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Insurance

Keep informed with daily analysis and insight into shipping insurance to reduce risk, support reinsurance decisions, manage investments and identify exposure within the maritime industry

North and Standard Club members approve merger

Standard Club and North held special general meetings today in Rome and Athens, respectively, at which members of both clubs voted ‘resoundingly’ in favour of merging

Gard Norway

Bowsher defends West decision not to renew 20% of book

‘A lot of people have said we have shrunk, but it depends on what measure you are looking at,’ says chief executive

International London

West sees exodus after ditching riskiest vessels

The outlook for the protection and indemnity insurance sector remains challenging on account of record pool claims, ongoing pandemic, surging inflation and rate erosion, insurer warns

International United Kingdom

The View: And then there were 12. Owners should worry about P&I consolidation

Whether a slimmed-down IG would meet the textbook definition of oligopoly is a matter of taste, but six entities with 90% of a market between them is never a good look

International Insurance

Marsh upbeat on North’s merger with Standard

Reduced volatility will mean more stable technical results and thus more competitive pricing if deal goes ahead, says Marsh

United Kingdom International

Gard chief rejects ‘Scandinavian superclub’ idea

Current premium levels put world’s biggest marine mutual in ‘good place’ on pricing, but pool claims, inflation and Ukraine will generate pressure at next renewal round

International Norway

Gard becomes first P&I club to top $1bn premium income

‘Strong results from fixed price P&I and our marine and energy book meant that overall, the group could return a robust profit,’ says chief executive

International Norway

Total losses continue downwards trend, according to Allianz report

Progress reflects increased focus on safety measures over time, through training and safety programmes, improved ship design, technology and regulation

International Casualty

Ukraine invasion is amplifying pandemic disruption, warns Allianz

More fires, increased incidence of general average, use of tanker and bulkers to carry boxes and owner decision to extend working lives of vessels all highlighted in annual safety study from leading underwriter

International Casualty

Skuld extends run of technical deficits with $30m loss

‘Behind us lies another extraordinary year. The Covid-19 crisis has had many consequences for the insurance sector and ocean industries,’ laments chief executive Ståle Hanson

International Norway

Plans to ban EU shipowners from lifting Russian crude on hold

Greece, Malta and Cyprus are all understood to have lobbied against a shipping ban proposed in the initial draft of the EU’s sixth round of sanctions. Negotiators argue that the final sanctions should be watertight so that non-EU states do not benefit

Europe Sanctions

Sovcomflot is counting on a rapid return to normal. Greek tanker owners should do so too

While Greece, Cyprus and Malta seek to have EU sanctions on the lifting of Russian crude watered down, European solidarity with Ukraine is more important than making money from shipping

EU Russian Federation
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