Tag: marine insurance

Turkey issued a notice on 16 November, requiring all ships transiting or entering Turkish waters from 1 December 2022 (extended to 2 December 2022), to provide letters of confirmation from the owner’s P&I Club attesting that cover will remain in place under any circumstances throughout the duration of the transit or the time the ship is in Turkish waters or the time it is in a port or terminal.

IUMI released its 2022 global marine insurance market analysis, "IUMI Stats Report", noting that building on the gains made in 2020, 2021 was another positive year for marine insurers.

North P&I Club announced its intention to apply a 10% General Increase in 2023/24 premium rates amid swirling economic uncertainty and mounting inflationary pressures. The current benign marine insurance conditions within P&I should not deflect the sector from seizing an opportunity to prepare for turbulent times ahead, according to North.

Turkey’s Ministry of Transport and Infrastructure, General Directorate of Maritime Affairs, has advised that from 1 December 2022, vessels carrying crude oil and transiting the Turkish Straits must provide an insurance letter from the P&I companies stating the ship details, cargo and voyage and confirming that P&I insurance is valid and inclusive for the ship, voyage and cargo.

Fire and explosion incidents cause the most expensive insurance claims in the marine industry, while at a time of rising exposures and inflation, cargo damage is the most frequent cause of loss, according to Allianz Global Corporate & Specialty (AGCS).

Geraldine Koon, a legal advisor at ITIC advises ship managers to stick to the facts in post incident reports 

Mrs Patrizia Kern, Chair of IUMI’s Data & Digitalisation Forum and Chair, Poseidon Principles for Marine Insurance, Head Marine, Director at Swiss Re Corporate Solutions highlights the need for all industry stakeholders to play their part in contribution to the net zero transition.

The UK will not provide insurance for ships carrying Russian oil, making a key step in the G7’s attempts to impose a price cap on Russian oil exports.

Approvals from Competition and Regulatory Authorities mark a major step in plan to merge North and Standard Club and establish NorthStandard.

Gard Club reports an increase in enquiries and contractual disputes concerning the carriage of Russian export and/or origin crude oil and petroleum products, to third countries.