The positive export and income effects of the Regional Comprehensive Economic Partnership (RCEP) are expected to benefit the insurance industry, says Swiss Re Institute.
The global offshore energy and shipping sectors are under greater than expected threat from climate change as extreme weather becomes more commonplace, according to a new report by the speciality (re)insurance group Chaucer.
The international shipping industry continued its long-term positive safety trend in 2021 but Russia president Vladimir Putin's invasion of Ukraine, the growing number of costly issues involving larger vessels, crew and port congestion challenges resulting from the shipping boom, and managing decarbonisation targets, means there is no room for complacency according to marine insurer Allianz Global Corporate & Specialty's (AGCS) Safety & Shipping Review 2022 released in May 2022.
Operators of boats and yachts that take on passengers on excursion and entertainment cruises and for marine tourism purposes are required to have insurance against bodily injury to passengers in case of accidents.
State-owned Bangladesh Shipping Corp lodged a claim for $22.4m from its insurer for a cargo ship hit by a missile in March, reported Reuters quoting government officials with knowledge of the talks. This is the first major marine insurance claim from the conflict in Ukraine.
The direct impact of the Russia-Ukraine war on the Arab insurance market, as a result of dealing with Russian reinsurers, is negligible.
P&I clubs across the world have announced general rate increases ahead of the February renewals for ship-owners, said AM Best. This is the third consecutive year this has happened and is mainly due to a deteriorating claims experience.
Markel International, a subsidiary of New York-listed Markel Corporation, has accelerated growth of its marine capabilities in Asia, following the increase in customer demand across the region.
Filhet-Allard Maritime, the France-based leading insurance broker for the commodities trading, shipping and industry markets, has acquired a controlling stake in Latitude Brokers, a specialist marine broker based in Asia with headquarters in Hong Kong.
The construction and engineering insurance market is expected to continue to face slow business, but premium rates may stabilise at current levels over the next two years, according to a white paper published by the global insurance broking group SIACI Saint Honore on the insurance market in Africa, the Middle East and Europe.