Global insurance broking group Howden has launched a new cargo war risk facility to protect vessels from drone and missile strikes by Yemeni-based militia groups in the Red Sea.
The collapse of the Francis Scott Key Bridge in Baltimore could cause the largest marine insurance losses recorded, says S&P Global Ratings. However, the losses are unlikely to affect the ratings of P&I clubs and insurers.
The collapse of Baltimore's Francis Scott Key Bridge is likely to lead to a multi-billion dollar insurance loss, the chairperson of commercial insurance market Lloyd's of London said yesterday, reported Reuters.
The collapse of the Francis Scott Key Bridge in Baltimore early on 26 March after it was struck by a Singapore-registered container ship could trigger a wide swath of insurance and reinsurance policies, and the loss is likely to run into billions of dollars, sources say.
Prolonged warm oceanic waters are altering the marine microorganism communities that form the base of the marine food chain according to a new research.
Fitch Ratings has upgraded Turk P&I's Insurer Financial Strength (IFS) Rating to 'B+' from 'B'. The outlook is 'Positive'.
The Ministry of Ports, Shipping and Waterways has held discussions on its proposal to set up a domestic protection and indemnity (P&I) club for coastal ships and vessels.
Insurwave has appointed Mr Ken MacDonald as advisor for its marine and specialty capabilities. As part of his new role, he will advise on bringing Insurwave's solutions across the insurance industry, with an emphasis on the marine sector.
At its annual winter meeting in London, the International Union of Marine Insurance (IUMI), confirmed that the global marine insurance market is continuing to support trade in the Red Sea and the Ukraine/Black Sea area.
War risk insurance premiums for shipments through the Red Sea are rising after further attacks on merchant vessels by Yemen's Houthi movement and the expectation that ships with a UK or US connection will be targeted, reported Reuters yesterday citing insurance sources.