Tag: marine insurance

Almost seven months after the MV Dali crashed into the Francis Scott Key Bridge in Baltimore, FBI has a ship owned by the same company, one lawsuit follows the other, with experts saying that this ordeal will cost a pretty penny. 

Speaking at the International Union of Marine Insurance (IUMI)'s annual conference in Berlin, Germany, Mike Brews, Chair of the IUMI Cargo Committee reported a sustained improvement for the marine insurance cargo market.

At the 150th annual conference of the International Union of Marine Insurance (IUMI) in Berlin, it was reported that global premiums in the Offshore Energy sector reached USD 4.6 billion in 2023, a 4.6% increase from the previous year.

During the International Union of Marine Insurance (IUMI)'s 150th annual conference in Berlin, Ilias Tsakiris, General Manager of American Club Europe, CEO of Hellenic Hull, and Chair of IUMI’s Ocean Hull Committee, examined the continuing growth of global ocean hull premiums, which rose by 7.6% in 2023, reaching USD 9.2 billion.

In their "Why Insurers Should Monitor Their Transit Route Accumulations" report, the Russel Group explains why transit route accumulation should be considered by insurers in managing their overall exposure. 

H2Terminals Limited and the London P&I Club have signed a Memorandum of Understanding (MoU) to explore and develop insurance solutions for the shipping of green hydrogen.

The long-standing concept of General Average, which seeks to share equitably costs arising from maritime casualties, has never been more relevant, it was stressed at the 2024 annual dinner of the Association of Average Adjusters in London.  

The Baltimore bridge disaster is sending shockwaves through the maritime industry, laying bare the vulnerabilities inherent in everyday operations, and underscoring the value of proactive risk management measures, Ed McNamara, CEO, Armada Risk Partners argues.

Howden, a UK-based insurance broker, has introduced war risk cargo insurance to cover vessels sailing through the Red Sea against drone and missile attacks due to escalating geopolitical tensions.

According to Bloomberg, the owner of the ship responsible for damaging Baltimore’s Francis Scott Key Bridge, the Dali, has initiated a formal "general average" process.