Marine
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North and Standard P&I clubs get approval for Feb merger
North and Standard Club have received formal approvals for their P&I merger that remains on schedule to take place next…
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Shipowners face average 5.8% rate increases under International Group of P&I Clubs renewal
The International Group of Protection & Indemnity Clubs (IG) has renewed its reinsurance programme for 2023/24 with a “small increase”…
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Reinsurance renewal signals new reality for buyers, says Aon
The January 2023 renewal was the most challenging in a generation, as the reinsurance market underwent a fundamental shift in…
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Shipowners face higher rates for Black Sea trade as reinsurers pull back: Reuters
The withdrawal of reinsurance capacity at 1 January renewals for ships exporting from Russia and Ukraine is adding further costs…
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US commercial insurance rates rise 5.1% in Q4: MarketScout
The composite rate for US commercial insurance was up 5.1% in the fourth quarter of 2022, according to a report…
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Reinsurers pull cover for Ukraine cargoes with 1/1 war-risk exclusions: Bloomberg
Major reinsurers will pull cover from the start of next year for vessels going to and from Russia and Ukraine…
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New specialty marine underwriting agency Marcato launched
A new specialty marine underwriting agency has been launched with the backing of insurance investment company Beat Capital Partners. Marcato…
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The Swedish Club announces 10% general increase
The Swedish Club has become the latest P&I mutual to announce a general increase in premium rates of 10% next…
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North P&I rolls out mobile app for claims evidence
North P&I has launched a mobile app to help marine professionals collect evidence of incidents to help smooth the claims…
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Miller expands Asia marine offering with new appointment
Choo Cai Ling has joined Miller’s Singapore-based marine team in a production and broking role. Miller said her appointment reflects…
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P&I Clubs to push for rate despite low claims year: Lockton
Lockton thinks P&I Clubs will push for premium increases at renewal even though they have faced low claims this year…
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S&P gives London P&I Club negative outlook
S&P has revised its outlook on the London P&I Club to negative from stable over capital adequacy fears, as weak…
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North P&I joins Standard in 10% renewal rate hike
North P&I Club said it will increase premium rates by 10% for 2023/2024 renewals, which puts it in line with…
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Cat claims to drive double-digit reinsurance renewal hikes: Fitch
Reinsurance rates for property catastrophe cover will increase by well over 10% at upcoming January 2023 renewals, according to Fitch…
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Standard Club seeks 10% premium increase despite ‘abnormally low’ claims
The Standard Club, one of the leading global P&I clubs that is soon to be merged with North of England…
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Fire losses increase marine claims: AGCS
Fire and explosion are the most expensive cause of loss for marine insurers, with damaged cargo the most frequent, according…
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Shipping routes threatened by climate change, warns Marsh
Some of the world’s key shipping routes, including the Suez and Panama Canals, are under threat from climate change, warns…
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Rush of Ukrainian ‘total loss’ marine claims expected early in 2023
Marine markets are expecting a rush of “total loss” marine claims early in 2023, one year after the shutdown of…
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Ascot resumes Ukraine grain corridor cover after Russia returns to Black Sea Treaty
Lloyd’s insurer Ascot confirmed to Reuters that it has resumed quoting for shipments using the Ukraine grain corridor after Russia…
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German firm Gossler, Gobert & Wolters joins Brokerslink
Brokerslink has added German affiliate Gossler, Gobert & Wolters (GGW) to its global network. GGW, which is the oldest insurance…