Tag: marine insurance

Since 1 July 2025, German authorities have been questioning passing tankers about their insurance cover against oil pollution damage in an effort to tackle the shadow fleet. 

War risk insurance premiums for shipments to the Middle East Gulf have jumped to 0.5% from around 0.2-0.3% a week ago, as risks grow to the critical Strait of Hormuz, sources said to Reuters. 

The ongoing conflict between Israel and Iran has significantly increased insurance costs for ships navigating the Red Sea and Persian Gulf, reflecting growing concerns over maritime security in the region.

According to Xclusiv Shipbrokers, VLCC insurance has jumped to 0.70-0.80 dollars, with freight rates escalating sharply too due to the Israel-Iran conflict. 

The 2025 Atlantic hurricane season is shaping up to pose increasingly serious threats to shipping, coastal ports, and surrounding areas, notes Ed McNamara, CEO of Cleveland-based port insurance broker Armada Risk Partners.

The Swedish Club has informed on the new EU insurance reporting requirements for vessels entering EU waters.

Britannia P&I Club has issued advice regarding the critical role of crew vigilance, accurate record-keeping, and timely reporting in preventing and defending against cargo, collision, and other P&I claims.

Denmark is preparing to allocate nearly $1 billion to insure its merchant fleet in the event of war or major geopolitical crises, Bloomberg reports. 

The European Commission has adopted a measure to enhance maritime safety and environmental protection around the EU’s coasts by mandating proof of insurance information. 

Lars Lange, Secretary General of the International Union of Marine Insurance (IUMI), emphasises that while the environmental aspect of ESG has received most of the attention, there are other pressing issues that also deserve focus. To address this, IUMI maintains an "ESG Watchlist" to ensure that critical topics are not overlooked.