russian sanctions and price cap attestation update

Members should refer to our Price Cap Circular dated 9 December 2022 for details of the Price Cap scheme which regulates the transport and insurance of Russian CN 2709 and CN 2710 cargoes. Retention and sharing of attestations have been a feature of compliance with the Price Cap scheme since it was introduced. Changes to this attestation model have now been announced. The Price Cap Coalition (G7, Australia and the EU) has published a statement of updates to the Price Cap rules. The changes are designed to support the implementation ...

Read More »

Steamship Issues Financial Update

Steamship Board meeting, held in Manila on 30 January, 2024 After its Board Meeting, Steamship Mutual reported that it expected further significant strengthening of its financial position given an investment return of US$87 million recorded with one month to go before its year end. Steamship Mutual is rated “A” by S&P Global and ranks as the 4th largest International Group (IG) Club (measured by owned mutual premium net of reinsurance costs). Tonnage growth was reported to have increased by 6.6% in the first 11 months of the policy year, increasing ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping