IUMI has backed calls from the International Association of Dry Cargo Shipowners, (Intercargo) for action to tackle the dangers posed by the liquefaction of cargo.
Lloyd’s has said it has issued its first direct insurance policy in China through its fully owned subsidiary – Lloyd’s Insurance Company (China) Limited.
The ongoing economic uncertainty poses a significant threat to the marine insurance industry according to the president of the International Union of Marine Insurance
The global P&I market is facing a series of challenges and the global maritime market and the global economy undergo a periods of significant transition according to the ahead of the American P&I Club.
Ratings agency Standard & Poor’s says the threat of a huge leap in the liability for pollution spills is the biggest threat to the appetite for reinsurers to offer capacity to the marine and energy market.
Gordon McBurney, President and Chief Underwriting Officer, Liberty International Underwriters will deliver the keynote address tomorrow and he says the market could not be meeting at a more opportune time as it stands at a crossroads.
The debate over whether the P&I Clubs should contribute to the general average of ransom payments is continuing with marine underwriters believing the clubs have a role to play.
Hull underwriters are on a 14 year steak of failing to deliver an underwriting profit and have been warned the influx of a huge level of tonnage in the coming three years will spell further gloom for the sector.
One of the world’s leading cargo underwriters has said he fears the cargo underwriting community is naive and is in effect being used by property underwriters who are looking to dump poor static cargo risks off their books.
Underwriters at the International Union of Marine Insurance (IUMI) annual conference in Zurich have been told they face a sanctions nightmare over Iran as the European member states look to implement the latest round of sanctions.
The global cargo insurance sector is to report a technical loss for 2009 for the first time in almost a decade as the marine insurance market struggles to break even as excess capacity forces rates ever lower.
International Union of Marine Insurance (IUMI) president Deirdre Littlefield opened its annual conference with the warning the market could not ignore the ongoing challenges posed by a fragile global economy.
As the efforts to stem the flow of oil from the well following the Deepwater Horizon loss shows little sign of success insurers say the final toll form the explosion and subsequent leak may be far higher then first feared.
The Executive Director of the Seaman’s Church Institute (SCI) has called on the insurance market to back its work into the study of the effects of piracy on seaman and their families.
The successful navigation of two German vessels from South Korea to Rotterdam to become the first non Russian vessels to transverse the Northeast Passage from Asia to Europe has been hailed as a major breakthrough for world trade.
Ship owners and underwriters have been warned not to take the recent fall in the pricing for kidnap & ransom for vessels in high risk areas a downwards trends with the expectation that costs will rise as the potential for increased piracy activity increases.
A senior ratings analyst has said that the possibility remains that pure marine and energy underwriters could well become a thing of the past as capital replenishment fears and the drive for diversity continues.
The President of the International Union of Marine Insurance has said she believes there will be further business failures in the global maritime market warning underwriters they would do themselves no favours if they cut rates for market share.
The rising costs of claims continue to blight the market and in the Gulf of Mexico underwriters are still seeking a way to provide affordable capacity whilst managing exposure.
As the level and intensity of piracy attacks in and around the Gulf of Aden saw a British couple and their yacht seized, broker Aon has issued a urgent warning to shipowners and underwriters while reinsurance brokers RFIB has revealed a new protection initiative.
Reinsurers with marine books have been growing increasingly concerned over the prospects for the year ahead. The fear has not been driven by rising losses but falling business levels amid fears that the global shipping market was in the doldrums and would remain so for some time.
Specialist insurance broker Jardine Lloyd Thompson (JLT) has warned shipowners there need to be an increase in the level of preparedness when vessels use the Gulf of Aden and piracy attacks surge.
The International Union of Marine Insurance (IUMI) is to widen its membership following a decision to establish a new class that will be known as IPP (IUMI Professional Partners) but it does not include brokers and intermediaries.
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