Subscribe to our Mailing Lists (It's free!)
Monday, September 25, 2023
SAFETY4SEA
  • Home
  • Safety
    • All
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
    Explosion leads to crew evacuation in the Romanian port of Sulina

    Explosion leads to crew evacuation in the Romanian port of Sulina

    NTSB Investigation: Grounding of tugboat CC Portland

    NTSB Investigation: Grounding of tugboat CC Portland

    BMA Investigation: Seafarer suffers fatal injuries during mooring

    BMA Investigation: Seafarer suffers fatal injuries during mooring

    Gard: How use of mooring lines affects crew’s life

    Gard: How use of mooring lines affects crew’s life

  • SEAFiT
    • All
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
    Practicing gratitude can change your life

    Practicing gratitude can change your life

    Always do what your gut tells you: Keep it healthy

    Always do what your gut tells you: Keep it healthy

    Book Review: A role model for ship managers

    Book Review: How we perceive and deal with luck in life and business

    social media detox

    Stay SEAFiT: Time for social media detox

  • Green
    • All
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
    symphony of the seas

    Royal Caribbean Group conducts 12 weeks of biofuel testing

    Watch: How shipping helps Apple reduce 95% of transport emissions

    Watch: How shipping helps Apple reduce 95% of transport emissions

    Samsung Heavy Industries creates world’s first laser, high-speed welding robot

    Samsung Heavy Industries creates world’s first laser, high-speed welding robot

    California launches international methane-reduction initiative

    California launches international methane-reduction initiative

  • Smart
    • All
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart

    K Line, TIS, Miotsukushi to develop AI-powered automatic draft survey application

    Hapag-Lloyd focuses on enhanced connectivity onboard

    Hapag-Lloyd focuses on enhanced connectivity onboard

    BV eyes data-driven decarbonization solutions

    BV eyes data-driven decarbonization solutions

    Delivering for the seafarer of tomorrow

    IGP&I: Electronic Trade Documents Act comes into force in the UK

  • Risk
    • All
    • CIC
    • Detentions
    • Fines
    • PSC Case Studies
    • PSC Focus
    • Vetting
    ClassNK amends its rules on construction of steel ships

    Liberia: How to comply with PSC focus on firefighting and clean machinery spaces

    orange county oil spill fines

    Crude oil tanker to pay 88 crores for damaging Haldia oil jetty

    China conducts ballast water inspections to vessels arriving from Japan

    China conducts ballast water inspections to vessels arriving from Japan

    M/V “HAKSA” refused access to the Paris MoU

    M/V “HAKSA” refused access to the Paris MoU

  • Others
    • All
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
    Baltic Exchange: Maritime market highlights 2-8 April

    Baltic Exchange: Maritime market highlights 18 – 22 September

    offshore wind installation vessels

    Allianz: Prominent risks in the offshore wind industry

    Singapore is the top maritime centre for 10 consecutive years

    Singapore is the top maritime centre for 10 consecutive years

    Global bunker supplier complies with carbon reduction criteria

    Global bunker supplier complies with carbon reduction criteria

  • Columns
    Seafarer Stories: Capt. Cristian Bacanu, Master

    Seafarer Stories: Capt. Cristian Bacanu, Master

    Wellness Corner: Tom O’Hare, Mission to Seafarers

    Wellness Corner: Tom O’Hare, Mission to Seafarers

    AMSA: Seafarers must have a voice in shaping shipping’s future

    MNWB: Seafarers’ needs are no different to anyone else’s needs

    Trending Tags

    • Book Review
    • Career Paths
    • Industry Voices
    • Interviews
    • Maripedia
    • Maritime History
    • Resilience
    • Seafarers Stories
    • SeaSense
    • Wellness Corner
  • Events
  • Plus
No Result
View All Result
  • Home
  • Safety
    • All
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
    Explosion leads to crew evacuation in the Romanian port of Sulina

    Explosion leads to crew evacuation in the Romanian port of Sulina

    NTSB Investigation: Grounding of tugboat CC Portland

    NTSB Investigation: Grounding of tugboat CC Portland

    BMA Investigation: Seafarer suffers fatal injuries during mooring

    BMA Investigation: Seafarer suffers fatal injuries during mooring

    Gard: How use of mooring lines affects crew’s life

    Gard: How use of mooring lines affects crew’s life

  • SEAFiT
    • All
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
    Practicing gratitude can change your life

