Vessels are exposed to higher fire risks caused by many issues including increased shipments of highly combustible lithium batteries. However, vessels may lack adequate firefighting resources and this could lead to severe damage and losses.
The insurance industry can contribute to the sustainable transition of marine-related business and support conservation of the marine environment. But developing blue insurance in China means first addressing the triple challenges of technology, law, and policy, says Ms Chen Qianming is a researcher at the International Institute of Green Finance, Central University of Finance and Economics, Beijing.
Hong Kong's Financial Secretary Paul Chan has announced that the government will introduce a mechanism to promote the re-domiciliation of regional companies to the territory.
The International Union of Marine Insurance (IUMI) has said that it would play an important role this year as the shipping industry faces difficult conditions and fundamental challenges.
Eight of the world's leading marine insurers have gathered and published client data to track their hull and machinery insurance portfolio's climate impact in a landmark climate report. The goal is to support the industry's green transition.
Nearly two thirds of sharks and rays that live among the world's coral reefs are currently threatened with extinction according to a recent study published in the journal Nature Communications.
Globally organisations plan to increase their supply chain investments by 17% to transform it over the next three years according to a new research by Capgemini.
Global marine insurance premiums in 2021 reached $33bn, up 6.4% on 2020, according to the International Union of Marine Insurers' (IUMI) latest stats report. Premiums have been lifted by increased global trade volumes, a stronger US dollar, increased offshore activity, higher vessel values and a reaction to deteriorating results in previous years. Insurers in Europe and Asia, in particular, saw premium growth.
Fire, collision and sinking, and damaged cargo are the top causes of marine insurance losses by value according to Allianz Global Corporate & Specialty's (AGCS) analysis of more than 240,000 claims worth EUR9.2bn in value.
Turkiye has warned the world's oil shippers they will need to prove they're insured to pass through the country's vital Bosphorus Strait, a move that could restrict flows of Russian oil as new European sanctions kick in, reported Bloomberg.