IUMI published a guidance paper providing an overview of the impact of the COVID-19 pandemic on marine insurers and their clients’ business. The paper focuses on the microeconomic impact, the impact on marine and logistics, as well as on marine insurance industry.
IUMI agreed a Memorandum of Cooperation with the National Insurance Academy (NIA) in Pune, India. The MoC with NIA provides the basis for collaboration between the two organisations in order to promote and expand knowledge and expertise for marine insurers.
General Average (“GA”) has been declared on the Northern Jupiter on January 17, 2020, after the German container-ship suffered a main engine fire whilst in the Malacca Straits, on Saturday, 4 January 2020. ‘General Average’ is phrase is commonly used in the shipping sector covering marine energy policies including mobile offshore drilling fleets and offshore construction projects.
Despite the fact that the US and Iran seem keen on avoiding further conflict, oil and gas shipowners are preparing to pay a price from the tension that was created after the rocket strikes in Iraq over the last week.
The International Transport Intermediaries Club (ITIC) informed of a claim, highlighting the need for shipping agents to respond promptly to shippers’ requests or encounter financial risks. The case regarded a container of frozen beef carried on a liner service between Australia and China.
As geopolitical tensions mount and threats to shipping rise, Alistair Johnston, Maria Borg Barthet and Richard Pryor of international law firm Campbell Johnston Clark suggest existing marine insurance arrangements may need to be re-evaluated.
Speaking at IUMI’s (International Union of Marine Insurance) annual conference in Toronto, Canada, Sean Dalton, Chair of IUMI’s Cargo Committee reported that the marine cargo market is in a state of ‘accelerating change’, driven by underwriters taking action to address unprofitable results and to improve performance.
The International Union of Marine Insurance (IUMI) presented its analysis of the latest marine insurance market trends. Specifically, marine underwriting premiums for 2018 were recorded at USD 28.9 billion, marking a single percentage point growth from 2017. According to IUMI, with significant challenges facing the market, the modest increase is not significant to indicate an upturn in the fortunes of the marine insurance sector.
Amid an increased discussion surrounding the safe carriage of nickel ore cargoes, the Swedish P&I Club said the mandatory notification requirements for the carriage of nickel ore loaded in Philippines and Indonesia still applies. Nickel ore is a cargo which may liquefy if the moisture content of the material exceeds its TML.
As a result of the increased tension in the Persian Gulf, the War Insurance market has reacted with increased rates for War Insurance cover for transits and port calls in these waters. In this regard, with effect from 29 July 2019, the rate for any call to the Persian Gulf area has been increased from 0,25% to 0,5%.