    Practicing gratitude can change your life

    Always do what your gut tells you: Keep it healthy

    Always do what your gut tells you: Keep it healthy

    Book Review: A role model for ship managers

    Book Review: How we perceive and deal with luck in life and business

    social media detox

    Stay SEAFiT: Time for social media detox

  • Green
    • All
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
    symphony of the seas

    Royal Caribbean Group conducts 12 weeks of biofuel testing

    Watch: How shipping helps Apple reduce 95% of transport emissions

    Watch: How shipping helps Apple reduce 95% of transport emissions

    Samsung Heavy Industries creates world’s first laser, high-speed welding robot

    Samsung Heavy Industries creates world’s first laser, high-speed welding robot

    California launches international methane-reduction initiative

    California launches international methane-reduction initiative

  • Smart
    • All
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart

    K Line, TIS, Miotsukushi to develop AI-powered automatic draft survey application

    Hapag-Lloyd focuses on enhanced connectivity onboard

    Hapag-Lloyd focuses on enhanced connectivity onboard

    BV eyes data-driven decarbonization solutions

    BV eyes data-driven decarbonization solutions

    Delivering for the seafarer of tomorrow

    IGP&I: Electronic Trade Documents Act comes into force in the UK

  • Risk
    • All
    • CIC
    • Detentions
    • Fines
    • PSC Case Studies
    • PSC Focus
    • Vetting
    ClassNK amends its rules on construction of steel ships

    Liberia: How to comply with PSC focus on firefighting and clean machinery spaces

    orange county oil spill fines

    Crude oil tanker to pay 88 crores for damaging Haldia oil jetty

    China conducts ballast water inspections to vessels arriving from Japan

    China conducts ballast water inspections to vessels arriving from Japan

    M/V “HAKSA” refused access to the Paris MoU

    M/V “HAKSA” refused access to the Paris MoU

  • Others
    • All
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
    Baltic Exchange: Maritime market highlights 2-8 April

    Baltic Exchange: Maritime market highlights 18 – 22 September

    offshore wind installation vessels

    Allianz: Prominent risks in the offshore wind industry

    Singapore is the top maritime centre for 10 consecutive years

    Singapore is the top maritime centre for 10 consecutive years

    Global bunker supplier complies with carbon reduction criteria

    Global bunker supplier complies with carbon reduction criteria

  • Columns
    Seafarer Stories: Capt. Cristian Bacanu, Master

    Seafarer Stories: Capt. Cristian Bacanu, Master

    Wellness Corner: Tom O’Hare, Mission to Seafarers

    Wellness Corner: Tom O’Hare, Mission to Seafarers

    AMSA: Seafarers must have a voice in shaping shipping’s future

    MNWB: Seafarers’ needs are no different to anyone else’s needs

    Trending Tags

    • Book Review
    • Career Paths
    • Industry Voices
    • Interviews
    • Maripedia
    • Maritime History
    • Resilience
    • Seafarers Stories
    • SeaSense
    • Wellness Corner
  • Events
  • Plus
No Result
View All Result
SAFETY4SEA

IUMI: Underwriters supporting transition to offshore renewables

by The Editorial Team
September 21, 2022
in Green Shipping, Offshore
offshore renewables

Credit: IUMI

FacebookTwitterEmailLinkedin

According to IUMI, recent macroeconomic and socio-political developments have put upstream energy center stage. In this context, offshore energy underwriters are key enablers and drivers for the rapid shift to sustainable energy.

As Frank Streidl, chairperson of the International Union of Marine Insurance (IUMI) Offshore Energy Committee, explained, energy supply still heavily depends on hydrocarbons sources.

Energy security concerns have forced western economies to find new providers and energy transition requires the whole sector to think in new innovative ways

Addressing delegates at the IUMI 2022 conference in Chicago, Mr. Streidl told the audience of insurance professionals that to achieve the required shift towards sustainable offshore energy, the supporting infrastructure needs to be upgraded and larger wind farms developed further offshore at deeper water sites.

