Global ocean hull premiums rose in 2022 by 5.7% to reach $8.4bn, the International Union of Marine Insurance (IUMI) has noted.
COSCO Shipping Captive Insurance has reported net profits each year from 2017 to 2022 and an average return on equity of 4.8% over the last five years (2018-2022), says AM Best.
China Shipowners Mutual Assurance Association (China P&I) has consistently reported net profit over the past five years, underpinned by favourable investment results from the sizeable investment portfolio despite being partially offset by underwriting losses, says AM Best.
Korea P&I Club's (KP&I) underwriting fundamentals and profit volatility are expected to improve over the coming years, says AM Best.
The marine insurance committee of the Insurance Federation of Egypt (IFE) is studying serious marine accidents globally with the intention of drawing lessons from them.
More than 90% of the world's marine food supplies are at risk from environmental changes such as rising temperatures and pollution according to a new research. The biggest threat looms over the top producers like China, Norway and the US.
Disruptions over the past few years, from the COVID-19 pandemic to Russian president Vladimir Putin's invasion of Ukraine seem to be leading to a rethink of global supply chains. All these have exposed the supply chain risks facing organisations operating internationally.
Swiss Re has identified the opening of the Arctic as an emerging risk in its latest report.
The Dubai team of the global law firm Clyde & Co has resisted a jurisdictional challenge before the DIFC Court of Appeal in a significant case for the UAE insurance market.
The United Arab Emirates is tightening insurance requirements for vessels registered under its flag, reported Reuters citing a government advisory.