Tokio Marine Kiln (TMK) has appointed Ms Stephanie Hong as marine underwriter in APAC. In her new role, she will primarily be focused on deepening TMK's presence in target markets across Asia.
The cost of insurance for ships sailing through the Red Sea has nearly doubled after Yemen's Houthis attacked a tanker that appears to be leaking oil, with environmental fears growing for the trade route, reported Reuters quoting industry sources.
China Shipowners Mutual Assurance Association (China P&I or the Club) reported improved operating results in 2023, mainly driven by a combination of narrower underwriting losses and favourable investment income, notes AM Best.
The "dynamic nature of maritime trade makes speed and service particularly important", according to Markel senior underwriter - marine Wanshi Lin.
West P&I Club will be the first International Group club to have a presence in Dubai, when its office in the Dubai International Financial Centre becomes operational by the autumn.
Lockton has appointed Mr Sung Wook Han as regional head of marine and Mr Jim Heng as head of partnership and distribution for people solutions - Asia.
AXA XL has appointed Mr Guillaume Parard as head of P&C, Asia, effective 1 January 2025 and Mr Todd Wilhelm as head of specialty, Asia, effective 1 September 2024.
The Shanghai International Reinsurance Trading Centre has signed several pacts to build a unified, open, efficient, and modern reinsurance trading market.
The Nigerian Maritime Administration and Safety Agency (NIMASA) has said that it would be engaging foreign insurance companies, including Lloyd's, to address the issue of war risk insurance placed on Nigeria-bound cargoes by shipping companies.
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".