In fact, turbines will increase in size, with the typical new turbine output expected to be 15MW and 200m in height by 2030. At the same time the development of offshore carbon capture and storage facilities are also progressing. These types of ground breaking projects must be backed by insurance programmes that can help to de-risk these investments and unlock the necessary capital flows.

RelatedNews

Royal Caribbean Group conducts 12 weeks of biofuel testing

Watch: How shipping helps Apple reduce 95% of transport emissions

The world is in transition, and it is the self-imposed responsibility of the insurance industry to support companies decarbonise in a safe manner. We need to play our part by developing new products, continuing to proactively support new technologies

said Frank Streidl, adding that “energy transition requires a joint industry, government, regulator, consumer, and insurance effort to be successful. We can be proud of what has been achieved to date. However, oil and gas still account for more than 90% of premium in the offshore energy market. Offshore renewables offer innovative underwriters the opportunity to develop products for our customers.”

Continuing, IUMI highlighted that offshore floating wind and solar farms offer the potential to deliver clean energy at a significant scale in the future. But with the increased distance to the shore come riskier installation, operational and maintenance issues including weather perils.

What is more, while cabling, foundation and mechanical issues have so far driven the majority of claims for the offshore renewables sector, the risk profile of offshore renewables assets is still evolving.

The energy insurance sector wants to collaborate with insureds to respond with appropriate insurance cover that is reflective of the changing risks, as well as supporting corporates in managing them

IUMI concluded.

Furthermore, IUMI also reported an increase in the 2021 cargo insurance premium base from 2020 of 8% to USD 18.9 billion alongside an improvement in overall loss ratios.

According to Isabelle Therrien, Chairperson of the IUMI Cargo Committee, “the cargo market has shown growth in 2021 partly due to a rise in the volume of cargo shipped globally combined with the pricing corrective measure still prevalent in that underwriting year. The much-needed correction has yielded favourable underwriting performance.”

Tags: decarbonizationgreen practicesIUMIoffshore operationsrenewable energysustainability
Previous Post

IUMI: Increase in cargo insurance premiums

Next Post

ESPO: Concerted answer vital to deal with low water levels

Related News

Port of Tyne aspires to become the next green methanol bunkering hub
Green Shipping

Port of Tyne aspires to become the next green methanol bunkering hub

September 21, 2023
ABS report
Shipping

PEMA and ICHCA collaborate to improve cargo handling

September 21, 2023
BV eyes data-driven decarbonization solutions
Energy Efficiency

BV eyes data-driven decarbonization solutions

September 21, 2023
Crowley, BWX Technologies sign MoU for nuclear power plant vessel
Green Shipping

Crowley, BWX Technologies sign MoU for nuclear power plant vessel

September 20, 2023
IUMI presents trends and threats in the maritime industry
Shipping

IUMI presents trends and threats in the maritime industry

September 20, 2023
KPI OceanConnect, Uni-Tankers complete successful biofuel trial
Fuels

KPI OceanConnect, Uni-Tankers complete successful biofuel trial

September 20, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

NATO phonetic alphabet

Do you know what NATO phonetic alphabet is?

November 24, 2020
singapore border measures

Do you know what GT and DWT measure in a ship?

November 10, 2021
MARITIME EVENTS

Explore

  • Safety
  • SEAFiT
  • Green
  • Smart
  • Risk
  • Others
  • SAFETY4SEA Events
  • SAFETY4SEA Plus Subscription

Useful Links

  • About
  • Disclaimer
  • Editorial Policies
  • Advertising
  • Content Marketing
  • Contact

© 2021 SAFETY4SEA

No Result
View All Result
  • Safety
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
  • SEAFiT
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
  • Green
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
  • Smart
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
  • Risk
    • CIC
    • Detentions
    • Fines
    • PSC Case Studies
    • PSC Focus
    • Vetting
  • Others
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
  • Columns
    • Opinions
    • Book Review
    • Career Paths
    • Industry Voices
    • Interviews
    • Maripedia
    • Maritime History
    • Resilience
    • Seafarers Stories
    • SeaSense
    • Wellness Corner
  • SAFETY4SEA Events
  • SAFETY4SEA Plus Subscription

© 2021 SAFETY4SEA

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Disclaimer.