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Swedish Club sticks to guns on double-digit renewal price hike

‘You could have a poor performance that justifies a higher increase. You can have exceptional performance that justifies a reduction from the general increase. You need to tailor pricing to performance and risk profiles,’ says chief executive

International Sweden

TT Club warns of cargo theft risk

Delayed cargoes kept in temporary storage facilities are changing the nature of theft risk. Robberies from these facilities has grown significantly

North America United States

Pandemic speeding up renewal round quotes at Shipowners’ Club

‘We are ahead of the game compared with previous years because we are not getting distracted by lunches, meetings in the office and by travel,’ argues Simon Swallow

International Insurance

No marine liability premium reductions this year, says broker

Car carriers still a concern after Golden Ray grounding in 2019, but focus has switched to boxships in wake of Ever Given casualty

International Insurance

P&I cashbacks unsustainable as losses top $1bn in two years, Gallagher warns

Underwriting discipline will be severely tested in the run-up to renewal deadline, as clubs seek to hold the line on double-digit premium hikes

International Insurance

IG’s captive fell below statutory capitalisation requirements

A $240m emergency cash shot is not an issue for P&I clubs, as ‘all we are doing is holding capital in their left hand as opposed to the right hand’, says Gard executive running segregated accounts company

International Insurance

Hoping for the best, fearing the worst: Here comes 2022

From coronavirus variants and Brexit fallout, to rising inflation, political tension and climate change, most of the risks in the 12 months ahead may be on the downside — but for now, Merry Christmas and a Happy New Year

International Containers

International Group clubs take $240m hit for Hydra recapitalisation

‘As claims outpaced premiums with a wide margin for the first six months of 2021, the contingency capital of Hydra went below statutory requirements. This triggered a mandatory replenishment/injection of capital’ — Swedish Club circular

International Insurance

Skuld losses on underwriting deepen to more than $50m

‘Disappointing but not unexpected’ mutual result offset by commercial lines and investment returns, and marine mutual will stick to diversification strategy, says chief executive

International Europe

Höegh Xiamen fire caused by vehicle battery

Grimaldi Deep Sea and local stevedoring contractor criticised for lack of oversight after eight-day blaze in Jacksonville last year

United States Casualty

Daily Briefing December 22 2021

How Omicron and the orderbook will shape maritime markets for 2022 | Owners face 55% jump on International Group GXL reinsurance costs | Wakashio master and first officer plead guilty | Maersk’s methanol maker says others will follow in its fuel footsteps

Daily Briefing International

Owners face up to 55% jump on International Group GXL reinsurance costs

Levy to fund world’s biggest reinsurance contract could hit $100,000 for a very large crude carrier and $50,000 for capesize bulk carrier

International Insurance
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