North P&I Club adds route risk tool

North P&I Club adds route risk tool

North P&I Club adds route risk tool

Shipping insurer North P&I Club has launched a route risk management tool for members to help them identify hazards in voyages from port to destination. Route Risk Advice is an addition to the club’s MyGlobeView digital platform. MyGlobeView, which also features a Covid-19 tracking tool, gives club members access to more than 40 alert and reporting features including news, port…

South Africa ranks among worst for cargo crime

South Africa ranks among worst for cargo crime

South Africa ranks among worst for cargo crime

South Africa ranks among the worst countries in the world, and bottom of the pile on the African continent, for forecasted losses due to cargo theft, underscoring the significant economic impact of the issue. Freight transport insurer TT Club and business improvement company BSI highlight the growing risk in a new report – Freight Crime in South African Supply Chains.…

Lloyd’s approves syndicate to insure transportation of Covid-19 vaccine to emerging economies

Lloyd’s approves syndicate to insure transportation of Covid-19 vaccine to emerging economies

Lloyd’s approves syndicate to insure transportation of Covid-19 vaccine to emerging economies

Lloyd’s has approved in principal a new ‘syndicate in a box’ to insure the storage and transportation of a Covid-19 vaccine to emerging economies, when it is developed. Syndicate 1796 has been developed by Parsyl, an insurance technology company and Lloyd’s Lab alumni, in close partnership with managing agent Ascot and in cooperation with AXA XL, McGill and Partners, and…

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Large shipping losses hit a new low last year with 41 vessels lost worldwide, but total incidents were up year on year and Covid-19 endangers long-term safety improvements, according to Allianz Global Corporate & Specialty (AGCS). The insurer’s annual Safety & Shipping Review analyses reported worldwide shipping losses for vessels weighing more than 100 gross tons. The latest study reveals…

AGCS announces major shakeup to ‘rebuild’ profitability

AGCS announces major shakeup to ‘rebuild’ profitability

AGCS announces major shakeup to ‘rebuild’ profitability

Allianz Global Corporate & Specialty (AGCS) is embarking on a major ‘New AGCS’ global transformation programme to “rebuild” profitability, which will see a regional shakeup, a new head of multinational, appointments from AIG, AXA and ARGO, and put technical underwriting before growth. The move follows news last month that S&P has revised its outlook on AGCS from stable to negative.…

AGCS warns marine transport risk managers to focus on cargo storage and transit risks

AGCS warns marine transport risk managers to focus on cargo storage and transit risks

AGCS warns marine transport risk managers to focus on cargo storage and transit risks

Cargo shippers and transportation companies face a heightened risk environment because of serious disruption to the global supply chain caused by the Covid-19 pandemic, according to Allianz Global Corporate & Specialty (AGCS). The insurer said there is a higher threat to goods in storage and transit, especially those that are high value, perishable or temperature-sensitive. It added that the growing…

IUMI calls for action on ‘alarming’ cargo theft risk

IUMI calls for action on ‘alarming’ cargo theft risk

IUMI calls for action on ‘alarming’ cargo theft risk

The International Union of Marine Insurance (IUMI) has called for greater law enforcement and business action to mitigate the growing risk of cargo theft, which it warns has reached “alarming proportions”. In a position paper published to coincide with its annual conference in Toronto, IUMI proposed dedicated cargo theft taskforces to coordinate law enforcement across borders and develop effective networks…

Shipping companies warned as South Africa bans stowaway landings

Shipping companies warned as South Africa bans stowaway landings

Shipping companies warned as South Africa bans stowaway landings

The Swedish Professional and Indemnity Club has warned that South African authorities have banned the landing of stowaways at South African ports. The tougher stance was announced in late August. According to Mike Heads of P&I Associates (Pty) Ltd, the South African Immigration Authority has radically changed its policy when it comes to the landing of stowaways in South African…

Maritime experts call for urgent action to curb piracy in Gulf of Guinea

Maritime experts call for urgent action to curb piracy in Gulf of Guinea

Maritime experts call for urgent action to curb piracy in Gulf of Guinea

The maritime community has called for urgent action to tackle piracy risk in the Gulf of Guinea, which now appears a daily threat to ships and crew operating in the region. At a symposium on maritime security in the Gulf of Guinea held at the International Maritime Organisation’s (IMO) headquarters, industry members and experts noted that the number of attacks…

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh executives have sought to allay risk manager concerns that the JLT acquisition will lead to a lack of focus, loss of talent and seriously harm competition in the sector. Speaking the day after the deal completed, they said the combined company will redouble efforts to put clients at the centre of its thinking and decision-makers close to the front line of risk…

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