The Lloyd’s Market Association (LMA) has addressed Nato this week to help with the fight against piracy.
With the Rhine still closed to ships travelling downriver companies and ship owners alike have been hit with business interruption and delivery problems. Concerns now mount as to whether insurance coverages are in place to cover the losses.
The number of hostages taken at sea in 2010 rose to an all time high, the International Chamber of Commerce (ICC) International Maritime Bureau’s (IMB) global piracy report revealed yesterday.
Reinsurance brokers Guy Carpenter and Willis Re have confirmed that they are working alongside Aon Benfield as placement advisors for a new sudden oil spill consortium, that aims to deliver larger liability limit coverage for deepwater drilling in US waters.
The European Commission (EC) has published the first comprehensive overview of the problem of shipping emissions as debate around regulatory intervention hots up.
Despite good underwriting results in the Protection and Indemnity (P&I) market, record claims levels and a continuing gap in the performance of individual P&I Clubs could present challenges for the market in 2011, according to Willis.
The last three months has seen pirate activity shift from the Gulf of Aden to the Indian Ocean and along the east coast of Africa, according to anti-piracy and maritime security firm Drum Cussac.
Brokerage Willis has questioned why the marine insurance market is attracting surplus capacity despite the fact that there is little profit to be made. But this has helped to create a ‘positive’ outlook for buyers, it added.
Somali pirates have continued to expand the scope of their attacks in the first nine months of 2010 and for the first time have hijacked a vessel as far from their coast as the Red Sea, according to a report published by the International Chamber of Commerce International Maritime Bureau [IMB].
Barring any external factors of ‘seismic proportions’, market conditions are likely to restrict any general premium increase at the February 2011 P&I renewal to 5%, according to Aon’s P&I Mid-Term Review.