The maritime region formed by South China, Indochina, Indonesia and the Philippines was the global vessel loss hotspot, both over the past year and decade, according to Allianz Commercial in its annual "Safety and Shipping Review".
Turk P&I's earnings have been strong over the past five years and Fitch Ratings views its financial performance and earnings as a rating strength. However, in 2H2023 earnings were reduced by large claims as a result of storms in Marmara and the Black Sea region.
The UK P&I Club (protection and indemnity) has expanded its safety and risk management remit to provide its members with resources and guidance to help them navigate increasingly complex risk environments.
The Singapore Maritime Foundation (SMF) and the International Group of P&I Clubs (IGP&I) signed a Memorandum of Understanding (MOU) on 17 April 2024 to cooperate in the promotion of education and training related to marine liability.
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'.