LONDON, Aug 10 (Reuters) - Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on Monday. Overall insured losses - including property damage - from the Aug. 4 port warehouse detonation of more than 2,000 tonnes of ammonium … [Read more...]
Uncertainty Prevails Across All Marine Insurance Lines, IUMI Report Shows
The return of major losses in shipping and the increasing accumulation of risk, both onboard ships and ashore, is impacting various lines of the marine insurance market, according to International Union of Marine Insurance. In its 2019 statistical report, the IUMI reports that the marine insurance market appears to have bottomed out with many markets reporting changing … [Read more...]
Marine Insurers Call for Action to Address Containership Fires
The International Union of Marine Insurance says it's time to take action to address an alarming number of containership fires occurring in 2019. So far this year, the containership industry has seen a number of fires, including incidents involving Yantian Express, APL Vancouver, Grande America, E.R. Kobe and KMTC Hong Kong. Specifically, IUMI is calling for urgent … [Read more...]
Marine Insurance Premiums See Modest Increase Amid Market Uncertainty -IUMI
Marine underwriting premiums rose by just one percent last year, but future market development remains uncertain as the marine insurance sector faces significant challenges, the International Union of Marine Insurance said Monday. IUMI this week presented its analysis of the latest marine insurance market trends, revealing that marine underwriting premiums for 2018 were … [Read more...]
Rivals Ride Rising Rates as Lloyd’s Abandons Some Ship Insurance
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...]