By Carolyn Cohn, Jonathan Saul and Suzanne Barlyn LONDON/NEW YORK, June 24 (Reuters) - Rivals to Lloyd's of London are riding a rising tide of marine insurance rates, leaving the 330-year-old market behind after it jettisoned sections of its oldest line of business last year. Premiums for marine insurance, which until 2018 had fallen for years due to rising competition … [Read more...]
London Marine Insurers to Meet After Ship Attacks in Middle East
By Jonathan Saul LONDON, May 15 (Reuters) - London's marine insurance market will meet on Thursday to assess whether it needs to change the risk level for vessels in the Gulf after an attack on ships off the United Arab Emirates earlier this week, a senior official said on Wednesday. Such a move could lead to an increase in insurance premiums. On Tuesday, armed drones … [Read more...]
Maersk Aims to Cover Itself with Alternative Cargo Insurance
By Alexander Whiteman (The Loadstar) - Maersk Line is launching what it claims is an alternative to cargo insurance in response to the rising number of shipments consigned without cover. According to the carrier, some 30% of cargo moved by sea is uninsured, but one source told The Loadstar this figure is could be overly conservative. “In my experience, the actual … [Read more...]
British P&I Club Britannia Planning Luxembourg Subsidiary Due to Brexit
By Jonathan Saul LONDON, Dec 1 (Reuters) - British ship insurer Britannia plans to set up a subsidiary in Luxembourg as a result of Britain's decision to leave the European Union, it said on Friday, to ensure it can continue to trade in Europe. Europe accounts for over 40 percent of Britannia's global business, according to company data. Insurers are making contingency … [Read more...]
Insurers Grow Anxious as Containerships Get Bigger and Cargo More Valuable
By Mike Wackett (The Loadstar) - With CMA CGM reportedly ready to sign a letter-of-intent for nine ultra-large container vessels (ULCVs) of 22,000 teu, insurers are becoming increasingly concerned that their exposure may be too concentrated. At a conference in Seoul, South Korea, this week, shipbuilder Hyundai Heavy Industries (HHI) revealed it was in competition with a … [Read more...]