High-value ship risk belies figures: IUMI

High-value ship risk belies figures: IUMI

High-value ship risk belies figures: IUMI

Larger loss exposure to high-value ships has created significant volatility for global marine insurers, according to the International Union of Marine Insurance (IUMI). In an update on the marine market at its spring conference in Hamburg, IUMI predicted that record claims for a single hull loss may be on the cards. Mark Edmondson, chair of IUMI’s Ocean Hull Committee, said:…

Fire prevention on container ships will be focus at IUMI as Maersk Homan loss likely to break records

Fire prevention on container ships will be focus at IUMI as Maersk Homan loss likely to break records

Fire prevention on container ships will be focus at IUMI as Maersk Homan loss likely to break records

Fire prevention on container ships is likely to dominate proceedings at the International Union of Marine Insurers (IUMI) spring meeting in Hamburg, Germany this week after Danish shipping giant Maersk suffered a second fire onboard one of its mega container vessels in the space of two weeks. The latest fire occurred below deck on the containership Maersk Kensington as it…

Shipowners dodge P&I price increases and reductions expected

Shipowners dodge P&I price increases and reductions expected

Shipowners dodge P&I price increases and reductions expected

Shipowners have experienced little change in the cost of protection and indemnity (P&I) insurance at the recent renewal, but pressure to reduce rates is increasing. According to brokers and initial reports from P&I clubs, most shipowners appear to have avoided general rate increases at the annual renewal season that ended on 21 February. However, the underwriting discipline of P&I clubs…

Charles Taylor Adjusting appoints new marine director

Charles Taylor Adjusting appoints new marine director

Charles Taylor Adjusting appoints new marine director

Charles Taylor Adjusting (CTA) has appointed Oliver Hutchings as managing director of marine in Europe and Singapore following the retirement of Paul Silver. Mr Hutchings joins CTA from Charles Taylor’s Management Services business, where he was a divisional head and gained ten years’ experience managing specialty marine liability claims. Mr Silver, who has worked in marine adjusting for 40 years…

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

The spill from the stricken oil tanker Sanchi has created an oil slick that has trebled in size since the ship went down in the East China Sea in a ball of flames more than a week ago, and is threatening to make it the costliest marine disaster in recent memory. China’s State Oceanic Administration reported on Sunday that it…

Blockchain set to take pain out of global programmes

Blockchain set to take pain out of global programmes

Blockchain set to take pain out of global programmes

Blockchain technology, which has been shown to significantly reduce the administrative burden for risk managers designing multinational programmes and enhance service from insurers, is set to revolutionise this famously complicated area of insurance. A number of insurers have been testing blockchain technology, including its application for multinational insurance programmes. AIG’s development of blockchain technology in the multinational insurance space is…

Marine piracy numbers dip to 22-year low: IMB

Marine piracy numbers dip to 22-year low: IMB

Marine piracy numbers dip to 22-year low: IMB

The number of piracy and armed robbery attacks on ships reached a 22-year low in 2017, with just 180 incidents recorded by the International Maritime Bureau (IMB), down from 191 incidents in 2016 and 246 in 2015. In its annual report, the IMB says 2017 saw the lowest number of attacks since 1995, although it warns against complacency with several…

Insurers face large claim after Sanchi tanker collision

Insurers face large claim after Sanchi tanker collision

Insurers face large claim after Sanchi tanker collision

The stricken oil tanker Sanchi continues to burn in the East China Sea, leaving insurers with a potentially large bill. On Saturday, the Iranian-owned Sanchi collided with cargo vessel CF Crystal 260km off the coast of China near Shanghai. More than 30 of the tanker’s crew are still missing, although the 21 Chinese crew onboard the cargo ship CF Crystal…

Blockchain to revolutionise risk transfer industry

Blockchain to revolutionise risk transfer industry

Blockchain to revolutionise risk transfer industry

Recent months have seen commercial insurers and reinsurers testing a range of blockchain applications, which some believe could radically change the insurance market. Blockchain technology offers a secure and efficient way for parties to share information and execute transactions. It sounds simple but if it lives up to its promise, blockchain could bring about a faster and more efficient insurance…

Cunningham Lindsey appoints director for Brazil growth

Cunningham Lindsey appoints director for Brazil growth

Cunningham Lindsey appoints director for Brazil growth

Loss adjuster Cunningham Lindsey has appointed Andre Lopes as director in a move to boost its Brazilian operations. Mr Lopes moves to Cunningham Lindsey from Crawford & Company, where he was CEO for Brazil. Cunningham Lindsey said Brazil is one of its key growth markets. It already has offices in Sao Paulo and Rio de Janeiro, and provides adjusting services…

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